§ 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.