This text of New York § 126.00 (Exclusion of certain indebtedness for school purposes; New York City) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 126.00 Exclusion of certain indebtedness for school purposes; New\nYork City.
a.In ascertaining the power of the city of New York to\ncontract indebtedness, there may be excluded the outstanding\nindebtedness contracted by such city for school purposes, evidenced by\nbonds, to the extent to which state aid for common schools, not\nexceeding two million five hundred thousand dollars, shall be applied by\nsuch city to meet the interest and the annual requirements for the\namortization and payment of part or all of one or more issues of such\nbonds.\n b. Such exclusion shall be effective only during a fiscal year of the\ncity in which its expense budget provides for the payment of such debt\nservice from such state aid for common schools.\n c. At any time during a fiscal year for whic
Free access — add to your briefcase to read the full text and ask questions with AI
§ 126.00 Exclusion of certain indebtedness for school purposes; New\nYork City. a. In ascertaining the power of the city of New York to\ncontract indebtedness, there may be excluded the outstanding\nindebtedness contracted by such city for school purposes, evidenced by\nbonds, to the extent to which state aid for common schools, not\nexceeding two million five hundred thousand dollars, shall be applied by\nsuch city to meet the interest and the annual requirements for the\namortization and payment of part or all of one or more issues of such\nbonds.\n b. Such exclusion shall be effective only during a fiscal year of the\ncity in which its expense budget provides for the payment of such debt\nservice from such state aid for common schools.\n c. At any time during a fiscal year for which the expense budget of\nthe city provides for the payment of such debt service from such state\naid or at any time prior to such fiscal year but after the expense\nbudget for such fiscal year has been finally adopted, an application may\nbe filed with the state comptroller for the purpose of obtaining an\nexclusion of such outstanding indebtedness. Such application shall be\nmade on behalf of the city by its chief fiscal officer in his\ndiscretion, or by its chief fiscal officer on the direction of its\nfinance board. The application shall be verified by the chief fiscal\nofficer or finance board making the application. The application shall\nbe in such form and shall contain such information as shall be\nprescribed by the state comptroller.\n d. Within five days after the filing of such application with the\nstate comptroller, such chief fiscal officer making the application\nshall cause a notice to be published that such application has been\nfiled with the state comptroller. Such notice shall be published in the\nofficial newspaper or newspapers of the city. The notice also shall\ncontain a statement of the amount of outstanding indebtedness sought to\nbe excluded and a statement of the amount of state aid for schools\nallocated to the payment of debt service. Proof of publication of such\nnotice shall be filed in the office of the state comptroller. A copy of\nthe application and of all financial statements, documents, computations\nand other data and information which will be submitted by the chief\nfiscal officer of such city to the state comptroller in support of such\napplication shall be filed in the office of such chief fiscal officer\nand shall be public records.\n e. After the filing of such application, the state comptroller shall\nreview the facts set forth therein. The state comptroller shall have the\npower to examine the accounts and records of the city with respect to\nsuch application. He may also require the chief fiscal officer and other\npublic officers, boards and agencies of such city to furnish such\nadditional data and information in their possession as he deems\nnecessary to enable him to make his determination.\n f. The state comptroller shall issue a written certificate setting\nforth his determination as to the extent to which any such outstanding\nindebtedness may be excluded. If an exclusion is allowed by the state\ncomptroller, such certificate shall constitute the authorization for the\nexclusion of such amount of such indebtedness in ascertaining the power\nof such city to contract indebtedness. If the state comptroller\ndisallows the application, the certificate shall set forth the reasons\nfor such disallowances. The determination of the state comptroller shall\nbe conclusive. The certificate of the state comptroller shall not be\nissued until ten days after the filing of such proof of publication in\nthe office of the state comptroller and shall be issued within twenty\ndays after such filing. The certificate of the state comptroller\ngranting an exclusion shall be effective until the close of the fiscal\nyear for which an application has been filed setting forth that the\nexpense budget of the city provides for the payment of debt service from\nstate aid for common schools. The certificate of the state comptroller\nshall be executed under his hand and seal in duplicate. One of such\ncertificates shall be filed in the department of audit and control and\nthe other in the office of the chief fiscal officer of such city. Both\nof such certificates shall be public records.\n