§ 152.00 — Deductions for self-liquidating housing projects

New York § 152.00

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

Text

§ 152.00 Deductions for self-liquidating housing projects. a. As used\nin this section:\n 1. The term "authority" shall mean a housing authority owning or\noperating a project or projects aided by (a) a guarantee or guarantees\nof the city representing indebtedness which the city is seeking to\nexclude pursuant to this section, or (b) a loan or loans from the city\nfor which the city contracted indebtedness, which indebtedness the city\nis seeking to exclude pursuant to this section.\n 2. The term "housing company" shall mean a housing company organized\nunder article two or article four of the private housing finance law, as\namended from time to time, owning or operating a project or projects\naided by a loan or loans from a city for which the city has contracted\nindebtedness, which indebtedness it is seeking to exclude pursuant to\nthis section.\n 3. The term "project" shall mean that term as defined in section three\nof the public housing law and section two of article two of the private\nhousing finance law as amended from time to time. Such term shall also\ninclude an existing multiple dwelling aided by a loan pursuant to\narticle eight of the private housing finance law.\n 4. The term "fiscal year" shall mean the fiscal year of the city.\n b. In ascertaining the power of any city to contract indebtedness to\neffectuate any of the purposes of article eighteen of the state\nconstitution, as implemented by the public housing law and any other\nlaws, there may be excluded any indebtedness contracted by a city for\nany project or projects aided by a guarantee or guarantees representing\nsuch indebtedness or by a loan or loans for which such indebtedness was\ncontracted if such project or projects shall have yielded net revenue\nduring the preceding fiscal year, provided that in the case of\nguarantees, the interest on such indebtedness and the amounts required\nin such fiscal year for the payment of such indebtedness shall have been\npaid and that in the case of loans, the amount the city shall have been\nrequired to pay in such fiscal year for interest on and principal of\nsuch indebtedness shall have been paid to the city.\n c. In determining whether or not a project or projects have yielded\nnet revenue during the preceding fiscal year:\n 1. Periodic subsidies shall be included in computing gross revenues.\n 2. There shall be deducted from the gross revenues received from such\nproject or projects during such preceding fiscal year an amount equal to\nall costs of operation, maintenance, repairs and replacements, and the\ninterest on such indebtedness and the amounts required in such fiscal\nyear for the payment of such indebtedness.\n d. At any time after the close of the fiscal year of such city, the\nchief fiscal officer thereof may, in his discretion, file with the state\ncomptroller a financial statement of such project or projects for the\npurpose of obtaining the exclusion referred to in paragraph b of this\nsection if\n 1. In the case of a project or projects aided by a guarantee, or\nguarantees, interest on and the amount required for the payment of such\nindebtedness in such preceding fiscal year shall have been paid,\n 2. In the case of a loan or loans, the amount the city was required to\npay in such preceding fiscal year for interest on and principal of such\nindebtedness shall have been paid to such city,\nand the chief fiscal officer is of the opinion that the project has\nyielded net revenue during such preceding fiscal year.\n e. The officers, boards and agencies of the authority, housing company\nor owner of an existing multiple dwelling aided by a loan pursuant to\narticle eight of the private housing finance law, as the case may be,\nshall furnish to the chief fiscal officer of such city such data and\ninformation in their possession with respect to the project or projects\nas he shall require to enable him to determine whether the project or\nprojects have yielded net revenue. The statement submitted to the state\ncomptroller by the chief fiscal officer of the city shall be verified by\nthe chief fiscal officer and shall be in such form and shall contain\nsuch information as shall be prescribed by the state comptroller;\nprovided, however, that it shall contain a declaration that the payments\nrequired under subdivisions one and two of paragraph d of this section\nhave been made.\n f. However, prior to the submission of such financial statement to the\nstate comptroller, the chief fiscal officer of such municipality shall\ncause to be published a notice that on the date specified therein, which\ndate shall be at least two weeks subsequent to the date of the\npublication of such notice, such financial statement will be filed with\nthe state comptroller. Such notice shall be published in the official\nnewspaper or newspapers of the municipality or if there be no such\nnewspaper or newspapers then the finance board shall designate one or\nmore newspapers having a general circulation in such municipality for\nthe publication of such notice. The notice shall also contain a\nstatement of the amount of indebtedness sought to be excluded and a\nbrief description of the project or projects. A copy of the financial\nstatement and of all documents, computations and other data and\ninformation which will be submitted by the chief fiscal officer to the\nstate comptroller in support of such financial statement shall be filed\nin the office of such chief fiscal officer and shall be public records.\n g. Upon the receipt of such a financial statement from the chief\nfiscal officer of such city, the state comptroller forthwith shall\nreview the facts set forth therein. The state comptroller shall have\npower to examine the accounts and records of the city and of the\nauthority, housing company or owner of an existing multiple dwelling\naided by a loan pursuant to article eight of the private housing finance\nlaw, as the case may be, with respect to the project or projects. He may\nalso require the chief fiscal officer and other officers, boards and\nagencies of the city and of the authority or housing company, as the\ncase may be, and any such owner of an existing multiple dwelling, to\nfurnish such additional data and information in their possession as he\ndeems necessary to enable him to make his determination.\n h. The state comptroller shall issue a written certificate setting\nforth his determination as to whether such indebtedness may be excluded.\nIf the exclusion is allowed by the state comptroller, the certificate\nshall constitute the authorization for the exclusion of such\nindebtedness in ascertaining the power of such city to contract\nindebtedness to effectuate any of the purposes of article eighteen of\nthe state constitution as implemented by the public housing law and any\nother laws. Such authorization shall remain effective until the last day\nof the seventh month following the close of the fiscal year in which\nsuch financial statement shall have been submitted. If the state\ncomptroller disallows the claims of the municipality for the exclusion,\nhe shall set forth the reasons for such disallowance. The determination\nof the state comptroller shall be conclusive. The certificate of the\nstate comptroller shall be executed under his hand and seal in\ntriplicate. One of such triplicates shall be filed in the department of\naudit and control, one in the office of the state commissioner of\nhousing and one in the office of the chief fiscal officer of such city.\nAll such triplicates shall be public records.\n