Section 17-1729. Change in fiscal years

1. The board of trustees of any
  village in which a majority of the electors has approved  a  proposition
  submitted  to the voters in accordance with subdivision three of section
  17-1708 or of any village in which a proposition has been  submitted  to
  the  voters  in  accordance  with  subdivision one of section 17-1703-a,
  hereof, may, by resolution, adopt a fiscal  year  for  such  village  to
  commence  on the first day of January and end on the thirty-first day of
  December. If the  board  of  trustees  shall  so  adopt  a  fiscal  year
  commencing  on  the  first  day  of  January  as  aforesaid,  all of the
  provisions of article five,  sections  17-1722  and  17-1722-a  of  this
  chapter  and  of  the real property tax law fixing times or dates within
  which or by which certain acts shall be performed  in  relation  to  the
  preparation  of  the  assessment roll, the preparation of the budget and
  the levy and collection  of  taxes  and  special  assessments  shall  be
  changed to the times and dates applying to the town which is coterminous
  with  such village and the board of review of such town shall constitute
  the board of review of such village.
    2. A certified copy of a resolution adopting a new fiscal  year  shall
  be  filed within ten days in the office of the state department of audit
  and control at Albany, New York.
    3. Whenever the fiscal year of a village is changed by action  of  the
  board of trustees taken pursuant to subdivision one of this section, the
  current  fiscal  year  shall  be  automatically  extended to include the
  interim period between the last day of the current fiscal year  and  the
  first  day  of  the  new fiscal year, unless the board of trustees shall
  elect to treat such  interim  period  as  a  separate  fiscal  year,  as
  provided in subdivision five of this section.
    4. The board of trustees may raise all or part of the amount necessary
  to pay the obligations and other expenses of the village for the interim
  period by the issuance of obligations pursuant to the local finance law;
  provided, however, that revenues and other income resulting from special
  assessments  for capital projects or from operation of revenue producing
  undertakings, enterprises and utilities, including but  not  limited  to
  water  supply,  sewerage,  electric, steam or gas, for which obligations
  may become due during the interim period shall be applicable to  payment
  of  obligations  and  expenses  therefor  as provided by law and to that
  extent bonds or notes shall not be issued therefor.
    5. The board of trustees may treat such interim period as  a  separate
  fiscal  year,  in  which  case all the provisions of article five of the
  village law and of the real property tax law relative to the preparation
  of a budget and the assessment, levy and collection of taxes shall apply
  to such interim period; provided, however, that the amount to be  raised
  by  tax  on  real estate in any such interim period shall not exceed the
  limitations prescribed by article eight of the constitution, divided  by
  twelve  and multiplied by the number of months contained in such interim
  period.