N.Y. Local Finance Law 179.00 – Model forms of obligations
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§ 179.00 Model forms of obligations. The model form of a coupon bond and the model form of a note payable to bearer contained in schedule B annexed hereto may be used, but this section shall not be construed to prevent or invalidate the use of other forms in lieu thereof. Both of such forms provide for the conversion of the obligation into a registered obligation and also contain a provision permitting the redemption of the obligation prior to maturity by the municipality, school district or district corporation issuing such obligation.
Terms Used In N.Y. Local Finance Law 179.00
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.