New York Laws
Title 3 - Local Obligations: Authorization Thereof
41.00 - Repeal of Unexpended Authorizations.

§ 41.00 Repeal of unexpended authorizations. a. The finance board of:

1. Any municipality may at any time, by resolution, repeal or revoke
in whole or in part (a) any resolution heretofore or hereafter adopted
authorizing the issuance of obligations, and (b) any certificate of a
chief fiscal officer authorizing the issuance of obligations, dated on
or after the effective date of this chapter, or

2. Any school district may, by resolution, repeal or revoke in whole
or in part (a) any resolution heretofore or hereafter adopted
authorizing the issuance of obligations, at any time after four years
have elapsed from the date of the adoption of any such resolution, and
(b) any certificate of a chief fiscal officer authorizing the issuance
of obligations, dated on or after the effective date of this chapter, at
any time after four years have elapsed from the date of any such
certificate, or

3. Any district corporation may at any time, by resolution, repeal or
revoke in whole or in part (a) any resolution heretofore or hereafter
adopted authorizing the issuance of obligations, and (b) any certificate
of a chief fiscal officer authorizing the issuance of obligations, dated
on or after the effective date of this chapter,
except to the extent that any indebtedness shall already have been
contracted or encumbrances made thereunder for the object or purpose for
which such resolution or certificate authorizes the issuance of
obligations, whether or not the voting of a special tax or a tax to be
collected in installments or the approval of a proposition for the
expenditure of money, at a regular or special election or meeting, was a
condition precedent to the adoption of such resolution or such
resolution subsequent to the adoption thereof was submitted and approved
at a regular or special election or meeting.

b. Any resolution heretofore or hereafter adopted authorizing the
issuance of obligations, or any certificate of a chief fiscal officer
authorizing the issuance of obligations, dated on or after the effective
date of this chapter, unless repealed or revoked at a prior date in the
manner provided in paragraph a of this section, shall be deemed to be
repealed ten years after the date it becomes effective, except to the
extent that any indebtedness shall already have been contracted or
encumbrances made thereunder for the object or purpose for which such
resolution or certificate authorizes the issuance of obligations.