§ 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.