§ 120.00 — Indebtedness of certain district corporations; amount thereof included as indebtedness of municipalities

New York § 120.00

• Jurisdiction: New York
• Law LFN: Local Finance
• Title 9: Procedures Relating to the Ascertainment of Amounts to Be Included or Excluded In Ascertaining Debt-contracting Power
• Art. 2: Local Indebtedness

Text

§ 120.00 Indebtedness of certain district corporations; amount thereof\nincluded as indebtedness of municipalities. a. As used in this section:\n 1. The term "assessment roll" shall mean the assessment roll used for\nthe annual county, city, town or village taxes, as the case may be.\n 2. The term "city, village or town affected" shall mean any city or\nvillage within which or any town within the unincorporated area of\nwhich, all or part of a district corporation, as defined in paragraph a\nof section 102.00 of this chapter, is situated.\n 3. The term "net indebtedness" shall mean any outstanding indebtedness\ncontracted by a district corporation, as defined in paragraph a of\nsection 102.00 of this chapter, on or after January first, nineteen\nhundred thirty-nine, other than an indebtedness which, if contracted by\na city, town or village, would be excluded in ascertaining the power of\nsuch city, town or village to contract indebtedness.\n 4. The term "taxable real property" shall mean real property subject\nto taxation for any purpose by the city, town or village within which it\nis situated.\n b. If a district corporation, as defined in paragraph a of section\n102.00 of this chapter, is situated wholly within a city, village or the\nunincorporated area of a town, in ascertaining the power of such city,\ntown or village to contract indebtedness there shall be included the net\nindebtedness of such district corporation.\n c. If only part of a district corporation, as defined in paragraph a\nof section 102.00 of this chapter, is situated within a city, village or\nthe unincorporated area of a town, in ascertaining the power of such\ncity, town or village to contract indebtedness there shall be included\nthe appropriate proportion of the net indebtedness of such district\ncorporation. The amount of net indebtedness to be so included shall be\nannually determined in the following manner:\n 1. If such district corporation is situated wholly within the\nboundaries of a town, or is situated wholly within the boundaries of a\ncounty for which a county assessment roll is prepared, such district\ncorporation, by its finance board, shall ascertain from the last\ncompleted assessment roll of such town or county:\n (a) The assessed valuation of the taxable real property within such\ndistrict corporation and\n (b) The assessed valuation of the taxable real property within such\ndistrict corporation situated in each such city, town or village\naffected.\n The proportion of the net indebtedness to be included in ascertaining\nthe power of each such city, town or village affected to contract\nindebtedness shall be determined by multiplying the amount of such net\nindebtedness of such district corporation by the percentage or ratio the\nassessed valuation of the taxable real property of such district\ncorporation situated in each such city, town or village affected bears\nto the assessed valuation of all the taxable real property within such\ndistrict corporation.\n 2. If such district corporation is not situated wholly within the\nboundaries of a town, or a county for which a county assessment roll is\nprepared, such district corporation, by its finance board, shall\n (a) Ascertain from the last completed assessment roll of such cities\nor towns within which such district corporation is situated a statement\nof the assessed valuation of the taxable real property within such\ndistrict corporation located in each such city, town or village\naffected.\n (b) Procure from the appropriate state officer or agency a statement\nof the ratios of the assessed valuation to the true valuation\nestablished by such officer or agency for the last completed assessment\nroll of such cities or towns.\n (c) Determine the full valuation of the taxable real property within\nsuch district corporation situated in each such city, town or village\naffected by dividing the assessed valuation of such real property by the\nratio fixed for the city or town in which such taxable real property is\nsituated. The total full value of the taxable real property within the\nentire district corporation shall be ascertained by adding together the\nfull value of the taxable real property within the district corporation\nsituated in each city, town or village affected.\n (d) Ascertain the proportion of net indebtedness to be included in\nascertaining the power of each such city, town or village affected to\ncontract indebtedness by multiplying the amount of such net indebtedness\nof such district corporation by the percentage or ratio the full value\nof the taxable real property within such district corporation situated\nin such city, town or village affected bears to the total full value of\nthe taxable real property within the entire district corporation.\n d. Immediately after the close of a fiscal year of a district\ncorporation, as defined in paragraph a of section 102.00 of this\nchapter, its finance board shall determine the net indebtedness of such\ndistrict corporation and shall file with the chief fiscal officer of\neach city, town or village affected a written certificate setting forth\nthe amount of such net indebtedness to be included, pursuant to this\nsection, in ascertaining the power of such city, town or village to\ncontract indebtedness.\n