§ 124.00 Bonds for pensions; ascertainment of amount thereof to be\nexcluded.
a.As used in this section, the term "accrued liabilities"\nshall mean the liabilities of a pension or retirement system or fund\naccrued, both on account of pensioners on the pension roll and\nprospective pensions to dependents of such pensioners and on account of\nprior service of active members of such system or fund, on the date of\nissuance of bonds to place such system or fund on a solvent basis.\n b. In ascertaining the power to contract indebtedness of a\nmunicipality which maintains a pension or retirement system or fund on a\nsolvent basis, there may be excluded outstanding serial bonds issued\nsubsequent to January first, nineteen hundred thirty-nine, by such\nmunicipality to place such pension or r
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§ 124.00 Bonds for pensions; ascertainment of amount thereof to be\nexcluded. a. As used in this section, the term "accrued liabilities"\nshall mean the liabilities of a pension or retirement system or fund\naccrued, both on account of pensioners on the pension roll and\nprospective pensions to dependents of such pensioners and on account of\nprior service of active members of such system or fund, on the date of\nissuance of bonds to place such system or fund on a solvent basis.\n b. In ascertaining the power to contract indebtedness of a\nmunicipality which maintains a pension or retirement system or fund on a\nsolvent basis, there may be excluded outstanding serial bonds issued\nsubsequent to January first, nineteen hundred thirty-nine, by such\nmunicipality to place such pension or retirement system or fund on a\nsolvent basis.\n c. 1. In relation to bonds to be issued subsequent to the effective\ndate of this chapter, to place a pension or retirement system or fund of\na municipality on a solvent basis, prior to the issuance of such bonds,\nthe finance board of such municipality shall submit a request to the\nsuperintendent of financial services to ascertain the amount of such\nbonds which may be issued for such purpose. Such request shall indicate\nwhether the municipality proposes to deposit in such system or fund such\nbonds or the proceeds of such bonds. Such request shall be in such form\nand shall contain such additional information as shall be prescribed by\nthe superintendent of financial services.\n 2. Upon the receipt of such request, the superintendent of financial\nservices forthwith shall review the facts set forth therein. He shall\nhave the power to examine the accounts and records of such system or\nfund and of the municipality with respect thereto. He may also require\nthe chief fiscal officer and other public officers, boards and agencies\nto furnish such additional data and information as he deems necessary to\nenable him to make his determination.\n 3. The superintendent of financial services shall thereupon issue to\nsuch municipality a certificate setting forth the amount of bonds which\nmay be issued, which shall not exceed, in the aggregate, an amount\nsufficient to provide for the payment of the accrued liabilities of such\nsystem or fund. If the bonds are to be deposited in such system or fund,\nsuch certificate shall also set forth the interest rate or rates on such\nbonds and the maturities thereof necessary to provide for the payment of\nsuch accrued liabilities.\n 4. Upon the issuance of such bonds, such bonds or the proceeds\nthereof, in accordance with the statement in the request, shall be\ndeposited in such system or fund. Such system or fund shall thereafter\nbe maintained on a solvent basis.\n d. Any time after there have been deposited in a pension or retirement\nsystem or fund, bonds issued subsequent to January first, nineteen\nhundred thirty-nine, to place such system or fund on a solvent basis, or\nthe proceeds of such bonds, the chief fiscal officer of the municipality\nissuing such bonds, if he is of the opinion that such fund or system is\nsolvent may, in his discretion, file a financial statement of such fund\nor system with the superintendent of financial services for the purpose\nof obtaining the exclusion referred to in paragraph b of this section.\nSuch statement shall be in such form and shall contain such information\nas shall be prescribed by the superintendent of financial services to\nenable him to determine whether or not such fund or system is solvent.\nSuch statement shall be verified by the chief fiscal officer of the\nmunicipality.\n e. Upon the receipt of such a financial statement, the superintendent\nof financial services forthwith shall review the facts set forth\ntherein. He shall have the power to examine the accounts and records of\nsuch system or fund and of the municipality with respect thereto. He may\nalso require the chief fiscal officer and other public officers, boards\nand agencies to furnish such additional data and information as he deems\nnecessary to enable him to make his determination.\n f. The superintendent of financial services shall issue a written\ncertificate setting forth his determination as to whether or not such\nbonds may be excluded. If the exclusion is allowed by the superintendent\nof financial services, such certificate shall also state the amount of\nbonds to be excluded and shall constitute the authorization for the\nexclusion of such bonds in ascertaining the power of such municipality\nto contract indebtedness. Such certificate shall be effective for a\nperiod of one year from the date thereof. If the superintendent of\nfinancial services disallows the claim of the municipality for the\nexclusion, he shall set forth the reasons for such disallowance. The\ndetermination of the superintendent of financial services shall be\nconclusive.\n g. Certificates issued by the superintendent of financial services\npursuant to this section shall be executed under his hand and seal in\ntriplicate. One of such triplicates shall be filed in the department of\nfinancial services, one in the department of audit and control and one\nin the office of the chief fiscal officer of the municipality. All such\ntriplicates shall be public records.\n