§ 62.10 Statutory installment bonds. a. Notwithstanding any other
provisions of this chapter, if the principal amount for an object or
purpose, or objects or purposes, or class or classes thereof, to be
financed by the issuance of bonds does not exceed five million dollars
in the aggregate, a single bond, to be known as a statutory installment
bond, may be issued for the full principal amount, if the issue is to be
sold at private sale. Any such bond shall provide for the payment of
both the principal and interest upon presentation of the bond for
notation of such payments thereon, except that such a statutory
installment bond may be issued and sold to the United States of America
or any agency thereof in any amount and that such principal and interest
shall be payable without such presentation.

b. A statutory installment bond, in bearer, if authorized by federal
law, or registered form, shall be in terms, form and contents,
substantially as follows:
Statutory United States of America $ (Here insert full
Installment State of New York amount of bond
Bond County of issue)

(Here insert name of the issuer)
(Here insert type of bond and year, such as "Highway Machinery Serial
Bond--1976")

The (Here insert name of the issuer), in the County of ___________, a
(Here insert whether a municipality, school district, fire district or
other district corporation) of the State of New York, hereby
acknowledges itself indebted and for value received promises to pay to
(Here insert "bearer" or the name of registered owner if the bond is
issued in registered form) the principal sum of __________________
Dollars ($________) (in (_____) equal annual installments of __________
Dollars ($________) on the ________ day of ____ in the years 20__ __, to
20 __, inclusive)

or
(in________(___) annual installments (Here state the amounts, the annual
principal payment date, and the years in which the principal payments
will be made. No annual installment shall be more than fifty per centum
in excess of the smallest prior installment unless the finance board has
determined to provide for substantially level or declining annual debt
service, in which case the aggregate amount of debt service payable in
any year shall not exceed the lowest aggregate amount of debt service
payable in any prior year by more than five percent))
and to pay interest on the unpaid balance of such principal sum at the
rate of ______ per centum (______%) per annum, semi-annually on the
_________ days of ________ and ______ in each year from the date of this
bond until it matures. Interest will not be paid on any installment of
principal, or of interest, after the due date thereof. Both the
installments of principal of and the interest on this bond will be paid
to the (Here insert "bearer" or "registered owner" if the bond is issued
in registered form) of this bond in lawful money of the United States*
only upon presentation of this bond for notation of any such payment
thereon* (omit language enclosed within asterisks when the bond is sold
to the United States of America or an agency thereof) at the office of
________

(Here insert place or places of payment)

This bond is a statutory installment bond, the principal sum of which
cannot exceed Five Million Dollars ($5,000,000) unless it is issued and
sold to the United States of America or any agency thereof, and is
issued pursuant to section 62.10 of the Local Finance Law and pursuant
to a bond resolution entitled "(Here insert title)", duly adopted by the
(Here insert name of the finance board) of such (Here insert name of the
issuer) on the ________ day of ___, 20 __. This bond may not be
converted into a coupon bond.

The faith and credit of such (Here insert name of the issuer) are
hereby irrevocably pledged for the punctual payment of the installments
of principal of and the interest on this bond according to its terms.

It is hereby certified and recited that all conditions, acts and
things required by the Constitution and statutes of the State of New
York to exist, to have happened and to have been performed precedent to
and in the issuance of this bond, exist, have happened and have been
performed, and that this bond, together with all other indebtedness of
such (Here insert name of the issuer) is within every debt and other
limit prescribed by the Constitution and laws of such State.

In Witness Whereof, the (Here insert name of the issuer) has caused
this bond to be signed by its (Here insert title of officer) and its
(Here insert title of officer), and its corporate seal to be hereunto
affixed and attested by its (Here insert title of attesting officer) and
to be dated as of the ________ day of _______, 20 __.

(Name of municipality, school

district, fire district or
(Corporate Seal) other district corporation)

By: (Signature and title of officer)

and (Signature and title of officer)
Attest:

(Signature and title of attesting officer)

*PRINCIPAL PAYMENTS
Amount Date Received Received by
$________ __________, 20 __ _____________________

(Signature of person

receiving payment)
$________ __________, 20 __ _____________________

(continue as necessary)

INTEREST PAYMENTS
Amount Interest to Received by
$_______ ___________, 20 __ _____________________

(Signature of person

receiving payment)
$_______ ___________, 20 __ _____________________

(continue as necessary)

The notations of principal and interest payments may be made on the
face of the bond, on the reverse side, or on a sheet attached thereto*
(omit language enclosed within asterisks when the bond is sold to the
United States of America or an agency thereof).

* c. Notwithstanding any provision of law contained in this chapter to
the contrary, statutory installment bonds, in substantially the form
provided in this section, may be issued and sold to the New York state
environmental facilities corporation in a principal amount not to exceed
twenty million dollars and such bonds shall provide for either a fixed
rate or, if such bonds provide for serial maturities, at a set rate, for
each maturity, which rate is fixed on the date of issuance of such
bonds.

* NB Repealed September 30, 2026