N.Y. Local Finance Law 51.00 – Terms, form and contents of obligations
§ 51.00 Terms, form and contents of obligations. Every bond and note shall contain a statement of at least the following:
Terms Used In N.Y. Local Finance Law 51.00
- 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.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- 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.
- Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
1. The type of obligation.
2. The amount of the obligation and the total amount of the issue of which the obligation is a part.
3. The date and maturity of the obligation.
4. If the obligation is a tax anticipation note or a revenue anticipation note, the fiscal year for which the taxes were levied or are to be levied or in which the revenues are to become due and payable, as the case may be; if the obligation is a tax anticipation note to be issued in anticipation of the levy or collection of assessments for a fiscal year or in anticipation of the collection of an installment of an assessment for a capital improvement, the fiscal year for which such assessments were levied or are to be levied or in which such installment becomes due, as the case may be.
* 5. The rate of interest or, in the case of obligations bearing a variable rate of interest, the procedure for calculating such variable rate of interest and the maximum rate of interest which such variable rate notes may bear, together with the date or dates of payment thereof.
* NB Effective until July 15, 2024
* 5. The rate of interest and the date or dates of payment thereof.
* NB Effective July 15, 2024
6. The place or places of payment of principal and interest.
7. The medium of payment.
8. An irrevocable pledge of the faith and credit of the municipality, school district or district corporation issuing the obligation for the payment thereof.
9. If the obligation is payable to bearer, whether it may be converted into a registered obligation; if the obligation is in registered form, whether it may be converted into a bearer obligation.
10. If the obligation may be called for redemption prior to its date of maturity, the terms and conditions under which such obligation may be redeemed.