[HISTORY: Adopted by the Council of the City of New Rochelle 6-7-1948 by Ord. No. 163-1948; amended at time of adoption of Code (see Ch. 1, General Provisions, Art. II). Other amendments noted where applicable.]
The power of the Council constituting the Finance Board of the City of New Rochelle, as defined by the Local Finance Law of the State of New York, in relation to the authorization of bond anticipation notes to be issued in anticipation of the issuance of serial bonds theretofore authorized by ordinance or resolution, of tax anticipation notes and revenue anticipation notes of said City, or the renewals thereof and all the power of such finance board to prescribe the terms, form and contents in relation to every or any type of serial bond or note of the City, together with the powers and duties prescribed in §§ 57.00 to 60.00, both inclusive, of said Local Finance Law, and any other powers or duties pertaining or incidental to the sale and issuance of obligations of the City, are hereby delegated to the Commissioner of Finance, being the chief fiscal officer as defined by said law, pursuant to §§ 30.00, 50.00 and 56.00 of said law, said powers and duties to be exercised or performed by the Commissioner of Finance being subject to such terms and conditions as such Finance Board may prescribe as to any particular issue in the bond or note ordinance or resolution authorizing the issuance of such bonds or notes.
The provisions of § 12-1 hereof shall not be construed to be a relinquishment by such Finance Board of the power to authorize the issuance of bond anticipation notes, tax anticipation notes or revenue anticipation notes, or the renewals thereof, by ordinance or resolution of such Board, when the Board may be in session. Whenever the Commissioner of Finance shall exercise the power to authorize the issuance of bond anticipation notes or tax anticipation notes or renewal anticipation notes, or the renewals thereof, pursuant to the power hereby delegated to him, he shall file with the City Clerk, for and on behalf of such Finance Board, a certificate in conformity with the requirements of § 30.00, Subdivision b, of said Local Finance Law.
The powers and duties hereby delegated to said Commissioner of Finance by said Finance Board shall remain in full force and effect until said Finance Board by ordinance shall elect to reassume the same.