N.Y. Village Law § 5-512 Financing Interim Fiscal Period

• Library: New York Statutes
• Edition: 2023
• Currency: Current through 2023 NY Law Chapter 777
• Year: 2023
• Citation: N.Y. Village Law § 5-512

1. Whenever the fiscal year of a village is changed by action of the board of trustees taken pursuant to section 5-510 of this article, the current fiscal year shall be automatically extended to include the interim period between the last day of the current fiscal year and the first day of the new fiscal year, unless the board of trustees shall elect to treat such interim period as a separate fiscal year, as provided in subdivision three of this section.

2. The board of trustees may raise all or part of the amount necessary to pay the obligations and other expenses of the village for the interim period by the issuance of obligations pursuant to the local finance law; provided, however, that revenues and other income resulting from special assessments for capital projects or from operation of revenue producing undertakings, enterprises and utilities, including but not limited to water supply, sewerage, electric, steam or gas, for which obligations may become due during the interim period shall be applicable to payment of obligations and expenses therefor as provided by law and to that extent bonds or notes shall not be issued therefor.