§ 136.00 — Statement of total debt; deductions from gross indebtedness

New York § 136.00

• Jurisdiction: New York
• Law LFN: Local Finance
• Title 10: Statement of Debt-contracting Power of Municipalities, Fire Districts and Certain School Districts
• Art. 2: Local Indebtedness

Text

§ 136.00 Statement of total debt; deductions from gross indebtedness.\nThe debt statement of a municipality, school district in a city or fire\ndistrict setting forth its total net indebtedness may contain the\nfollowing items of deduction for the purpose of showing the net\nindebtedness of such municipality, school district or fire district:\n 1. Tax and other revenue anticipation obligations. The amount of\noutstanding indebtedness represented by obligations issued in any fiscal\nyear in anticipation of\n (a) The collection of taxes or assessments on real estate for amounts\ntheretofore actually levied and uncollected or to be levied in such year\nand payable out of such taxes or assessments,\n (b) Money receivable from the state which has theretofore been\napportioned by the state or which is to be so apportioned within one\nyear after their issue, and\n (c) The collection of any other taxes due and payable or to become due\nand payable within one year after their issue or of other revenues,\nincluding the receipt of moneys for any urban renewal project or part\nthereof (1) from the sale of real property, or any interest therein,\nacquired for or incidental to an urban renewal project; or (2) from the\nUnited States government pursuant to title one of the housing act of\nnineteen hundred forty-nine as amended; or (3) from the state of New\nYork for urban renewal purposes pursuant to the general municipal law,\nto be received within one year after their issue;\nexcept any such obligations or renewals thereof, which are not retired\nwithin five years after their date of original issue.\n 1-a. Obligations issued for other than capital improvements. The\namount of outstanding indebtedness evidenced by obligations (except\nserial bonds of an issue having a maximum maturity of more than two\nyears) issued for objects or purposes other than the financing of\ncapital improvements and contracted to be redeemed in one of the two\nfiscal years immediately succeeding the year of their issue.\n 2. Water indebtedness. In the case of a municipality or fire district,\nthe amount of outstanding indebtedness contracted to provide for the\nsupply of water.\n 3. Indebtedness contracted for self-liquidating projects. (a) In the\ncase of a municipality, the amount of outstanding indebtedness,\ncontracted for a public improvement or part thereof, or service, owned\nor rendered by such municipality, which has been excluded pursuant to\nsection 123.00 of this chapter. (b) In the case of a city, village or\ntown, the amount of outstanding indebtedness, contracted by a district\ncorporation, as the term "district corporation" is defined in paragraph\na of section 102.00 of this chapter, if such indebtedness was contracted\nfor a public improvement or part thereof, or service, owned or rendered\nby such district corporation, which has been excluded pursuant to\nsection 123.00 of this chapter. (c) In the case of a county or town, the\namount of outstanding indebtedness, contracted by any such municipality\non behalf of an improvement district for a public improvement or part\nthereof, or service, owned or rendered by such district, which has been\nexcluded pursuant to section 123.00 of this chapter.\n 3-a. Indebtedness arising from the amounts to become due pursuant to\ncontracts for the construction of buildings or other public improvements\nentered into by the state commissioner of general services as agent for\na county or a city pursuant to chapter one hundred fifty-two of the laws\nof nineteen hundred sixty-four or chapter three hundred fifty-four of\nthe laws of nineteen hundred sixty-three, if the amounts which are to\nbecome due pursuant to such contracts are payable in the first instance\nfrom appropriations made by the state for such purposes subject to\nreimbursement of the state by such county or city from the proceeds of\nthe sale of obligations issued by such county or city.\n 3-b. Indebtedness arising from the amounts due or to become due as\nrental payments pursuant to a lease or sublease between the New York\nstate housing finance agency and a municipality, which lease or sublease\nprovides for the acquisition, construction, reconstruction,\nrehabilitation or improvement of a health facility by the health and\nmental hygiene facilities improvement corporation and the financing\nthereof by the New York state housing finance agency pursuant to the\nprovisions of the health and mental hygiene facilities improvement act\nand section forty-seven-d of the private housing finance law.\n 3-c. Indebtedness arising from the amounts due or to become due as\nrental payments pursuant to a lease or sublease between the New York\nstate medical care facilities finance agency and a municipality, which\nlease or sublease provides for the acquisition, construction,\nreconstruction, rehabilitation or improvement of a health facility by\nthe health and mental hygiene facilities improvement corporation and the\nfinancing thereof by the New York state medical care facilities finance\nagency pursuant to the provisions of the health and mental hygiene\nfacilities improvement act and the New York state medical care\nfacilities finance agency act.\n 4. Bonds for pensions. In the case of a municipality, the amount of\noutstanding indebtedness represented by bonds issued in accordance with\nsection 124.00 of this chapter to place a pension or retirement system\nor fund on a solvent basis.\n * 4-a. Indebtedness for sewage facilities. In the case of a\nmunicipality, the amount of outstanding indebtedness contracted on or\nafter January first, nineteen hundred sixty-two, and prior to January\nfirst, two thousand twenty-four, for the construction or reconstruction\nof facilities for the conveyance, treatment and disposal of sewage. The\namount of such indebtedness to be deducted shall be ascertained pursuant\nto section 124.10 of this chapter.\n * NB Effective until the effective date of constitutional amendments\nproposed in S.4597/A.3776\n * 4-a. Indebtedness for sewage facilities. In the case of a\nmunicipality, the amount of outstanding indebtedness contracted on or\nafter January first, nineteen hundred sixty-two, and prior to January\nfirst, two thousand thirty-four, for the construction or reconstruction\nof facilities for the conveyance, treatment and disposal of sewage. The\namount of such indebtedness to be deducted shall be ascertained pursuant\nto section 124.10 of this chapter.\n * NB Effective upon the effective date of constitutional amendments\nproposed in S.4597/A.3776\n 5. Assessable improvements. The amount of outstanding indebtedness\ncontracted by the cities of Buffalo, Rochester and Syracuse for so much\nof the cost and expense of any public improvement, as may be required by\nthe ordinance or local law assessing the same to be raised by assessment\nupon local property or territory, to the extent that such outstanding\nindebtedness, together with other indebtedness initially contracted\ntherefor from time to time after January first, nineteen hundred\ntwenty-eight, and since retired aggregates, in the case of the cities of\nBuffalo and Rochester, a sum not exceeding ten million dollars and in\nthe case of the city of Syracuse, a sum not exceeding five million\ndollars. Any indebtedness thereafter contracted for such purposes in\nexcess of such sums shall not be so deducted. Nothing in this\nsubdivision shall be construed to prevent the deduction of any refunded\nindebtedness if the indebtedness refunded was deductible pursuant to\nthis subdivision.\n 6. Indebtedness of a county wholly included within or coterminous with\na city. In the case of a city, the amount of outstanding indebtedness of\na county wholly included within such city or which is coterminous with\nsuch city.\n 7. In the case of the city of New York:\n (b) Indebtedness for self-liquidating dock facilities. The amount of\noutstanding indebtedness contracted by the city, prior to the first day\nof January, nineteen hundred ten, for dock purposes proportionately to\nthe extent to which the current net revenues received by the city\ntherefrom shall meet the interest on and the annual requirements for the\namortization of such indebtedness. The amount of such indebtedness to be\ndeducted shall be ascertained pursuant to section 125.00 of this\nchapter.\n (c) Indebtedness of the independent subway system. The amount of\noutstanding indebtedness contracted after January first, nineteen\nhundred twenty-eight, for the construction or equipment, or both, of new\nrapid transit railroads provided, however, that when the total of the\nindebtedness initially contracted from time to time after such date\nfinally aggregates the sum of three hundred million dollars, regardless\nof whether or not any part thereof has been previously retired, any\nindebtedness thereafter contracted for such purposes shall not be\ndeducted. Nothing in this subdivision shall be construed to prevent the\ndeduction of any refunded indebtedness if the indebtedness refunded was\ndeductible pursuant to this subdivision.\n (d) Indebtedness for transit unification purposes. The amount of\noutstanding indebtedness contracted by the city for the acquisition of\nrailroads and facilities or properties used in connection therewith or\nrights therein or securities of corporations owning such railroads,\nfacilities or rights, provided, however, that when the total of the\nindebtedness initially contracted from time to time by the city for such\npurposes finally aggregates the sum of three hundred fifteen million\ndollars, regardless of whether or not any part thereof has been\npreviously retired, any indebtedness thereafter contracted for such\npurposes shall not be deducted. Nothing in this subdivision shall be\nconstrued to prevent the deduction of any refunded indebtedness if the\nindebtedness refunded was deductible pursuant to this subdivision.\n (e) Rapid transit indebtedness excluded prior to nineteen hundred\nthirty-nine. The amount of outstanding indebtedness contracted for rapid\ntransit purposes which indebtedness was excluded in ascertaining the\npower of the city to become indebted by order of the appellate division\nof the supreme court, first judicial department, prior to January first,\nnineteen hundred thirty-nine.\n (f) Indebtedness for self-liquidating transit facilities. The amount\nof outstanding indebtedness contracted by the city for transit purposes,\nand not otherwise deducted, proportionately to the extent to which the\ncurrent net revenue received by the city from its transit facilities\nshall meet the interest and the annual requirements for the amortization\nand payment of such non-deducted indebtedness. The amount of such\nindebtedness to be deducted shall be ascertained pursuant to section\n125.00 of this chapter.\n (g) Indebtedness for hospital purposes. The amount of outstanding\nindebtedness contracted after January first, nineteen hundred fifty, for\nthe construction, reconstruction and equipment of city hospitals,\nprovided, however, that when the total of the indebtedness initially\ncontracted from time to time after such date finally aggregates the sum\nof one hundred fifty million dollars, regardless of whether or not any\npart thereof has been previously retired, any indebtedness thereafter\ncontracted for such purposes shall not be deducted. Nothing in this\nsubdivision shall be construed to prevent the deduction of any refunded\nindebtedness if the indebtedness refunded was deductible pursuant to\nthis subdivision.\n (h) Indebtedness for rapid transit railroads. The amount of\noutstanding indebtedness contracted after January first, nineteen\nhundred fifty-two, for the construction and equipment of new rapid\ntransit railroads, including extensions and interconnections with and\nbetween existing rapid transit railroads or portions thereof, and\nreconstruction and equipment of existing rapid transit railroads,\nprovided, however, that when the total of the indebtedness initially\ncontracted from time to time after such date finally aggregates the sum\nof five hundred million dollars, regardless of whether or not any part\nthereof has been previously retired, any indebtedness thereafter\ncontracted for such purposes shall not be deducted. Nothing in this\nsubdivision shall be construed to prevent the deduction of any refunded\nindebtedness if the indebtedness refunded was deductible pursuant to\nthis subdivision.\n (i) Indebtedness for certain school purposes. The amount of\noutstanding indebtedness contracted 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 meet the\ninterest on and the annual requirements for the amortization and payment\nof all or part of one or more issues of such bonds. The amount of such\nindebtedness to be deducted in any fiscal year of the city shall be\nascertained pursuant to section 126.00 of this chapter.\n 8. Indebtedness of a city or a village having a population of five\nthousand or more for housing or urban renewal. In the case of a city or\na village having a population of five thousand or more as determined by\nthe last federal census, the amount of outstanding indebtedness of such\ncity or village\n (a) On account of any contract for capital or periodic subsidies to a\nhousing authority to be paid subsequent to the then current year.\n (b) Arising from a guarantee of the principal of and interest on or\nonly the interest on indebtedness contracted by a housing authority.\n (c) Represented by the unpaid balance of a loan from the state to a\nhousing authority acting as an instrumentality of such city or village.\n (d) Arising from the effectuating of any of the purposes of article\neighteen of the state constitution by any means other than those set\nforth in items (a), (b) and (c) of this subdivision.\n The amount of indebtedness that may be deducted pursuant to items (a)\nand (b) of this subdivision shall be ascertained pursuant to section\n143.00 of this chapter.\n 8-a. The provisions of paragraph (d) of subdivision eight of this\nsection shall not apply to indebtedness for housing or urban renewal\npurposes to which the provisions of sections 150.00 and 151.00 of this\nchapter are inapplicable under the terms of paragraph d of section\n150.00 and paragraph g of section 151.00 of this chapter.\n 9. Subsidies or guarantees by a town or a village having a population\nof less than five thousand for housing purposes. In the case of a town\nor a village having a population of less than five thousand as\ndetermined by the last federal census, the amount of outstanding\nindebtedness arising:\n (a) From a guarantee of the payment of the principal of and interest\non or only the interest on the indebtedness of a housing authority, or\nfrom the unpaid balance of a loan by the state to a housing authority\nacting as an instrumentality of such town or village, or\n (b) From a contract for a periodic subsidy to such an authority,\nwhichever amount is smaller, provided that in the case of a guarantee\nand subsidy there is a contractual obligation to apply the sums due\nunder such subsidy to the payment of all or part of the debt service so\nguaranteed and that in the case of a state loan and subsidy there is a\ncontractual obligation to apply the sums due under such subsidy to the\npayment of all or part of the debt service of such loan. The\nindebtedness on account of a subsidy and the indebtedness arising from a\nguarantee shall be ascertained pursuant to section 143.00 of this\nchapter.\n 10. Assets of sinking funds. Outstanding indebtedness not otherwise\ndeducted pursuant to this section, to the extent to which there may be\napplied against such indebtedness the assets of sinking funds, inclusive\nof cash therein and current budgetary appropriations thereto not yet\nrealized as cash. The securities in such sinking funds shall be valued\nat not to exceed par.\n 10-a. Refunded bonds. Outstanding indebtedness, not otherwise\ndeducted, evidenced by bonds to be refunded, provided that provision\nshall have been made pursuant to section 90.10 of this chapter for the\npayment in full, from the proceeds from the sale of refunding bonds or\nascertainable income from investments or both, of all principal of and\ninterest on such bonds to be refunded, including all redemption\npremiums, as the same respectively become due and payable.\n 10-b. Certain refunding bonds. Outstanding indebtedness, not otherwise\ndeducted, evidenced by any separate series of refunding bonds issued\npursuant to section 90.10 of this chapter, provided that provision shall\nhave been made pursuant to such section for the payment in full, from\nascertainable income from investments, of all principal of and interest\non such separate series of refunding bonds, as the same respectively\nbecome due and payable.\n 11. Cash on hand for debts. Outstanding indebtedness not otherwise\ndeducted pursuant to this section, to the extent to which there may be\napplied against such indebtedness cash on hand, other than in a sinking\nfund.\n 12. Appropriations. Outstanding indebtedness not otherwise deducted\npursuant to this section, to the extent to which there may be applied\nagainst such indebtedness current budgetary appropriations, other than\nto a sinking fund, which have not yet been realized as cash.\n 13. School indebtedness of certain cities. In the case of a city\nhaving less than one hundred twenty-five thousand inhabitants according\nto the latest federal census, the several amounts of outstanding city\nindebtedness for education purposes allocated to a city school district\nby the state comptroller.\n