§ 80.00 Bond resolution, or note resolution or certificate, may contain estoppel clause. The resolution of a finance board authorizing the issuance of bonds or notes, or the certificate of a chief fiscal officer authorizing the issuance of notes, may, in the discretion of the finance board or such chief fiscal officer, as the case may be, contain a statement that the validity of such bonds or notes or any bond anticipation notes issued in anticipation of the sale of such bonds may be contested only if:

Terms Used In N.Y. Local Finance Law 80.00

  • 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.

1. Such obligations are authorized for an object or purpose for which the municipality, school district or district corporation is not authorized to expend money, or

2. The provisions of law which should be complied with at the date of the publication of such resolution or summary thereof, or certificate, as the case may be, are not substantially complied with, and an action, suit or proceeding contesting such validity, is commenced within twenty days after the date of such publication, or

3. Such obligations are authorized in violation of the provisions of the constitution.

  Previous section
Next section  
 Title 6 Contents