New York Laws
Article 3 - Effect of Chapter; Saving Clauses; Laws Repealed; When to Take Effect
172.00 - Authorizations Continued.

§ 172.00 Authorizations continued. a. Any authorization adopted by a
municipality, school district or district corporation prior to the
effective date of this chapter for an object or purpose for which bonds,
notes, certificates or other evidences of indebtedness are to be issued
shall not lapse or terminate or be otherwise affected by reason of any
of the provisions contained in this chapter and bonds, notes,
certificates or other evidences of indebtedness may be authorized, sold
or issued to finance such object or purpose in accordance with the
provisions of law in force prior to the effective date of this chapter,
or in accordance with the provisions of this chapter. Such obligations
may be renewed in accordance with the provisions of law in force prior
to the effective date of this chapter, or in accordance with the
provisions of this chapter.

b. Any authorization adopted by a municipality, school district or
district corporation prior to the effective date of this chapter for the
issuance of bonds, notes, certificates or other evidences of
indebtedness or for the disposition or expenditure of the proceeds
thereof, shall not lapse or terminate or be otherwise affected by reason
of any of the provisions of this chapter and bonds, notes, certificates
or other evidences of indebtedness authorized to be issued thereunder
may be authorized, sold, issued or renewed and the proceeds thereof may
be disposed of or expended in accordance with the provisions of law in
force prior to the effective date of this chapter, or in accordance with
the provisions of this chapter.

c. Any municipality, school district or district corporation instead
of issuing tax anticipation notes or revenue anticipation notes in
accordance with the provisions of this chapter may issue bonds, notes,
certificates or other evidences of indebtedness, in accordance with the
provisions of law in force prior to the effective date of this chapter,
in anticipation of the collection of (1) real estate taxes or
assessments levied for a fiscal year which commenced prior to the
effective date of this chapter and will end subsequent thereto and prior
to the expiration of one year from the effective date of this chapter,
(2) real estate taxes returned or certified during such fiscal year, or
(3) taxes other than real estate taxes, or other revenues to become due
during such fiscal year. Such obligations, and obligations issued prior
to the effective date of this chapter, in anticipation of the collection
of real estate taxes, assessments, taxes other than real estate taxes,
or other revenues, may be renewed from time to time in accordance with
the provisions of law in force prior to the effective date of this
chapter, or in accordance with the provisions of this chapter.

d. If a municipality, fire district or school district having an
aggregate assessed valuation of real property of one hundred thousand
dollars or over, sells bonds in accordance with the provisions of a law
other than this chapter as provided in paragraph a, b and c of this
section, and if such bonds are required to be sold at public sale, it
shall comply with the provisions of section 109.00 of this chapter as to
the filing of a verified debt statement.