§ 99-G — Capital program

§ 99-g. Capital program. 1. Any municipal corporation, by resolution\nor ordinance of the governing board, may undertake the planning and\nexecution of a capital program in accordance with the provisions of this\nsection.\n 2. A capital program shall be a plan of capital projects proposed to\nbe undertaken during a six-year period, the estimated cost thereof and\nthe proposed method of financing.\n 3. The officer charged with the preparation of the tentative budget\nshall annually cause the capital program to be prepared, and shall\nsubmit it to the governing board with the tentative budget. It shall be\narranged in such manner as to indicate the order of priority of each\nproject, and to state for each project:\n (a) a description of the proposed project and the estimated total cost\nthereof;\n (b) the proposed method of financing, indicating the amount proposed\nto be financed by direct budgetary appropriation or duly established\nreserve funds; the amount, if any, estimated to be received from the\nfederal and/or state governments; and the amount to be financed by the\nissuance of obligations, showing the proposed type or types of\nobligations, together with the period of probable usefulness for which\nthey are proposed to be issued;\n (c) an estimate of the effect, if any, upon operating costs of the\nmunicipal corporation within each of the three fiscal years following\ncompletion of the project.\n 4. The tentative budget shall include the amount proposed for the\ncapital program to be financed by direct budgetary appropriation during\nthe fiscal year to which such tentative budget pertains.\n 5. There shall be included in the budget message, if any, a general\nsummary of the financial requirements for the capital program for the\nfiscal year to which the budget message relates. Additional comments\nand recommendations of any other board, officer or agency may also be\nincluded in the budget message.\n 6. The governing board shall annually adopt the capital program after\nreview and revisions, if any. The provisions of any law relating to a\npublic hearing on the tentative budget, and to the adoption of the\nbudget, shall apply to the capital program.\n 7. At any time during the fiscal year for which the capital program\nwas adopted, the governing board by the affirmative vote of two-thirds\nof its total membership, may amend the capital program by adding,\nmodifying or abandoning the projects, or by modifying the methods of\nfinancing. No capital project shall be authorized or undertaken unless\nit is included in the capital program as adopted or amended.\n 8. The term "capital project" as used in this section shall mean: (a)\nany physical betterment or improvement, including furnishings,\nmachinery, apparatus or equipment for such physical betterment or\nimprovement when first constructed or acquired, or (b) any preliminary\nstudies and surveys relating to any physical betterment or improvement,\nor (c) land or rights in land, or (d) any combination of (a), (b) and\n(c).\n 9. Nothing in this section shall be construed to authorize a municipal\ncorporation to incur indebtedness for which obligations may be issued\nexcept as provided by the local finance law.\n