§ 124.10 Exclusion of certain indebtedness for sewage facilities in\nascertaining the power of a municipality to contract indebtedness. * a.\nIn ascertaining the power of a municipality to contract indebtedness,\nthere may be excluded any outstanding indebtedness contracted by such\nmunicipality on or after January first, nineteen hundred sixty-two, and\nprior to January first, two thousand twenty-four, for the construction\nor reconstruction of facilities for the conveyance, treatment and\ndisposal of sewage.\n * NB Effective until the effective date of constitutional amendments\nproposed in S.4597/A.3776\n * a. In ascertaining the power of a municipality to contract\nindebtedness, there may be excluded any outstanding indebtedness\ncontracted by such municipality on or after January
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§ 124.10 Exclusion of certain indebtedness for sewage facilities in\nascertaining the power of a municipality to contract indebtedness. * a.\nIn ascertaining the power of a municipality to contract indebtedness,\nthere may be excluded any outstanding indebtedness contracted by such\nmunicipality on or after January first, nineteen hundred sixty-two, and\nprior to January first, two thousand twenty-four, for the construction\nor reconstruction of facilities for the conveyance, treatment and\ndisposal of sewage.\n * NB Effective until the effective date of constitutional amendments\nproposed in S.4597/A.3776\n * a. In ascertaining the power of a municipality to contract\nindebtedness, there may be excluded any outstanding indebtedness\ncontracted by such municipality on or after January first, nineteen\nhundred sixty-two, and prior to January first, two thousand thirty-four,\nfor the construction or reconstruction of facilities for the conveyance,\ntreatment and disposal of sewage.\n * NB Effective upon the effective date of constitutional amendments\nproposed in S.4597/A.3776\n b. The date of contracting any such indebtedness for a particular\nfacility shall be deemed to be the date of the first contract for the\nconstruction or reconstruction of such facility or the date of the first\nobligation issued to finance such construction or reconstruction,\nwhichever date is the earlier.\n * c. The term indebtedness, as used in this section, shall include\nindebtedness evidenced by obligations issued on or after January first,\ntwo thousand twenty-four for the purpose of financing any indebtedness\ncontracted for the purposes and within the period specified in paragraph\na of this section.\n * NB Effective until the effective date of constitutional amendments\nproposed in S.4597/A.3776\n * c. The term indebtedness, as used in this section, shall include\nindebtedness evidenced by obligations issued on or after January first,\ntwo thousand thirty-four for the purpose of financing any indebtedness\ncontracted for the purposes and within the period specified in paragraph\na of this section.\n * NB Effective upon the effective date of constitutional amendments\nproposed in S.4597/A.3776\n d. The provisions of this section shall not be deemed to prevent the\nexclusion of any refunded indebtedness if the indebtedness refunded was\nexcludable pursuant to this section.\n e. Where indebtedness has been excluded pursuant to this section, the\nrevenues, if any, of the facility constructed or reconstructed, during\nthe period for which the exclusion is effective, shall be applied to and\nactually used for the payment of all costs of operation, maintenance and\nrepairs for such period, and payment of the amounts required in such\nperiod for the interest on and amortization of or redemption of the\nindebtedness excluded, or such revenues shall be deposited in a special\nfund to be used solely for such payments. The application and use of\nsuch payments or the deposits required therefor shall not prohibit a\nmunicipality from using any such revenues, in excess of such payments or\ndeposits, for any lawful purpose of the municipality for which such\nrevenues may be used.\n f. The chief fiscal officer of a municipality in his discretion may\nprepare, or on the direction of the finance board shall prepare, a\nverified itemized statement of outstanding or proposed indebtedness of\nthe municipality contracted or to be contracted for the purposes and\nwithin the period specified in paragraph a of this section. Such chief\nfiscal officer in his discretion may file, or on the direction of the\nfinance board shall file, with the state comptroller a verified\napplication on behalf of the municipality for the purpose of obtaining a\ncertification of the several amounts of such indebtedness to be excluded\npursuant to this section. Such itemized statement shall be attached to\nand form a part of the application. The itemized statement and\napplication shall be in such form and contain such information as shall\nbe prescribed by the state comptroller. In the case of application for a\ncertification of amounts of proposed indebtedness to be excluded, the\napplication shall state the approximate date or dates when such\nindebtedness, or portions thereof, are proposed to be contracted and\nwhether such indebtedness is to be in the form of a contract for\nconstruction or in the form of obligations, or in both such forms.\n g. Within fifteen days after filing of such application with the state\ncomptroller, the chief fiscal officer shall cause a notice to be\npublished that such application has been filed with the state\ncomptroller. Such notice shall be published in the official newspaper or\nnewspapers of the municipality, or if there be no such newspaper or\nnewspapers, then the finance board of the municipality shall designate\none or more newspapers having a general circulation in the municipality\nfor the publication of such notice. The notice also shall contain a\nstatement of the amount of outstanding indebtedness, if any, to be\nexcluded and a statement of the amount of proposed indebtedness, if any,\nto be excluded if and when contracted. Proof of publication of such\nnotice shall be filed in the office of the state comptroller. A copy of\nthe itemized statement and application and of all financial statements,\ndocuments, computations and other data and information which will be\nsubmitted by the chief fiscal officer of the municipality to the state\ncomptroller in support of such application shall be filed in the office\nof the chief fiscal officer and shall be public records.\n h. After the filing of any such application, the state comptroller\nshall review the facts set forth therein. The state comptroller shall\nhave the power to examine the accounts and records of the municipality\nwith respect to such application. He may also require the chief fiscal\nofficer and other public officers, boards and agencies of the\nmunicipality to furnish such additional data and information in their\npossession as he deems necessary to enable him to ascertain the\nindebtedness which may be excluded pursuant to paragraph a of this\nsection.\n i. The state comptroller shall issue a written certificate setting\nforth the amounts of any such indebtedness which may be excluded. If the\nindebtedness described in the certificate is, or is to be, in the form\nof (1) a contract for construction which is to be financed later by\nissuance of obligations pursuant to this chapter or pursuant to any\nspecial law or (2) bond anticipation notes issued in anticipation of\nbonds to be issued pursuant to this chapter or pursuant to any special\nlaw, such certification also shall be applicable to such obligations or\nbonds, as the case may be, when issued. If the state comptroller\ndetermines that the indebtedness described in the application, or any\npart thereof, does not constitute indebtedness described in paragraph a\nof this section the reasons for such determination shall be given. The\ncertification of the state comptroller shall be conclusive. The\ncertificate of the state comptroller shall not be issued until ten days\nafter the filing of such proof of publication in the office of the state\ncomptroller and shall be issued within forty-five days after such\nfiling. The certificate of the state comptroller shall be effective so\nlong as and to the extent that any such indebtedness described therein\nis outstanding, or until such certificate is amended, modified,\nsuperseded or rescinded by a written certificate of the state\ncomptroller issued upon application of the municipality in the manner\nprovided in paragraph f of this section. The certificate of the state\ncomptroller shall be executed under his hand and seal in duplicate. One\nof such certificates shall be filed in the department of audit and\ncontrol and the other in the office of the chief fiscal officer of the\nmunicipality.\n j. The provisions of this section shall not affect or impair any\nexisting exclusions of indebtedness, or the power to exclude\nindebtedness granted by any other provision of this chapter or the\nconstitution. However, if any exclusion has been granted by the state\ncomptroller pursuant to section 123.00 of this chapter for any\nindebtedness for which an exclusion has been granted pursuant to this\nsection, the exclusion of such indebtedness granted pursuant to section\n123.00 of this chapter shall cease to be applicable.\n