New York Local Finance Law Section 31.00 - Bond resolution and capital note resolution.

  31.00  Bond resolution and capital note resolution. a. The issuance
  of bonds shall be authorized by a "bond  resolution."  The  issuance  of
  capital notes or renewals thereof shall be authorized by "a capital note
  resolution.  "  However,  if capital notes are to be issued for the same
  object or purpose for which bonds are to be issued, the issuance of such
  capital notes may be authorized by the bond resolution  authorizing  the
  issuance of such bonds.
b. Any municipality, school district or district corporation may adopt
  one or more bond resolutions or capital note resolutions authorizing the
  issuance of bonds or capital notes for a specific object or purpose, for
  which  object or purpose serial bonds may be issued. In addition thereto
  any  municipality  or  school  district  may  adopt  one  or  more  bond
  resolutions  or  capital  note  resolutions  authorizing the issuance of
  bonds or capital notes for any class of objects or purposes,  for  which
  objects or purposes serial bonds may be issued.
c.  The  issuance of obligations for a capital improvement and for the
  acquisition of land or permanent rights in land for such improvement may
  be authorized by the same bond resolution or  capital  note  resolution,
  notwithstanding  the fact that the subdivision of paragraph a of section
  11.00 of this chapter which sets forth the period of probable usefulness
  for such capital improvement does not include therein the acquisition of
  land or permanent rights in land for such improvement.
d. The issuance of bonds or capital notes for  two  or  more  specific
  objects or purposes or two or more classes of objects or purposes may be
  authorized  by  the  same  bond  resolution  or capital note resolution,
  notwithstanding the fact that  such  specific  objects  or  purposes  or
  classes of objects or purposes are described in separate subdivisions of
  paragraph a of section 11.00 of this chapter, provided:
1. The maximum period of probable usefulness is five years or less, as
  determined by paragraph a of such section 11.00 or pursuant to paragraph
  b of such section, or
2. The bond resolution or the capital note resolution, as the case may
  be, is not subject to either mandatory or permissive referendum.

Last modified: February 3, 2019