New York Laws
Article 52 - City School Districts of Cities With One Hundred Twenty-Five Thousand Inhabitants or More
2579 - Payment of Obligations.

§ 2579. Payment of obligations. 1. If a city shall issue obligations
for any of the purposes enumerated in paragraph c of subdivision one of
section twenty-five hundred seventy-six of this chapter, the principal
and interest of such obligations shall be paid out of moneys raised by
tax therefor in the same manner as other school moneys are raised, when
such obligations and the interest thereon shall become due and payable.

2. If a city having a population of four hundred thousand or more but
less than one million shall issue obligations to defray, in whole or in
part, the expense of the construction, improvement and equipment of
school buildings or the purchase or acquisition of school sites, the
proceeds of the sale of such bonds shall be paid into the treasury of
the city and placed to the credit of the board of education. As such
obligations become due the municipal authorities of the city shall
include in the tax levy, and assess upon the property of the city, the
amount necessary to pay such bonds and interest thereon.

3. In a city having a population of one million or more, such city may
in its discretion annually cause to be raised such sums of money as may
be required for the purposes enumerated in paragraph c of subdivision
one of section twenty-five hundred seventy-six of this article, in the
manner provided by law for the raising of money for such purposes.

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