N.Y. Local Finance Law Section 56.00
Agency selling and issuing obligations


The finance board shall be vested with the powers and duties prescribed in sections 21.00, 57.00, 58.00, 59.00, 60.00, 62.00 and 63.00 of this chapter, and any other powers or duties pertaining or incidental to the sale and issuance of obligations. However, the finance board of any municipality, school district or district corporation may, by resolution, delegate all or part of such powers and duties to the chief fiscal officer or, in the case of school districts, to the clerk of the school board, in which event such chief fiscal officer or clerk of the school board, as the case may be, shall exercise such powers and perform such duties until the finance board shall, by resolution, elect to reassume the same.


In such instances in which the chief fiscal officer or clerk of the school board, as the case may be, exercises such powers and performs such duties, the same shall be exercised or performed subject to such terms and conditions, not inconsistent with the provisions of this chapter, as the finance board may prescribe.


In the case of river improvement or drainage districts established by or under the supervision of the conservation department, the provisions of this chapter shall be followed, but the obligations authorized and prescribed by the finance board shall be sold and issued by the state comptroller.

Source: Section 56.00 — Agency selling and issuing obligations, https://www.­nysenate.­gov/legislation/laws/LFN/56.­00 (updated Sep. 22, 2014; accessed Jun. 15, 2024).

Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 56.00’s source at nysenate​.gov

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