§ 32.00 Bond resolution and capital note resolution; form and
contents. Every bond resolution or capital note resolution shall be
properly dated and shall bear a title indicating the type or types of
obligations to which it relates, and shall contain, in substance, at
least the following provisions:

1. A statement of the specific object or purpose or the class of
objects or purposes for which the obligations to be authorized by such
resolution are to be issued. Each item of such specific object or
purpose shall be described in brief and general terms sufficient for a
reasonable identification.

2. If the obligations to be authorized are for a specific object or
purpose, a statement of the estimate of the maximum cost of each item of
such specific object or purpose. If the obligations to be authorized by
a single bond resolution or capital note resolution are for two or more
specific objects or purposes as provided by paragraph d of section 31.00
of this chapter, there shall be a statement of the estimate of the
maximum cost of each item of each specific object or purpose. If the
obligations to be authorized are for a class of objects or purposes,
there shall be a statement of the estimated maximum cost thereof. If the
obligations to be authorized by a single bond resolution or capital note
resolution are for two or more classes of objects or purposes as
provided by paragraph d of section 31.00 of this chapter, there shall be
a statement of the estimated maximum cost of each class of objects or
purposes. Such statement shall also set forth the plan for the
financing of the total cost of all of the items of such specific object
or purpose or such specific objects or purposes or of the cost of such
class or such classes of objects or purposes which shall indicate the
sources of the amounts of money which have been previously authorized to
be applied to the payment of the total cost of all of such items of such
object or purpose or such objects or purposes or of the cost of such
class or such classes of objects or purposes and the intended source or
sources, other than the proceeds of such obligations, of the balance of
the money to be so applied. Such financial plan, by virtue of its
inclusion in such resolution, shall not be deemed binding upon such
municipality, school district or district corporation.

In lieu of such a statement, the resolution may contain a recital that
such information has been set forth in a capital budget or in an
appropriation for such specific object or purpose or such objects or
purposes or for the class or classes of such objects or purposes or in a
previously adopted bond resolution or capital note resolution
authorizing the issuance of obligations for such specific object or
purpose or such specific objects or purposes, or for the class or
classes of such objects or purposes. Such recital shall specifically
refer to the most recent capital budget, appropriation, bond resolution
or capital note resolution containing such information.

3. A statement of the amount of bonds or capital notes to be issued
for such specific object or purpose or class of objects or purposes.

4. A determination of the period or periods of probable usefulness of
the specific object or purpose or class of objects or purposes for which
such bonds or capital notes are to be issued, if such determination is
made by the finance board. However, if bonds are to be issued for a
class of objects or purposes for which more than one period of probable
usefulness is prescribed pursuant to section 11.00 of this chapter and
if the determination of the period of probable usefulness therefor is to
be made by the finance board, the bond resolution authorizing the
issuance of such bonds shall

(a) Specify the kind of specific object or purpose within such class

to which the proceeds of such bonds are to be applied and the

appropriate period of probable usefulness therefor, or

(b) Specify as the period of probable usefulness of such class the

lowest period of probable usefulness assigned thereto.

5. In the case of towns or villages, a determination whether the
proposed maturity of the obligations to be authorized thereby will be in
excess of five years.

6. If current funds are required to be provided prior to the issuance
of such bonds or bond anticipation notes in anticipation of such bonds
pursuant to section 107.00 of this chapter, a statement that there has
been provided or that there will be provided prior to the issuance of
such bonds or bond anticipation notes the appropriate amount of current
funds.