§ 151.00 — Contents of statement of housing and urban renewal indebtedness

New York § 151.00

• Jurisdiction: New York
• Law LFN: Local Finance
• Title 11: Power to Contract Indebtedness For Housing Purposes and Limitations Thereon
• Art. 2: Local Indebtedness

Text

§ 151.00 Contents of statement of housing and urban renewal\nindebtedness. a. If there remains unpaid any indebtedness contracted by\na city, town or village to effectuate any of the purposes of article\neighteen of the state constitution, as implemented by the public housing\nlaw and any other law, then within sixty days after the close of the\nfiscal year of such municipality, the chief fiscal officer thereof shall\nfile with the state commissioner of housing and with the state\ncomptroller a verified statement of the power of such municipality to\ncontract indebtedness for housing purposes or urban renewal. Not more\nthan fifteen nor less than three days before any such municipality\nexcept a city of over one million inhabitants contracts any indebtedness\nfor such purposes, it shall file with the same officials a verified\nsupplemental statement of its housing and urban renewal debt contracting\npower showing any additions to, omissions of or changes in the items or\nstatements contained in its previous annual housing and urban renewal\ndebt statement and also showing the amount of such indebtedness proposed\nto be contracted. A city of over one million inhabitants shall file\nverified supplemental statements of its housing and urban renewal debt\ncontracting powers as of the last day of September, December and March,\nif additional housing and urban renewal indebtedness has been incurred\nsince the date as of which the last preceding housing and urban renewal\ndebt statement was filed, not later than the twenty-fifth day of\nOctober, January and April, respectively. A duplicate copy of every\nannual and supplemental housing and urban renewal debt statement shall\nbe filed in the same period of time with the clerk or corresponding\nofficer of such municipality. In the case of a city containing more than\none county, such statements in addition to being filed with the city\nclerk shall also be filed in the same period of time in the office of\nthe chief fiscal officer thereof. Such annual and supplemental housing\nand urban renewal debt statements and duplicates thereof filed pursuant\nto this section shall be public records.\n b. The annual statement shall contain the items of indebtedness\nenumerated in section 135.00 of this chapter which are contracted by\nsuch city, town or village for the purposes set forth in paragraph a of\nsection 150.00 of this chapter. The total of such items shall constitute\nthe gross housing and urban renewal indebtedness of such municipality.\nFrom such gross indebtedness there may be deducted:\n 1. In the case of a town or a village having a population of less than\nfive thousand as determined by the last federal census, pursuant to\nsubdivision nine of section 136.00 of this chapter, the amount of\nindebtedness arising from a guarantee, a loan by the state to a housing\nauthority acting as an instrumentality of such town or village or a\ncontract for a periodic subsidy.\n 2. In the case of a city or a village having a population of five\nthousand or more as determined by the last federal census\n (a) The unpaid balance of a loan by the state to any housing authority\nacting as an instrumentality of such city or village, if such housing\nauthority is not in default in payment under the terms of such loan.\n (b) The amount of outstanding indebtedness contracted by a city or\nsuch a village for any project aided by a guarantee or guarantees\nrepresenting such indebtedness or by a loan or loans for which such\nindebtedness was contracted, if such project or projects shall have\nyielded net revenue during the preceding fiscal year. The determination\nas to whether such project or projects have yielded net revenue shall be\nmade pursuant to section 152.00 of this chapter.\n (c) The amount of outstanding indebtedness arising:\n (1) 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 a loan by the state to a housing authority acting as an\ninstrumentality of such city or village, or\n (2) From a contract for a periodic subsidy to such an authority\nwhichever amount is smaller, provided that the indebtedness arising from\nsuch guarantee or loan is not otherwise deducted and provided further\nthat in the case of a guarantee and subsidy there is a contractual\nobligation to apply the sums due under such subsidy to the payment of\nall or part of the debt service so guaranteed and that in the case of a\nstate loan and subsidy there is a contractual obligation to apply the\nsums due under such subsidy to the payment of all or part of the debt\nservice of such loan. The indebtedness on account of a subsidy and the\nindebtedness arising from a guarantee shall be ascertained pursuant to\nsection 143.00 of this chapter.\n (d) The amount of outstanding indebtedness contracted for the purposes\nset forth in paragraph a of section 150.00 of this chapter having a\nperiod of probable usefulness determined pursuant to any subdivision,\nother than subdivision forty-one-a, of paragraph a of section 11.00 of\nthis chapter.\n (e) The amount of outstanding indebtedness contracted pursuant to\narticle eleven of the private housing finance law.\n 2-a. In the case of the city of New York, the amount of outstanding\nindebtedness contracted by such city for any project aided by a\nguarantee or guarantees representing such indebtedness, if such project\nor projects shall have yielded net revenue during the preceding fiscal\nyear. The determination as to whether such project or projects have\nyielded net revenue shall be made pursuant to section 152.00 of this\nchapter.\n 3. The items enumerated in subdivisions ten through twelve of section\n136.00 of this chapter, which are applicable as deductions from\nindebtedness contracted for such housing purposes, or urban renewal.\n c. There shall also be set forth in such annual statement:\n 1. A statement of the net housing and net urban renewal indebtedness\nof such a municipality. Such net indebtedness shall be computed by\nsubtracting from the gross indebtedness the total of the items which may\nbe deducted pursuant to this section.\n 2. A statement of the average assessed valuation and of the five most\nrecent assessed valuations of the real property subject to taxation in\nsuch municipality according to each of the five most recent assessment\nrolls prepared for such municipality or if less than five assessment\nrolls have been prepared then as many of such assessed valuations as are\navailable.\n 3. A statement of the total amount of indebtedness for housing and\nurban renewal purposes which may be contracted by such municipality\npursuant to paragraph a of section 150.00 of this chapter, and the net\nmargin of debt-contracting power for such purposes which shall be\nascertained by deducting the net indebtedness from such total amount of\nindebtedness which may be contracted for such purposes.\n 4. A statement of the percentage of the debt-contracting power of such\nmunicipality for housing and urban renewal purposes which has been\nexhausted. Such percentage shall be obtained by dividing the net\nindebtedness of such municipality for such purposes by the total amount\nof indebtedness which it may contract for such purposes pursuant to\nsection 150.00 of this chapter.\n d. The state comptroller shall prescribe the form of the annual and\nsupplemental housing and urban renewal debt statements and may require\nthat there be submitted with either the annual or the supplemental\nstatement, or with both, such other information as he deems appropriate.\n e. The state comptroller shall prepare printed forms of the annual and\nsupplemental housing and urban renewal debt statements and shall make\nthem available for distribution to cities, towns and villages.\n f. The state comptroller shall charge the fees prescribed in paragraph\nc of section 141.00 of this chapter for copies, certified copies and\nexemplified copies of such debt statements and for searches for such\nstatements.\n g. This section shall not apply to indebtedness contracted by a city,\ntown or village for housing or urban renewal purposes (i) to the extent\nthat the legislative power to authorize the contracting of indebtedness\ntherefor is derived from sections two and four of article eight of the\nconstitution or from any other provision of the constitution outside of\narticle eighteen thereof, or (ii) to the extent that there is a\nsufficient margin of debt contracting power to cover indebtedness for\nhousing or urban renewal contracted pursuant to article eighteen of the\nconstitution within the debt limit established by section four of\narticle eight of the constitution unless the finance board shall elect\nto charge any such outstanding indebtedness or any part thereof to the\ndebt limit provided in paragraph a of section 150.00 of this chapter. If\nno part of such indebtedness for housing and urban renewal purposes is\ncharged to the debt limit provided in paragraph a of section 150.00 of\nthis chapter, no annual or supplemental housing and urban renewal debt\nstatement need be filed.\n