2 CRR-NY 25.6NY-CRR
STATE COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 2. DEPARTMENT OF AUDIT AND CONTROL
CHAPTER II. MUNICIPAL AFFAIRS
SUBCHAPTER A. SALES OF BONDS AND NOTES; DEBT STATEMENTS
PART 25. REQUIREMENTS FOR NOTICE OF SALE OF BONDS BY MUNICIPALITIES, SCHOOL DISTRICTS AND DISTRICT CORPORATIONS
2 CRR-NY 25.6
2 CRR-NY 25.6
25.6 Information required.
In addition to the information required by section 58.00 of the Local Finance Law, each notice of the sale of bonds shall contain:
(a)
(1) If a single issue is being sold, a description of the bonds, showing the amount, purpose, date, denominations and maturities of the issue. If two or more issues are being sold as a single issue pursuant to paragraph (c) of section 57.00 of the Local Finance Law, a description of the bonds, showing as to each issue the amount and purpose; and, as to the combined issue the date, denominations and maturities of the bonds.
(2) A statement as to whether the bonds will be issued in registered form, in bearer form with coupons, or, as permitted in certain cases by section 63.00 of the Local Finance Law, in bearer form without coupons; whether the bonds may be converted into bearer or registered form, as the case may be; whether the bonds are redeemable prior to maturity; whether the interest will be paid annually or semiannually; the medium of payment; the place or places of payment; the tax status of interest on the bonds; and the place and the proposed date for delivery of the bonds.
(b) In the case of counties, cities, towns, villages and school districts, a statement that the bonds are general obligations of the issuer; that there is no limitation, either as to rate or amount, upon ad valorem taxes upon taxable real property in the (county) (city) (town) (village) (school district) which may be required to pay the bonds and the interest thereon that the New York State Constitution requires the issuer to pledge its faith and credit for the payment of the principal of the bonds and the interest thereon and to make annual appropriations for the amounts required for the payment of such interest and the redemption of the bonds; and that the Constitution also provides that if at any time the appropriating authorities fail to make the required appropriations for the annual debt service on the bonds and certain other obligations of the issuer, a sufficient sum shall be set apart from the first revenues thereafter received and shall be applied for such purposes and that the fiscal officer of the issuer may be required to set apart and apply such revenues as aforesaid at the suit of any holder of such obligations.
(c) In the case of cities, city school districts or school districts, if the bonds proposed to be sold are for school purposes, a statement that upon default in the payment of principal of and/or interest on the bonds, the State Comptroller is required to withhold under certain conditions prescribed by section 99-b of the State Finance Law, State aid and assistance to the city, city school district or school district which issued the bonds and to apply the amount thereof so withheld to the payment of such defaulted principal and/or interest.
(d) In the case of fire districts and other district corporations, a statement that the bonds are general obligations of the issuer payable from ad valorem taxes or assessments upon taxable real property in the fire district or district corporation which may be levied without limitation as to rate or amount. (If the bonds are payable in the first instance from revenues other than ad valorem taxes or assessments on real property, the notice shall so state.)
(e) A statement that the approving opinion of a designated attorney or firm of attorneys will be furnished without cost to the purchaser of the bonds, if such opinion is to be furnished.
(f) If an official statement is required by Part 27 of this Subchapter, a statement that an official statement will be furnished to any interested bidder on request.
2 CRR-NY 25.6
Current through August 31, 2022
| End of Document |
IMPORTANT NOTE REGARDING CONTENT CURRENCY: JULY 31, 2023, is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Admisnistrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of the NYS Rules.