§ 122.00 Pay-as-you-go financing by the city of New York;\nascertainment of indebtedness arising therefrom.
a.Whenever the city\nof New York is required by law to pay for all or any part of the cost of\na capital improvement by direct budgetary appropriation in any fiscal\nyear or by the issuance of capital notes, the finance board of such city\nmay, by resolution, elect to exclude from the tax limitation prescribed\nby section ten of article eight of the state constitution all or part of\nthe taxes required for such direct budgetary appropriation or for the\nredemption of such capital notes. The amount so excluded shall be deemed\nto be indebtedness to the same extent and in the same manner as if such\namount had been financed through indebtedness payable in equal annual\ninstallments
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§ 122.00 Pay-as-you-go financing by the city of New York;\nascertainment of indebtedness arising therefrom. a. Whenever the city\nof New York is required by law to pay for all or any part of the cost of\na capital improvement by direct budgetary appropriation in any fiscal\nyear or by the issuance of capital notes, the finance board of such city\nmay, by resolution, elect to exclude from the tax limitation prescribed\nby section ten of article eight of the state constitution all or part of\nthe taxes required for such direct budgetary appropriation or for the\nredemption of such capital notes. The amount so excluded shall be deemed\nto be indebtedness to the same extent and in the same manner as if such\namount had been financed through indebtedness payable in equal annual\ninstallments over the period of probable usefulness of such capital\nimprovement, as determined by section 11.00 of this chapter.\n b. This section shall apply only to taxes required for a budgetary\nappropriation, or for the redemption of a capital note issued, for the\npayment, prior to the expiration of the fiscal year in which such\ncapital improvement is completed, of all or any part of the cost of such\ncapital improvement.\n c. Where taxes required for such direct budgetary appropriation or for\nthe redemption of such capital notes are so excluded from the tax\nlimitation prescribed by section ten of article eight of the state\nconstitution, the cost of the capital improvement or improvements for\nwhich the direct budgetary appropriation was made or the capital notes\nissued shall, to the extent of the amount of such taxes, be required by\nlaw to be financed in such manner and from no other source. Where taxes\nso raised are so excluded from such tax limitation, and where a surplus\nexists in the amount of taxes so excluded after paying all costs of a\ncapital improvement or by reason of the abandonment of the acquisition\nor construction of a capital improvement, such surplus may be\ntransferred, in the manner provided by law, to and may be used only for\nthe purpose of (1) an appropriation for, or a capital reserve fund\ncreated or to be created for, a capital improvement having a like or\nlesser period of probable usefulness than the capital improvement for\nwhich such taxes were raised, or (2) an appropriation for the payment of\ninterest on or principal of serial bonds of an issue having a maximum\nmaturity of more than two years and maturing at or prior to the\nexpiration of the period of probable usefulness of the capital\nimprovement for which such taxes were raised.\n d. The chief fiscal officer of such city shall determine the amount to\nbe deemed indebtedness pursuant to this section, and shall set forth his\ndetermination in a statement in writing, executed in duplicate, signed\nand verified by him, which shall be in such form and contain such\ninformation as shall be prescribed by the state comptroller. Both copies\nof such statement shall be forwarded to the state comptroller, and, if\napproved by him, the determination therein set forth shall be\nconclusive. One copy of such determination, together with the approval\nof the state comptroller, shall be filed in the office of the department\nof audit and control and the other in the office of the chief fiscal\nofficer of such city. Both of such copies shall be public records.\n e. For the purposes of this section the term "capital improvement"\nshall include also boats, fire fighting vehicles and apparatus,\nmachinery and apparatus for construction and maintenance, and motor\nvehicles having periods of probable usefulness assigned in subdivisions\ntwenty-six, twenty-seven, twenty-eight and twenty-nine of paragraph a of\nsection 11.00 of this chapter.\n f. Any amounts determined to be deemed indebtedness of any county,\ncity, other than the city of New York, village or school district in\naccordance with the provisions of this section or section eleven of\narticle eight of the constitution as in force and effort prior to\nJanuary first, nineteen hundred fifty-two, shall not be deemed to be\nindebtedness on and after such date.\n