New York Consolidated Laws, Local Finance Law - LFN § 41.00 Repeal of unexpended authorizations

a. The finance board of:

except to the extent that any indebtedness shall already have been contracted or encumbrances made thereunder for the object or purpose for which such resolution or certificate authorizes the issuance of obligations, whether or not the voting of a special tax or a tax to be collected in installments or the approval of a proposition for the expenditure of money, at a regular or special election or meeting, was a condition precedent to the adoption of such resolution or such resolution subsequent to the adoption thereof was submitted and approved at a regular or special election or meeting.

b. Any resolution heretofore or hereafter adopted authorizing the issuance of obligations, or any certificate of a chief fiscal officer authorizing the issuance of obligations, dated on or after the effective date of this chapter, unless repealed or revoked at a prior date in the manner provided in paragraph a of this section, shall be deemed to be repealed ten years after the date it becomes effective, except to the extent that any indebtedness shall already have been contracted or encumbrances made thereunder for the object or purpose for which such resolution or certificate authorizes the issuance of obligations.