N.Y. Local Finance Law 28.00 – Capital notes
§ 28.00 Capital notes. a. Any municipality, school district or district corporation may issue capital notes to finance all or part of the cost of any object or purpose for which serial or sinking fund bonds may be issued. Such capital notes may be renewed from time to time but such notes, including the renewals thereof, shall mature not later than the last day of the second fiscal year succeeding the fiscal year in which such notes are issued. However, an installment of not less than fifty per centum of the amount of such notes shall mature in the first fiscal year succeeding the fiscal year in which such notes are issued, unless such notes are authorized and issued during a fiscal year at a time subsequent to the date of the adoption of the annual budget for the next succeeding fiscal year.
Terms Used In N.Y. Local Finance Law 28.00
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
b. Capital notes shall be redeemed out of the taxes or assessments levied or to be levied for the fiscal year in which they mature or out of other revenues of that fiscal year legally available for that purpose.