State Codes and Statutes

Statutes > New-york > Vil > Article-5 > 5-512

§  5-512  Financing interim fiscal period. l. 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.    3.  The  board of trustees may treat such interim period as a separate  fiscal year, in which case all of the provisions of this article and  of  the  real  property  tax law relative to the preparation of a budget and  the assessment, levy and collection of taxes shall apply to such interim  period; provided, however, that the amount to be raised by tax  on  real  estate  in  any  such  interim  period  shall not exceed the limitations  prescribed by article eight of the constitution, divided by  twelve  and  multiplied by the number of months contained in such interim period.

State Codes and Statutes

Statutes > New-york > Vil > Article-5 > 5-512

§  5-512  Financing interim fiscal period. l. 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.    3.  The  board of trustees may treat such interim period as a separate  fiscal year, in which case all of the provisions of this article and  of  the  real  property  tax law relative to the preparation of a budget and  the assessment, levy and collection of taxes shall apply to such interim  period; provided, however, that the amount to be raised by tax  on  real  estate  in  any  such  interim  period  shall not exceed the limitations  prescribed by article eight of the constitution, divided by  twelve  and  multiplied by the number of months contained in such interim period.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Vil > Article-5 > 5-512

§  5-512  Financing interim fiscal period. l. 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.    3.  The  board of trustees may treat such interim period as a separate  fiscal year, in which case all of the provisions of this article and  of  the  real  property  tax law relative to the preparation of a budget and  the assessment, levy and collection of taxes shall apply to such interim  period; provided, however, that the amount to be raised by tax  on  real  estate  in  any  such  interim  period  shall not exceed the limitations  prescribed by article eight of the constitution, divided by  twelve  and  multiplied by the number of months contained in such interim period.