§ 92.00 Refunding of bond anticipation notes issued by a school
district prior to annexation or consolidation. a. Where serial bonds
have been authorized by a school district to finance an object or
purpose and in anticipation of the issuance of such bonds the school
district has issued a bond anticipation note or notes and subsequent to
the issuance and prior to the maturity of such note or notes such school
district has been annexed to an adjoining district or adjoining
districts as provided in section fifteen hundred five of the education
law or consolidated as provided in section fifteen hundred twelve or
section fifteen hundred twenty-two or section fifteen hundred twenty-six
of the education law, the enlarged school district formed by such
annexation or consolidation may issue its serial bonds pursuant to this
section for the object or purpose of refunding such bond anticipation
note or notes.

b. It is hereby determined that the period of probable usefulness of
the object or purpose for which bonds may be issued pursuant to this
section is the same as the period of probable usefulness specified in
paragraph a of section 11.00 of this chapter for the object or purpose
for which the serial bonds were authorized by such school district prior
to its annexation or consolidation. The last installment of bonds issued
pursuant to this section shall mature not later than the expiration of
the maximum period of probable usefulness of such object or purpose.
Such period shall be that which was in effect at the time the first bond
anticipation note was issued unless such period has been subsequently
shortened, in which event the shorter period in effect at the time of
the issuance of the bonds shall apply.

c. Bonds issued pursuant to this section shall be issued within five
years after the date of issuance of the first such bond anticipation
note and the first installment thereof shall mature not later than
eighteen months after the date of issuance of such bonds or five years
after the date of issuance of the first such note, whichever is the
earlier. No annual installment of such bonds shall be more than fifty
per centum in excess of the smallest prior installment.

d. Bonds issued pursuant to this section shall not be designated as
refunding bonds but shall contain a recital that they are issued
pursuant to this section. The provisions of this chapter, including but
not limited to section 37.00, relating to the authorization, form and
content, sale, execution and issuance of serial bonds, other than bonds
issued pursuant to sections 90.00 and 91.00 of this chapter, shall apply
to the authorization, form and content, sale, execution and issuance of
such bonds issued pursuant to this section. The bond resolution shall
contain a description of the bond anticipation note or notes to be
refunded and a statement of the maximum period of probable usefulness of
the object or purpose for which the bond anticipation note or notes were
issued and which was in effect on the date of issuance of the first bond
anticipation note and that which will be in effect on the date of
issuance of the bonds.

e. The object or purpose for which bonds may be issued pursuant to
this section shall constitute a specific object or purpose within the
meaning of said term as used in this chapter.