NY S03094

Town of Massena is authorized to issue serial bonds up to $5,000,000 to liquidate actual deficits in its general fund as certified by the state comptroller.

Bond anticipation notes may be issued in advance of the serial bonds.

The town board is authorized to levy taxes in annual installments to pay principal and interest on the bonds and bond anticipation notes.

The period of probable usefulness for the bonds is declared to be thirty years.

Any proceeds in excess of the certified deficit amount shall be accounted for according to state comptroller procedures under general municipal law section 36.