N.Y. CNT Law § 380

§ 380. Financing transition period. In counties which, upon the\neffective date of this section, operate on the basis of a fiscal year\nexpiring prior to December thirty-first, nineteen hundred fifty, there\nmay be included in the first tentative budget prepared pursuant to this\narticle an amount sufficient to pay, in whole or in part, all accounts,\nclaims and demands against the county and obligations of the county,\nduly audited or otherwise payable by the county for or during the period\nelapsing between the date upon which such fiscal year would have expired\nand January first, nineteen hundred fifty-one; provided, however, that a\ncounty may finance, in whole or in part, the payment of obligations and\nexpenses falling due during such period by the issuance of serial bonds\nor capital notes pursuant to the local finance law.\n