§ 15.20 — Limitations on amount of local indebtedness; exclusions of certain indebtedness

New York § 15.20

• Jurisdiction: New York
• Law LFN: Local Finance
• Title 1-A: Indebtedness Relative to Municipal Cooperative Activities
• Art. 2: Local Indebtedness

Text

§ 15.20 Limitations on amount of local indebtedness; exclusions of\ncertain indebtedness. a. The provisions of section 104.00 of this\nchapter shall be applicable in relation to the powers of counties,\ncities, towns, villages and school districts in cities to contract\nindebtedness, and the powers of other school districts to issue bonds\nand bond anticipation notes, in connection with a joint service or joint\nwater, sewage or drainage project; provided, however, that the amount of\nthe joint indebtedness of any such municipal corporation or municipality\ntherefor shall not exceed the amount allocated and apportioned as\nprovided in or pursuant to the provisions of section 15.10 of this\nchapter.\n b. In ascertaining the power of a county, city, town or village to\ncontract indebtedness, there shall be excluded any joint indebtedness\nand any several indebtedness contracted to provide for the supply of\nwater. Any such indebtedness for such purpose shall not be excluded in\nascertaining the power of any school district to contract indebtedness.\nThe provisions of paragraph c of this section shall not apply to\nindebtedness contracted to provide for the supply of water.\n c. In ascertaining the power of a county, city, town or village to\ncontract indebtedness there shall be excluded any joint indebtedness or\nseveral indebtedness contracted or proposed to be contracted for a joint\nservice, other than a joint sewage or drainage project, to the extent\npermitted by paragraph C of section five of article eight of the\nconstitution, as implemented by section 123.00 of this chapter. The\nprovisions of this paragraph shall not be deemed to affect or impair any\nother existing exclusions of indebtedness granted by any other provision\nof this chapter or the constitution. Any such municipal corporation, or\nall of such municipal corporations, participating in a joint service,\nother than a joint sewage or drainage project, may apply to the state\ncomptroller for a conclusive determination of the amount or amounts of\nany such indebtedness contracted or proposed to be contracted for such\njoint service to be excluded pursuant to the provisions of section\n123.00 of this chapter. The provisions of such section, other than\nsubdivision two of paragraph b thereof, shall be applicable in relation\nto any such application, and the procedural provisions thereof shall be\nliberally construed to effectuate the provisions of paragraph C of\nsection five of article eight of the constitution. Where there is a\njoint application and the fiscal years of the municipal corporations are\nnot the same, the term "preceding fiscal year," as used in section\n123.00, shall, for the purposes of this section, mean "preceding year."\nIf an application is not made jointly by all of the chief fiscal\nofficers of the participating municipal corporations, written notice of\nsuch application shall be given, prior to the filing of the application\nwith the state comptroller, to the chief fiscal officer of each\nparticipating municipal corporation not joining in such application. In\nthe case of a joint application the notice required to be published\nunder the provisions of paragraph h of section 123.00 shall be published\nin the official newspaper or newspapers of each of the participating\nmunicipal corporations, or if there be no such newspaper or newspapers,\nthen in one or more newspapers having general circulation in such\nmunicipal corporations as the finance boards shall designate, except\nthat where any newspaper is the official newspaper of all of the\nparticipating municipal corporations, or is the only newspaper\ndesignated by the finance boards as a newspaper having general\ncirculation in all of the participating municipal corporations, only one\nnotice need be published in any such newspaper. Where there is a joint\napplication in relation to a joint service which has been in operation\nfor one year, and the fiscal years of the municipal corporations are not\nthe same, the certificate of the state comptroller shall be effective\nonly until the first day of the fourth month following the close of the\nyear of operation described in the application.\n d. In ascertaining the power of a municipality to contract\nindebtedness there shall be excluded all or any part of the joint\nindebtedness or several indebtedness contracted or proposed to be\ncontracted for a joint sewage or drainage project the amount or amounts\nof which shall be determined conclusively by the state comptroller in\nthe same manner as provided in paragraph c of this section, except that,\nin any proceeding under this paragraph, any requirement that the\nimprovement, or part thereof, or service shall have yielded net revenue\nduring the preceding fiscal year or preceding year in a sum equal to\ntwenty-five per centum or more of the amount required in such year for\nthe payment of the interest on an amortization of, or payment of,\nindebtedness, as set forth in subdivisions one and three of paragraph b\nand in subdivision two of paragraph c of section 123.00, shall not be\napplicable.\n