§ 143.10 — Contract liabilities; guarantees of certain hospital indebtedness; procedure for ascertaining the amount of such liabilities

New York § 143.10

• 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

§ 143.10 Contract liabilities; guarantees of certain hospital\nindebtedness; procedure for ascertaining the amount of such liabilities.\nThe amount of the liability of a municipality arising from a guarantee\nauthorized by law pursuant to section seven of article seventeen of the\nstate constitution of the principal of and interest on indebtedness\ncontracted by an eligible corporation or association for the purpose of\nproviding hospital or other facilities for the prevention, diagnosis or\ntreatment of human disease, pain, injury, disability, deformity or\nphysical condition, and for facilities incidental or appurtenant\nthereto, shall be deemed indebtedness in the amount of the face value of\nthe principal thereof remaining unpaid. If only the interest is\nguaranteed, then the amount of the liability arising therefrom shall be\nindebtedness in the amount of the commuted value of the total interest\nguaranteed and remaining unpaid, calculated on the basis of an annual\ninterest rate of five per centum.\n