N.Y. Local Finance Law 20.00 – Types of obligations which may be issued
§ 20.00 Types of obligations which may be issued. a. Bonds, notes or other evidences of indebtedness authorized to be issued by municipalities, school districts or district corporations for any object or purpose shall hereafter be of the following nature and kind only and shall be denominated respectively as follows:
Terms Used In N.Y. Local Finance Law 20.00
- 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.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
1. Serial bonds.
2. Sinking fund bonds or corporate stock.
3. Bond anticipation notes.
4. Tax anticipation notes.
5. Revenue anticipation notes.
6. Capital notes.
7. Budget notes.
8. Urban renewal notes.
9. Deferred payment notes.
* 10. Land installment purchase obligations.
* NB Repealed July 31, 2031
11. Lease, sublease or other agreements entered into pursuant to subparagraph two of paragraph b of subdivision thirty-eight of § 1680 of the public authorities law.
12. Deficiency notes.
b. Nothing contained in this section shall be construed to prevent the prepayment of taxes to a municipality, school district or district corporation and the furnishing of a non-negotiable receipt of such prepayment whether or not interest is to be paid on the moneys so prepaid.
c. Nothing contained in this chapter shall prevent a municipality from issuing evidences of indebtedness to the state of New York or to the United States of America with respect to a project or projects undertaken by such municipality pursuant to any general law to effectuate any of the purposes of article eighteen of the state constitution.
d. Nothing contained in this section shall be construed to prevent a municipality from issuing evidence of indebtedness or entering into installment contracts to purchase equipment, machinery and apparatus pursuant to § 109-b of the general municipal law.