§ 61.00 Execution of obligations. a. All obligations, including interim bonds, shall be executed in the name of the municipality, school district or district corporation by the chief fiscal officer unless the finance board shall, by resolution, designate a different officer or officers to execute such obligations. Such execution may be by facsimile signature, in which event the finance board shall provide for authentication of such obligation by the manual countersignature of a fiscal agent or of a designated official of the municipality, school district or district corporation. Such obligations shall have the seal or a facsimile seal of the municipality, school district or district corporation impressed or imprinted thereon. Such obligations may be attested by the facsimile or manual signature of the clerk of such municipality, school district or district corporation or such other official thereof as may be designated by the finance board. Coupons attached to a bond shall be authenticated by the facsimile or manual signature of the chief fiscal officer unless the finance board shall, by resolution, provide that such coupons shall be authenticated by the facsimile or manual signature of a different officer.

Terms Used In N.Y. Local Finance Law 61.00

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

b. Obligations executed in the manner set forth above by the officials designated and referred to above shall be valid and binding obligations when duly delivered, notwithstanding the fact that before the delivery thereof the persons executing the same shall have ceased to be officials or other officials may have been designated to perform such functions.

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