Section 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 one 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 19__, to
  19__, 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  One Million Dollars ($1,000,000) 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 ___, 19__. 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 _______, 19__.
 
                     (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
  $________       __________, 19__    ______________________
                                      (Signature of person
                                       receiving payment)
  $________       __________, 19__    ______________________
                           (continue as necessary)
 
                              INTEREST PAYMENTS
 
  Amount           Interest to           Received by
  $_______        ___________, 19__   ______________________
                                      (Signature of person
                                       receiving payment)
  $_______        ___________, 19__   ______________________
                           (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, 2011