NY A10409

Town of Massena (Saint Lawrence County) is authorized to issue serial bonds up to $5,000,000 to liquidate general fund deficits certified by the state comptroller.

Bond anticipation notes may be issued in advance of the serial bonds, subject to section 10.10 of the local finance law.

The town board may levy taxes in annual installments to pay principal and interest on the bonds and anticipation notes, and may adopt a bond resolution to authorize issuance.

The period of probable usefulness for the bond issuance is established at thirty years.

Any proceeds exceeding the certified deficit amount must be accounted for according to section 36 of the general municipal law, with the act taking effect immediately.