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This entry was published on 2014-09-22
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Agency authorizing issuance of obligations
Local Finance (LFN) CHAPTER 33-A, ARTICLE 2, TITLE 3
§ 30.00 Agency authorizing issuance of obligations. a. The finance
board shall have the power to authorize the issuance of bonds and notes.
However, the finance board may, by resolution, delegate such power in
relation to bond anticipation notes, tax anticipation notes, revenue
anticipation notes or urban renewal notes or the renewals thereof, to
the chief fiscal officer, in which event the chief fiscal officer shall
exercise such power until the finance board, by resolution, shall elect
to reassume the same.

b. Whenever the power to authorize the issuance of any of such notes,
or the renewals thereof, has been delegated to the chief fiscal officer,
no such note, or such renewal note, authorized by such officer pursuant
to such power shall be issued unless such officer shall have first filed
with the finance board a certificate authorizing the issuance of such
note, or such renewal note. Such certificate shall contain in substance
at least the same statements and provisions as a finance board would be
required to incorporate in a resolution adopted by it in compliance with
section 38.10 or section 39.00 of this chapter and, in addition, a
statement that the power delegated to such officer to issue such note,
or such renewal note, is in full force and effect and has not been
modified, amended or revoked. Such certificate shall be properly dated
and signed by the chief fiscal officer and the same shall be a public
record. The failure to have first filed such certificate with the
finance board as hereinbefore provided shall not invalidate the issuance
of any such note.

c. In such instances in which the chief fiscal officer exercises such
power, the same shall be exercised subject to such terms and conditions,
not inconsistent with the provisions of this chapter, as the finance
board may prescribe.