N.Y. LFN Law § 31.00

§ 31.00 Bond resolution and capital note resolution. a. The issuance\nof bonds shall be authorized by a "bond resolution." The issuance of\ncapital notes or renewals thereof shall be authorized by "a capital note\nresolution." However, if capital notes are to be issued for the same\nobject or purpose for which bonds are to be issued, the issuance of such\ncapital notes may be authorized by the bond resolution authorizing the\nissuance of such bonds.\n b. Any municipality, school district or district corporation may adopt\none or more bond resolutions or capital note resolutions authorizing the\nissuance of bonds or capital notes for a specific object or purpose, for\nwhich object or purpose serial bonds may be issued. In addition thereto\nany municipality or school district may adopt one or more bond\nresolutions or capital note resolutions authorizing the issuance of\nbonds or capital notes for any class of objects or purposes, for which\nobjects or purposes serial bonds may be issued.\n c. The issuance of obligations for a capital improvement and for the\nacquisition of land or permanent rights in land for such improvement may\nbe authorized by the same bond resolution or capital note resolution,\nnotwithstanding the fact that the subdivision of paragraph a of section\n11.00 of this chapter which sets forth the period of probable usefulness\nfor such capital improvement does not include therein the acquisition of\nland or permanent rights in land for such improvement.\n d. The issuance of bonds or capital notes for two or more specific\nobjects or purposes or two or more classes of objects or purposes may be\nauthorized by the same bond resolution or capital note resolution,\nnotwithstanding the fact that such specific objects or purposes or\nclasses of objects or purposes are described in separate subdivisions of\nparagraph a of section 11.00 of this chapter, provided:\n 1. The maximum period of probable usefulness is five years or less, as\ndetermined by paragraph a of such section 11.00 or pursuant to paragraph\nb of such section, or\n 2. The bond resolution or the capital note resolution, as the case may\nbe, is not subject to either mandatory or permissive referendum.\n