§ 26.10 Temporary alternative methods of financing storm relief
expenses. a. Definitions. As used in this section, the terms
"extraordinary expenses of storm relief" and "such extraordinary
expenses" shall mean expenses incurred by a municipality, school
district or district corporation before the first day of January, two
thousand fourteen, for storm relief projects necessitated by damage
caused by the storm commonly known as Sandy on or shortly after October
twenty-ninth, two thousand twelve. The term "storm relief projects"
shall mean the repair or reconstruction of public thoroughfares,
buildings, places, and projects of such municipality, school district or
district corporation, in excess of the normal expenses which would have
been incurred for such purposes during such periods as determined by the
finance board of such municipality, school district or district
corporation. In making any such determination, the finance board shall
not include as a part of such extraordinary expenses the salaries and
wages of regular employees, except for overtime work and work on Sundays
and holidays. Such extraordinary expenses may include any interest
payments on revenue anticipation notes issued in anticipation of the
receipt of moneys from the state or federal government on account of
such storm pursuant to any state or federal disaster relief act.

b. The financing of storm relief expenses by the issuance of serial
bonds.

1. The finance board of a municipality, school district or district
corporation may authorize the issuance of serial bonds on or before
December thirty-first two thousand thirteen to provide for the payment
of all or part of the extraordinary expenses of storm relief, to
reimburse any fund or account of the issuer from which moneys to pay
such extraordinary expenses have been advanced or to replenish any fund
or account of the issuer from which such extraordinary expenses have
been paid, or any combination of such purposes, notwithstanding that
there may have been lack of statutory authority for any such advance or
payment from such fund or account. The period of probable usefulness of
such objects or purposes shall be five years. Any such serial bonds
shall have a maximum maturity of over two years, but the date of final
maturity of any such issue shall not extend beyond the thirty-first day
of December, two thousand eighteen.

2. No provision of subdivision one of this paragraph shall be deemed
to prohibit the issuance of serial bonds for the purpose of financing
any portion of such extraordinary expenses described in such subdivision
which heretofore have been or hereafter shall be financed by the
issuance of budget notes or for the purpose of redeeming any such notes.

3. Except as provided in this section, such serial bonds and any bond
anticipation notes in anticipation thereof, shall be authorized, sold
and issued in the manner provided by this chapter. Any bond anticipation
notes issued in anticipation of such bonds shall, for the purpose of
determining the power of the issuer to contract indebtedness and to
raise taxes upon real estate, be deemed to be serial bonds of an issue
having a maximum maturity of more than two years as described in
paragraph A of section five and in section ten of article eight of the
state constitution and for the purposes of (1) subdivision one-a of
section 136.00 of this chapter, (2) section two hundred thirty-three of
the county law, (3) section 5-514 of the village law, (4) any general or
special law applicable to counties, cities, villages, school districts
or district corporations which relates to the raising of taxes on real
estate to provide for the payment of the interest on and the principal
of indebtedness, and (5) all laws relating to the financial reports,
debt statements and real estate tax margin computations of such
municipalities, school districts or district corporations. The chief
fiscal officer of any municipality, school district or district
corporation issuing or renewing such bond anticipation notes shall
immediately after the issuance or renewal thereof notify the state
comptroller of such issuance or renewal. The state comptroller may
prescribe the form of any such notice and shall furnish such forms to
municipalities, school districts and district corporations for the
purpose of making any such report.

4. Capital notes may not be issued to finance any object or purpose
for which serial bonds are authorized to be issued pursuant to this
paragraph. The provisions of this paragraph shall not affect the power
of any municipality, school district or district corporation described
in paragraph a of this section to finance all or part of any such
extraordinary expenses pursuant to the provisions of section 29.00 of
this chapter and paragraph c of this section.

5. Section 104.10 of this chapter shall not be applicable in relation
to, or as the result of, the adoption of a bond resolution authorizing
the issuance of serial bonds pursuant to this paragraph. The provisions
of section 10.00, paragraph a of section 21.00 and any other section of
this chapter, or the provisions of any general, special or local law,
which would restrict, limit or prohibit the issuance of such bonds
(except those enacted to conform with the state constitution) are, to
the extent that this section is utilized by a municipality, school
district or district corporation, suspended and made ineffective insofar
as necessary to effectuate the purposes of this section.

c. The financing of storm relief expenses by the issuance of budget
notes. 1. If any municipality or school district described in paragraph
a of this section has heretofore issued budget notes pursuant to the
provisions of subdivision two or three of paragraph a of section 29.00
of this chapter to provide for the payment of extraordinary expenses of
storm relief, the finance board, by resolution, may determine that such
notes shall be deemed to have been issued pursuant to the provisions of
subdivision one of paragraph a of such section and that such notes so
issued shall not thereafter be considered in determining the power of
such municipality or school district to issue budget notes pursuant to
such subdivision two or three.

2. If any municipality, school district or district corporation
described in paragraph a of this section has heretofore issued budget
notes pursuant to the provisions of subdivision one, two or three of
paragraph a, or paragraph b, of section 29.00 of this chapter, to
provide for the payment of extraordinary expenses of storm relief, the
finance board may determine that the provisions of paragraph j of such
section shall not be applicable in relation to the maturity of such
notes and (a) that such notes shall mature in equal annual installments
in two different fiscal years, but the final maturity of such notes
shall not extend beyond the close of the second fiscal year immediately
succeeding the year of their issue, or (b) if the fiscal procedures
applicable to such municipality, school district or district corporation
will enable the necessary budgetary appropriations for debt service to
be made and such appropriations to become available, that such notes
shall mature in three equal annual installments in three different
fiscal years, but the final maturity of any such notes shall not exceed
three years in accordance with the provisions of paragraph a of section
11.00 of this chapter which prescribes a period of probable usefulness
of three years for objects or purposes financed by the issuance of
budget notes. Such budget notes which mature in three equal annual
installments, as aforesaid, shall, for the purpose of determining the
power of the issuer to contract indebtedness and to raise taxes on real
estate, be deemed to be serial bonds of an issue having a maximum
maturity of more than two years as described in paragraph A of section
five and in section ten of article eight of the state constitution and
for the purposes of (1) paragraph one-a of section 136.00 of this
chapter, (2) section two hundred thirty-three of the county law, (3)
section 5-514 of the village law, (4) any general or special law
applicable to counties, cities, villages, school districts or district
corporations which relates to the raising of taxes on real estate to
provide for the payment of the interest on and the principal of
indebtedness, and (5) all laws relating to financial reports, debt
statements and real estate tax margin computations of such
municipalities, school districts or district corporations. If the
finance board determines that such budget notes shall mature in three
equal annual installments, as aforesaid, the chief fiscal officer of
such municipality, school district or district corporation immediately
after the adoption of the resolution making such determination shall
file a copy of the resolution with the state comptroller and shall
immediately after the issuance or renewal of such notes notify the state
comptroller of such issuance or renewal. The state comptroller may
prescribe the form of any such notice and shall furnish such forms to
municipalities, school districts or district corporations for the
purpose of making any such report.

3. Notwithstanding any of the provisions of section 29.00 of this
chapter, the finance board of a municipality or a school district
described in paragraph a of this section may authorize the issuance of
budget notes pursuant to subdivision one of paragraph a, or, in the case
of a municipality, paragraph b of such section 29.00 of this chapter to
provide for the payment of all or part of the extraordinary expenses of
storm relief, to reimburse any fund or account of the municipality or
school district from which moneys to pay such extraordinary expenses
have been advanced or to replenish any fund or account of the
municipality or school district from which such extraordinary expenses
have been paid, or any combination of such purposes, notwithstanding
that there may have been lack of statutory authority for any such
advance or payment from such fund or account. The finance board may
determine that such notes may mature in the manner provided in paragraph
j of section 29.00 of this chapter, or, if the fiscal procedures
applicable to such municipality or school district will enable the
necessary budgetary appropriations for debt service to be made and such
appropriations to become available, that such notes shall mature in two
equal annual installments in two different fiscal years, but the final
maturity of such notes shall not extend beyond the close of the second
fiscal year immediately succeeding the year of their issue.

4. The provisions of subdivision four of paragraph c of section 40.00
of this chapter and of any other section of this chapter and the
provisions of any general, special or local law which would restrict,
limit or prohibit the renewal of budget notes as provided in this
paragraph (except those enacted to conform with the state constitution),
are, to the extent that this section is utilized by a municipality,
school district or district corporation, suspended and made ineffective
insofar as necessary to effectuate the objects and purposes of this
section.

d. Separability. If any clause, sentence, subdivision, paragraph, or
part of this section be adjudged by any court of competent jurisdiction
to be invalid, such judgment shall not affect, impair or invalidate the
remainder thereof, but shall be confined in its operation to the clause,
sentence, subdivision, paragraph, or part thereof directly involved in
the controversy in which such judgment shall have been rendered.