§ 59. Issuance of grade crossing bonds. 1. Whenever the legislature, under the power granted to it by section fourteen of article seven of the state constitution, shall have authorized the creation of a state debt or debts for the elimination of grade crossings at grade, bonds of the state, to the amount of the debt or debts so authorized, shall be issued and sold by the state comptroller. Any appropriation from the proceeds of the sale of bonds, pursuant to this section, shall be deemed to be an authorization for the creation of a state debt or debts to the extent of such appropriation. They shall be known as "grade crossing elimination bonds." They shall bear interest at such rate or rates as in the judgment of the state comptroller may be sufficient or necessary to effect a sale of the bonds, and such interest shall be payable semi-annually in the city of New York. 2. Such bonds, or the portion thereof at any time issued, shall be made payable in equal annual installments, the first of which shall be payable not more than one year from the date of issue and the last of which shall be payable at such time as the comptroller may determine but not more than forty years after the date of issue. In no case shall such bonds or portion thereof be issued for a period longer than the probable life of the work or purpose, or part thereof, to which the proceeds of the bonds are to be applied, as may be determined under section sixty-one of the state finance law and in accordance with the certificate of the public service commission. Such certificate shall be filed in the office of the state comptroller and shall state the group, or, where the probable lives of two or more separable parts of the work or purpose are different, the groups specified in such section, for which the amount, or amounts, shall be provided by the issuance and sale of bonds. Such bonds, or the portion thereof at any time sold, shall be of such denominations, subject to the foregoing provisions, as the state comptroller may determine. 3. Such bonds shall be sold in such lot or lots, from time to time, as may be required for the expense of grade crossing eliminations for which the creation of a state debt or debts shall have been authorized, pursuant to section fourteen of article seven of the constitution, and appropriations shall have been made by law, but not in excess of the aggregate amount authorized for such purpose. 4. Such bonds shall be sold at not less than par to the highest bidder not less than four nor more than fifteen days, Sundays excepted, after a notice of such sale has been published at least once in a daily newspaper published in Albany and in a daily newspaper published and circulating in New York city, which shall state the terms of the sale. The comptroller may not change the terms of the sale unless notice of such change is published in such newspapers at least one day prior to the date of the sale as set forth in the original notice of sale. Advertisements shall contain a provision to the effect that the state comptroller, in his discretion, may reject any or all bids made in pursuance of such advertisements, and in the event of such rejection, the state comptroller is authorized to readvertise for bids in the form and manner above described as many times as, in his judgment, may be necessary to effect a satisfactory sale. 5. The proceeds of bonds sold pursuant to this section shall be paid into the state treasury, and shall be a separate fund or funds available only to the extent of appropriations for elimination of railroad crossings at grade pursuant to section fourteen of article seven of the constitution.
§ 59. Issuance of grade crossing bonds. 1. Whenever the legislature, under the power granted to it by section fourteen of article seven of the state constitution, shall have authorized the creation of a state debt or debts for the elimination of grade crossings at grade, bonds of the state, to the amount of the debt or debts so authorized, shall be issued and sold by the state comptroller. Any appropriation from the proceeds of the sale of bonds, pursuant to this section, shall be deemed to be an authorization for the creation of a state debt or debts to the extent of such appropriation. They shall be known as "grade crossing elimination bonds." They shall bear interest at such rate or rates as in the judgment of the state comptroller may be sufficient or necessary to effect a sale of the bonds, and such interest shall be payable semi-annually in the city of New York. 2. Such bonds, or the portion thereof at any time issued, shall be made payable in equal annual installments, the first of which shall be payable not more than one year from the date of issue and the last of which shall be payable at such time as the comptroller may determine but not more than forty years after the date of issue. In no case shall such bonds or portion thereof be issued for a period longer than the probable life of the work or purpose, or part thereof, to which the proceeds of the bonds are to be applied, as may be determined under section sixty-one of the state finance law and in accordance with the certificate of the public service commission. Such certificate shall be filed in the office of the state comptroller and shall state the group, or, where the probable lives of two or more separable parts of the work or purpose are different, the groups specified in such section, for which the amount, or amounts, shall be provided by the issuance and sale of bonds. Such bonds, or the portion thereof at any time sold, shall be of such denominations, subject to the foregoing provisions, as the state comptroller may determine. 3. Such bonds shall be sold in such lot or lots, from time to time, as may be required for the expense of grade crossing eliminations for which the creation of a state debt or debts shall have been authorized, pursuant to section fourteen of article seven of the constitution, and appropriations shall have been made by law, but not in excess of the aggregate amount authorized for such purpose. 4. Such bonds shall be sold at not less than par to the highest bidder not less than four nor more than fifteen days, Sundays excepted, after a notice of such sale has been published at least once in a daily newspaper published in Albany and in a daily newspaper published and circulating in New York city, which shall state the terms of the sale. The comptroller may not change the terms of the sale unless notice of such change is published in such newspapers at least one day prior to the date of the sale as set forth in the original notice of sale. Advertisements shall contain a provision to the effect that the state comptroller, in his discretion, may reject any or all bids made in pursuance of such advertisements, and in the event of such rejection, the state comptroller is authorized to readvertise for bids in the form and manner above described as many times as, in his judgment, may be necessary to effect a satisfactory sale. 5. The proceeds of bonds sold pursuant to this section shall be paid into the state treasury, and shall be a separate fund or funds available only to the extent of appropriations for elimination of railroad crossings at grade pursuant to section fourteen of article seven of the constitution.
§ 59. Issuance of grade crossing bonds. 1. Whenever the legislature, under the power granted to it by section fourteen of article seven of the state constitution, shall have authorized the creation of a state debt or debts for the elimination of grade crossings at grade, bonds of the state, to the amount of the debt or debts so authorized, shall be issued and sold by the state comptroller. Any appropriation from the proceeds of the sale of bonds, pursuant to this section, shall be deemed to be an authorization for the creation of a state debt or debts to the extent of such appropriation. They shall be known as "grade crossing elimination bonds." They shall bear interest at such rate or rates as in the judgment of the state comptroller may be sufficient or necessary to effect a sale of the bonds, and such interest shall be payable semi-annually in the city of New York. 2. Such bonds, or the portion thereof at any time issued, shall be made payable in equal annual installments, the first of which shall be payable not more than one year from the date of issue and the last of which shall be payable at such time as the comptroller may determine but not more than forty years after the date of issue. In no case shall such bonds or portion thereof be issued for a period longer than the probable life of the work or purpose, or part thereof, to which the proceeds of the bonds are to be applied, as may be determined under section sixty-one of the state finance law and in accordance with the certificate of the public service commission. Such certificate shall be filed in the office of the state comptroller and shall state the group, or, where the probable lives of two or more separable parts of the work or purpose are different, the groups specified in such section, for which the amount, or amounts, shall be provided by the issuance and sale of bonds. Such bonds, or the portion thereof at any time sold, shall be of such denominations, subject to the foregoing provisions, as the state comptroller may determine. 3. Such bonds shall be sold in such lot or lots, from time to time, as may be required for the expense of grade crossing eliminations for which the creation of a state debt or debts shall have been authorized, pursuant to section fourteen of article seven of the constitution, and appropriations shall have been made by law, but not in excess of the aggregate amount authorized for such purpose. 4. Such bonds shall be sold at not less than par to the highest bidder not less than four nor more than fifteen days, Sundays excepted, after a notice of such sale has been published at least once in a daily newspaper published in Albany and in a daily newspaper published and circulating in New York city, which shall state the terms of the sale. The comptroller may not change the terms of the sale unless notice of such change is published in such newspapers at least one day prior to the date of the sale as set forth in the original notice of sale. Advertisements shall contain a provision to the effect that the state comptroller, in his discretion, may reject any or all bids made in pursuance of such advertisements, and in the event of such rejection, the state comptroller is authorized to readvertise for bids in the form and manner above described as many times as, in his judgment, may be necessary to effect a satisfactory sale. 5. The proceeds of bonds sold pursuant to this section shall be paid into the state treasury, and shall be a separate fund or funds available only to the extent of appropriations for elimination of railroad crossings at grade pursuant to section fourteen of article seven of the constitution.
