§ 142.00 — Real property liabilities; procedure for ascertaining the amount thereof

New York § 142.00

• 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

§ 142.00 Real property liabilities; procedure for ascertaining the\namount thereof. The amount of outstanding indebtedness on account of\nthe acquisition of real property to be included in a debt statement,\npursuant to subdivision two of paragraph a of section 135.00 of this\nchapter, shall be the value of such real property as determined by a\ncourt in a condemnation proceeding, or pursuant to the terms of a\ncontract under which a municipality, school district in a city or fire\ndistrict agrees to take title to such real property. If such real\nproperty has not been evaluated in any of the above ways, it shall be\nvalued at the amount set forth therefor in the last completed assessment\nroll used for the levying of taxes of such municipality, school district\nor fire district. If, however, such real property is also evaluated on\nthe current assessment roll of one or more other units of government,\nthe amount of indebtedness shall be the highest value assigned to it by\nany current assessment roll in which it is evaluated. If title to such\nreal property has vested in such municipality, school district or fire\ndistrict, there shall also be included the amount of interest accruing\nfrom the date of vesting of title upon the unpaid award, contract price\nor assessed valuation of the real property, as the case may be.\n