Section 380. Financing transition period

In  counties  which, upon the
  effective date of this section, operate on the basis of  a  fiscal  year
  expiring  prior  to December thirty-first, nineteen hundred fifty, there
  may be included in the first tentative budget prepared pursuant to  this
  article  an amount sufficient to pay, in whole or in part, all accounts,
  claims and demands against the county and  obligations  of  the  county,
  duly audited or otherwise payable by the county for or during the period
  elapsing between the date upon which such fiscal year would have expired
  and January first, nineteen hundred fifty-one; provided, however, that a
  county  may finance, in whole or in part, the payment of obligations and
  expenses falling due during such period by the issuance of serial  bonds
  or capital notes pursuant to the local finance law.