§ 2.00 — Definitions

New York § 2.00

• Jurisdiction: New York
• Law LFN: Local Finance
• Art. 1: Short Title; Definitions

Text

§ 2.00 Definitions. As used in this chapter:\n 1. The term "municipality" shall mean a county, city, town or village.\n 2. The term "school district" shall mean any school district, except\nthe school districts of the cities of New York, Buffalo, Rochester,\nSyracuse and Yonkers.\n 2-a. The term "city school district" shall mean the city school\ndistrict of a city having less than one hundred twenty-five thousand\ninhabitants, according to the latest federal census.\n 2-b. The term "school district in a city" shall mean any school\ndistrict which is coterminous with, or partly within, or wholly within,\na city having less than one hundred twenty-five thousand inhabitants,\naccording to the latest federal census.\n 2-c. The term "board of cooperative educational services" shall mean\nany board of cooperative educational services, as defined in section\nnineteen hundred fifty of the education law, and such board shall,\nsolely for the purpose of contracting indebtedness pursuant to section\n25.00 of this chapter, be deemed to be a school district.\n 3. The term "district corporation" shall mean\n (a) A fire district\n (b) A river improvement, river regulating or drainage district\nestablished by or under the supervision of the department of\nconservation, or\n (c) Any other territorial division of the state, other than a\nmunicipality or a school district, which as of December thirty-first,\nnineteen hundred thirty-eight, possessed the power to\n (1) Contract indebtedness in its own name, and\n (2) Levy taxes or benefit assessments upon real estate or require the\nlevy of such taxes or assessments.\n 4. The term "finance board" shall mean\n (a) In the case of counties, the board of supervisors.\n (b) In the case of cities:\n (1) The board of estimate, board of estimate and apportionment or\nboard of estimate and contract in any city in which, as of the effective\ndate of this chapter, such body had the power to authorize the issuance\nof bonds or notes without the approval, in any case, of the council,\ncommon council or board of aldermen.\n (2) The council, common council or board of aldermen in any city in\nwhich, as of the effective date of this chapter, such body had the power\nto authorize the issuance of bonds or notes without the approval, in any\ncase, of the board of estimate or board of estimate and apportionment or\nboard of estimate and contract.\n (3) The council, common council or board of aldermen and the board of\nestimate, board of estimate and apportionment or board of estimate and\ncontract, in any city in which, as of the effective date of this\nchapter, the council, common council or board of aldermen had the power\nto authorize the issuance of all bonds or notes or bonds or notes for\ncertain objects or purposes only with the approval of the board of\nestimate, board of estimate and apportionment or board of estimate and\ncontract. In such a city, action by the finance board shall be initiated\nby the council, common council or board of aldermen.\n (c) In the case of towns, the town board.\n (d) In the case of villages, the village board.\n (e) In the case of school districts, the board of education or board\nof trustees; in the case of common school districts having one trustee,\nsuch trustee.\n (f) In the case of district corporations, the governing board or body,\nexcept that in the case of river regulating districts the action of the\ngoverning board or body thereof shall be subject to the approval of the\nwater power and control commission in relation to the authorization,\nterm, form and contents of bonds and capital notes.\nNothing contained in this subdivision shall be construed to affect the\npower of (a) the executive of a county to veto the acts of the board of\nsupervisors or (b) the executive of a city to veto the acts of the\ncouncil, common council or board of aldermen, or of the board of\nestimate, board of estimate and apportionment or board of estimate and\ncontract, when such bodies are acting alone or jointly or (c) the\nexecutive of a village to veto the acts of the board of trustees.\n 5. The term "chief fiscal officer" shall mean:\n (a) (1) In the case of counties operating under (1) an alternative\nform of county government or charter enacted as a state statute or\nadopted under the alternative county government law or by local law, or\n(2) the optional county government law, the official designated in such\nstatute, consolidated law or local law as the chief fiscal officer, or,\nif no such designation is made therein, the official possessing powers\nand duties similar to those of a county treasurer under the county law\nas shall be designated by local law.\n (2) In the case of counties not included in subparagraph (1) of this\nparagraph, the treasurer, except that, in the case of such counties\nhaving a comptroller, it shall mean the comptroller.\n (b) In the case of cities, the comptroller; if a city does not have a\ncomptroller, the treasurer; if a city has neither a comptroller nor a\ntreasurer, such official possessing powers and duties similar to those\nof a city treasurer as the finance board shall, by resolution,\ndesignate. A certified copy of such designation shall be filed with the\nstate comptroller and shall be a public record.\n (c) In the case of towns, the town supervisor; if a town has more than\none supervisor, the presiding supervisor.\n (d) In the case of villages, the village treasurer.\n (e) In the case of school districts, the chairman or president of the\nschool board; in the case of common school districts having a sole\ntrustee, such trustee.\n (f) In the case of fire districts, the district treasurer; in the case\nof other district corporations, such official as the finance board\nshall, by resolution, designate. A certified copy of such designation\nshall be filed with the state comptroller and shall be a public record.\n 5-a. The term "chief executive officer" shall mean:\n (a) In the case of counties, the chairman of the board of supervisors,\nexcept that in those counties having a county administrator, director,\nexecutive, manager or president, it shall mean such latter officer.\n (b) In the case of cities, the mayor, except that in those cities\nhaving a city manager, it shall mean such city manager.\n (c) In the case of towns, the supervisor or presiding supervisor.\n (d) In the case of villages, the mayor, except that in those villages\nhaving a president or manager, it shall mean such latter officer.\n (e) In the case of school districts, the chairman or president of the\nschool board; in the case of common school districts having a sole\ntrustee, such trustee.\n (f) In the case of fire districts, the chairman of the board of\ncommissioners; in the case of other district corporations, the chairman\nof the board of commissioners or other comparable officer of the finance\nboard of such district corporation.\n 6. The term "obligations" shall mean bonds or notes.\n 7. The term "average assessed valuation" shall mean the average\nassessed valuation of the real property within a municipality, school\ndistrict or fire district subject to taxation for any purpose by such\nmunicipality, school district or fire district as determined by\naveraging the assessed valuation of such real property in the last\ncompleted assessment roll and the four preceding assessment rolls of\nsuch municipality, school district or fire district. If less than five\nassessment rolls have been prepared for a municipality, school district\nor fire district, the average assessed valuation shall be determined by\naveraging the assessed valuation in the last completed assessment roll\nand all the preceding assessment rolls of such municipality, school\ndistrict or fire district. For the purpose of contracting indebtedness\nor for the purpose of preparing debt statements, the assessment rolls\nreferred to in this subdivision shall mean such assessment rolls as\ncompleted, verified and filed by the assessors.\n 7-a. The term "average full valuation" shall mean the valuation of\ntaxable real estate of a municipality or of a school district in a city\nwhich is derived by dividing the assessed valuations of taxable real\nestate on the last completed and the four preceding assessment rolls by\nthe equalization rates established by the authorized state officer or\nagency for such rolls or, in the case of school districts, by the city\nand town rates so established for the rolls on which the school district\nrolls were based. In a county the average full valuation of taxable real\nestate thereof shall be derived by dividing the assessed valuations of\ntaxable real estate on the last completed and four preceding assessment\nrolls of the cities and towns therein by the equalization rates\nestablished for such rolls; provided, however, in a county having a\ncounty department of assessment the state equalization rates established\nfor the cities and towns therein on the basis of the county roll shall\nbe applied to the appropriate portions of the county roll. The sum of\nthe quotients thus obtained shall be divided by five. In such\ncomputations the last completed assessment roll shall be the latest roll\nfor which a state equalization rate shall have been established, or in\nthe case of school districts the last completed assessment roll thereof\nshall be the latest school district roll for all parts of which the\nequalization rates to be applied thereto shall have been established. In\naddition to the foregoing, where real estate on the assessment roll is\npartially exempt under the provisions of title two-a of article four of\nthe real property tax law, an assessment roll shall not be deemed to be\ncompleted until a railroad ceiling, or, if a railroad ceiling has not\nbeen certificated, an estimated railroad ceiling established in\naccordance with the provisions of such title shall have been applied\nthereto.\n Where, after the creation of a new municipality or school district in\na city, or after a consolidated school district shall have been created\nby the consolidation of a school district in a city and one or more\nother school districts.\n 1. There is no completed assessment roll or rolls of the municipality\nor school district as so created, the average full valuation of taxable\nreal estate thereof shall be determined from the last completed\nassessment roll or rolls upon which the real estate included in the\nmunicipality or school district was assessed for city, town or school\ndistrict purposes, as the case may be, or\n 2. There are assessment rolls of the municipality or school district\nas so created which have been completed for at least one year but less\nthan five years, the average full valuation of the taxable real estate\nof the municipality or school district shall be determined from the last\ncompleted assessment roll or rolls and the preceding assessment roll or\nrolls, if any, of the municipality or district, which were completed\nafter such creation.\n Where, after the boundaries of a municipality or school district in a\ncity shall have been altered so that real estate subject to taxation for\nmunicipal or school district purposes, as the case may be, shall have\nbeen thereby added to or subtracted from the area of the municipality or\nschool district,\n 1. There is no completed assessment roll of the municipality or school\ndistrict as so altered, the average full valuation of the taxable real\nestate of the municipality or school district shall be determined from\nthe last completed assessment roll or rolls and the four preceding\nassessment rolls upon which the real estate included in the municipality\nor school district after such alteration was assessed prior to such\nalteration for city, town or school district purposes, as the case may\nbe, or\n 2. There are assessment rolls of the municipality or school district\nas so altered which have been completed for at least one year but less\nthan five years, the average full valuation of taxable real estate of\nthe municipality or school district shall be determined from the last\ncompleted assessment roll or rolls and the four preceding assessment\nrolls upon which the real estate included in the municipality or school\ndistrict after such alteration was assessed prior to such alteration for\ncity, town or school district purposes, as the case may be.\n For the purpose of contracting indebtedness or for the purpose of\npreparing debt statements, the assessment rolls referred to in this\nsubdivision shall mean such assessment rolls as completed, verified and\nfiled by the assessors.\n 8. The terms "real property" or "real estate" shall mean such terms as\ndefined in section two of the tax law, as amended from time to time.\n 9. The term "capital improvement" shall mean:\n (a) Any physical public betterment or improvement or any preliminary\nstudies and surveys relative thereto, or\n (b) Land or rights in land, or\n (c) Any furnishings, machinery, apparatus or equipment for any\nphysical betterment or improvement when such betterment or improvement\nis first constructed or acquired, or\n (d) Any combination of items (a), (b) and (c).\n 10. The term "annual budget" shall mean the annual budget or estimate,\nas finally adopted, of a municipality, school district or district\ncorporation which is required by law to adopt an annual budget or\nestimate of the expenditures to be made during a current or ensuing\nfiscal year for the general support or for the expenses of the\ngovernment of such municipality, school district or district corporation\nduring such fiscal year.\n 11. The term "budgetary appropriation" shall mean an appropriation for\na specific object or purpose in the annual budget as finally adopted or\nin the annual ordinance, resolution or local law of a municipality,\nschool district or district corporation making appropriations for the\ngeneral support or expenses of the government thereof, which\nappropriation is to be paid from taxes or assessments or from other\ncurrent revenues or from the proceeds of notes issued in anticipation of\nthe collection of such taxes, assessments or other current revenues.\n 12. The term "voting strength" shall mean the aggregate number of\nvotes which all the members of the finance board are entitled to cast.\nIf the finance board consists of more than one body, the term shall\nmean, in relation to each body, the aggregate number of votes which all\nthe members of such body are entitled to cast.\n 13. The term "housing authority" shall mean an "authority" as that\nterm is defined in section three of the public housing law, as amended\nfrom time to time.\n 14. The term "local share of safety net assistance" shall mean that\nterm as defined in section ninety-three of the social services law, as\namended from time to time.\n 15. The terms "solvent fund or system" or "solvent," in referring to a\npension or retirement system or fund, shall mean a pension or retirement\nsystem or fund which is on an actuarial reserve basis with current\npayments to the reserve adequate to provide for all current accruing\nliabilities.\n 16. The term "assessment" shall mean any charge based in whole or in\npart on benefits (other than real estate taxes, water or sewer charges,\nrents or rates) against a parcel of real property for any capital\nimprovement, for any work or service, for operation and maintenance, or\nfor debt service.\n 17. The term "resolution" shall mean resolution, act or ordinance.\n 18. The term "renewal" as applied to a note, shall mean a note the\ndate of payment of which has been extended or a note issued for the\npurpose of securing money for the redemption of an outstanding note. The\nproceeds of such renewal note shall be applied only to the redemption of\nthe note for the renewal of which it was issued.\n 19. The term "fiscal year" shall mean the fiscal year provided by law\nfor a municipality, school district or district corporation, or if no\nfiscal year is so provided, such fiscal year as shall be determined by\nresolution of the finance board of such municipality, school district or\ndistrict corporation. A statement of such determination shall be filed\nwith the state comptroller and shall be a public record.\n 20. The term "class," as applied to the terms "objects or purposes",\n"capital improvements" or "equipment", shall mean an unspecified number\nof items, the description of which is contained in a single subdivision,\nother than subdivision thirty-five of paragraph a of section 11.00 of\nthis chapter, notwithstanding the fact that such subdivision may be\ndrafted in the singular number.\n 21. The term "full valuation", when used in relation to real property\nsubject to taxation by a school district, shall mean the valuation which\nis derived by dividing the appropriate portions of the assessed\nvaluation of the real property concerned, as shown by the last completed\nassessment roll of the school district, by the city and town\nequalization rates established by the authorized state officer or agency\nfor the rolls on which such school district roll was based. Where, in\nthe case of a newly created school district, there is no completed\nassessment roll of such school district in existence, full valuation\nshall be determined from the last completed assessment roll or rolls\nupon which the real property included within the district was assessed\nfor school purposes prior to such creation. In such computations the\nlast completed assessment roll shall be the latest roll for all parts of\nwhich the equalization rates to be applied thereto shall have been\nestablished. In addition to the foregoing, where real estate on the\nassessment roll is partially exempt under the provisions of title two-a\nof article four of the real property tax law, an assessment roll shall\nnot be deemed to be completed until a railroad ceiling, or, if a\nrailroad ceiling has not been certificated, an estimated railroad\nceiling established in accordance with the provisions of such title\nshall have been applied thereto.\n 21-a. The term "full valuation", when used in relation to real\nproperty subject to taxation by a fire district, shall mean the\nvaluation which is derived by dividing the assessed valuation of the\nreal property concerned, as shown by the last completed assessment roll\nfor the fire district, by the town equalization rate established by the\nauthorized state officer or agency for such roll. Where, in the case of\na newly-created fire district, there is no completed assessment roll for\nsuch fire district, full valuation shall be determined from the last\ncompleted assessment roll upon which the real property included within\nthe district was assessed for town purposes prior to such creation.\nWhere, after the boundaries of a fire district shall have been changed\nso that real property subject to taxation for fire district purposes\nshall have been thereby added to or subtracted from the area of the fire\ndistrict, there is no completed assessment roll for the fire district as\nso changed, full valuation shall be determined from the last completed\nassessment roll upon which the real property included in the fire\ndistrict after such change was assessed prior to such change for town or\nfire district purposes, as the case may be. For the purpose of\ncontracting indebtedness or for the purpose of preparing debt\nstatements, the assessment rolls referred to in this subdivision shall\nmean such assessment rolls as completed, verified and filed by the\nassessors. Where two or more fire districts consolidate to form one fire\ndistrict the consolidated fire district, for the purpose of this\nsubdivision, shall not be deemed a newly-created fire district, but\nshall be deemed an existing fire district and its full valuation shall\nbe determined accordingly.\n 22. The term "specific" as applied to the terms "object or purpose",\n"capital improvement" or "equipment" shall mean a single item, or a\nspecified number of items, the description of which is contained in a\nsingle subdivision of paragraph a of section 11.00 of this chapter.\n 23. Urban renewal. The term "urban renewal" shall mean that term as\ndefined in the general municipal law.\n 24. The term "financially responsible party" shall mean a person or\npersons other than the issuer, as determined by the finance board, or in\nthe case of the city of New York, the mayor and the comptroller, to have\nsufficient net worth and liquidity to (a) purchase and pay for on a\ntimely basis, under the terms of an agreement with the issuer, all of\nthe bonds and notes which may be tendered for repurchase or redemption\npursuant to the terms of the bonds or notes by the holders thereof, or\n(b) advance funds on a timely basis on behalf of a municipality, school\ndistrict or district corporation to pay bonds, notes or other evidences\nof indebtedness of such public body on their date or dates of maturity\nor redemption.\n 25. The term "governing body" of a municipality or school district\nshall mean the finance board or its duly authorized designee pursuant to\nsection 56.00 of this chapter.\n 26. The term "interest" shall mean any payments, however designated,\nfor the use of borrowed money. Interest shall include, but not be\nlimited to, accretions to the value of bonds, notes or other obligations\nin amounts projected as of their dates of issuance, capital appreciation\nto bonds, notes or other obligations in amounts projected as of their\ndates of issuance and any similar payments whether scheduled to be made\nperiodically or at the maturity or prior redemption of bonds, notes or\nother obligations.\n 27. The term "face value at maturity" shall mean all interest,\nprincipal and other payments due to the holders of bonds, notes or other\nobligations at their maturity or prior redemption, provided however,\nthat current interest on bonds, notes or other obligations on which\ninterest is payable at least annually shall be excluded.\n