NY Loc Fin L § 15.10 (2021)
2021 New York Laws LFN - Local Finance Article 2 - Local Indebtedness Title 1-A - Indebtedness Relative to Municipal Cooperative Activities 15.10 - Allocation of Indebtedness.

§  15.10 Allocation of indebtedness. a. Several indebtedness and joint   indebtedness contracted or incurred for  a  joint  service  or  a  joint   water,   sewage   or   drainage  project  shall  be  included  as  gross   indebtedness in the debt  statement  of  the  municipal  corporation  or   municipality  which has contracted or incurred such indebtedness, except   that such indebtedness contracted or  incurred  by  a  school  district,   other  than a school district in a city, shall not be included unless it   is evidenced by bonds or bond  anticipation  notes  or  is  included  as   indebtedness  of a merged or annexed school district pursuant to section   121.00 of this chapter.b. The amount of joint indebtedness which is to be included  as  gross   indebtedness   in  the  debt  statement  of  a  participating  municipal   corporation  or  municipality  shall  not  exceed  the  amount  of  such   indebtedness  allocated and apportioned to such municipal corporation in   the bond resolution or note resolution authorizing such indebtedness  to   be  contracted. In the case of other joint indebtedness for such a joint   service or joint water, sewage or drainage project arising out  of  real   property  liabilities and contract liabilities, the amount thereof to be   included as gross indebtedness in a debt statement  of  a  participating   municipal  corporation  or  municipality  shall not exceed the amount of   such indebtedness required to  be  allocated  and  apportioned  to  such   municipal  corporation  in  the agreement of the participating municipal   corporations in relation to such joint service. Where the agreement does   not provide for any such allocation and apportionment, or in the case of   involuntary  joint  indebtedness,  the  amount  to  be   allocated   and   apportioned  to  a  participating  municipal corporation or municipality   shall be in the same proportion as the full valuation of the real estate   subject to taxation or assessment for such joint service or joint water,   sewage or drainage project by such municipal corporation or municipality   bears to the full valuation of the real estate subject  to  taxation  or   assessment  by  all  of  the  participating  municipal  corporations  or   municipalities for such joint service or project. Full valuations  shall   be   determined  by  applying  to  the  latest  assessed  valuation  the   appropriate state equalization rate established on the same period price   level. Where such rate has not been established on the same period price   level for all participants, application may be made to the  commissioner   of taxation and finance for the establishment of a special rate or rates   as  so  required  and the commissioner shall have power to establish the   same, which special rate or rates shall then be  used.  The  amounts  of   joint  indebtedness so allocated and apportioned shall not exceed in the   aggregate the total amount of such joint indebtedness.c. The agreement between the participating municipal corporations  and   municipalities  may  provide  for  apportionment and allocation of joint   indebtedness on a ratio of full valuations of  real  property  or  on  a   basis  of the amount of services rendered or to be rendered, or benefits   received or conferred or to be received or conferred, or  on  any  other   equitable basis.d.  Any  allocation  and apportionment of joint indebtedness which has   been contracted or incurred or which is proposed  to  be  contracted  or   incurred   shall  be  conclusive  if  made  or  approved  by  the  state   comptroller. The application to  the  state  comptroller  for  any  such   allocation  and apportionment may be made on behalf of the participating   municipal corporations or municipalities by the finance  boards  thereof   acting  jointly  or  by the chief fiscal officers thereof acting jointly   upon the direction of such finance boards, or by the  finance  board  of   any  such  participating  municipal  corporation  or municipality or the   chief fiscal officer thereof upon the direction of such  finance  board.   The  application  shall be verified by the finance board or boards or by    the chief fiscal officer or officers making the application. It shall be   in such form and shall contain such information as shall  be  prescribed   by  the state comptroller. If the application is not made by the finance   boards  or  by  the  chief  fiscal  officers of all of the participating   municipal  corporations  or  municipalities,  written  notice  of   such   application  shall  be  given  to  the chief fiscal officer of any other   participating municipal corporation or municipality prior to the  filing   of the application with the state comptroller.e.  If  the application to the state comptroller is for the allocation   or apportionment of existing  or  proposed  indebtedness  exceeding  one   hundred  thousand  dollars  in  amount,  then within five days after the   filing of such application with the state comptroller, the chief  fiscal   officer  or  chief  fiscal officers of the applicant or applicants shall   cause a notice to be published that such application has been filed with   the state comptroller. Such notice shall be published in accordance with   the provisions of paragraph c of section  15.20  of  this  chapter.  The   notice  also  shall  contain  a  description of the existing or proposed   indebtedness sought to be allocated and apportioned and  the  nature  of   the joint service or joint water, sewage or drainage project in relation   to  which  such existing or proposed indebtedness is to be contracted or   incurred. Proof of publication of such notice  shall  be  filed  in  the   office  of  the  state comptroller. A copy of the application and of all   data and information which will be submitted to the state comptroller in   support of such application shall be filed in the office or  offices  of   such  chief  fiscal officer or chief fiscal officers and shall be public   records.f. After the filing of the application, the  state  comptroller  shall   review  the  facts  set forth therein. Notwithstanding the provisions of   paragraph e of this section, the state comptroller may require notice of   the application to be  published  in  any  such  proceeding.  The  state   comptroller  shall have power to examine the accounts and records of the   municipal corporations or  municipalities  with  respect  to  the  joint   service  or joint water, sewage or drainage project concerning which the   application is made. He may also require the chief  fiscal  officer  and   other public officers, boards and agencies of the municipal corporations   or   municipalities   involved  to  furnish  such  additional  data  and   information in their possession as he deems necessary to enable  him  to   make his determination.g.  The  state  comptroller  shall issue a written certificate setting   forth his determination as to how such existing or proposed indebtedness   should be allocated  and  apportioned.  The  certificate  of  the  state   comptroller  shall not be issued until ten days after the filing of such   application or proof of publication of the notice of  such  application,   whichever  date is the later, and the certificate shall be issued within   forty-five  days  after  such  filing.  The  certificate  of  the  state   comptroller  shall be executed under his hand and seal. Such certificate   shall be filed in the department of  audit  and  control  and  duplicate   certificates  shall  be  executed  under  the hand and seal of the state   comptroller and filed in the offices of the  chief  fiscal  officers  of   each of the participating municipal corporations or municipalities.