NY Loc Fin L § 124.10 (2021)
2021 New York Laws LFN - Local Finance Article 2 - Local Indebtedness Title 9 - Procedures Relating to the Ascertainment of Amounts to Be Included or Excluded in Ascertaining Debt-Contracting Power 124.10 - Exclusion of Certain Indebtedness for Sewage Facilities in Ascertaining the Power of a Municipality to Contract Indebtedness.

§  124.10  Exclusion  of certain indebtedness for sewage facilities in   ascertaining the power of a municipality to contract indebtedness. a. In   ascertaining the power of a municipality to contract indebtedness, there   may  be  excluded  any  outstanding  indebtedness  contracted  by   such   municipality  on or after January first, nineteen hundred sixty-two, and   prior to January first, two thousand twenty-four, for  the  construction   or  reconstruction  of  facilities  for  the  conveyance,  treatment and   disposal of sewage.b. The date of contracting any  such  indebtedness  for  a  particular   facility  shall  be  deemed to be the date of the first contract for the   construction or reconstruction of such facility or the date of the first   obligation  issued  to  finance  such  construction  or  reconstruction,   whichever date is the earlier.c.  The  term  indebtedness,  as  used  in this section, shall include   indebtedness evidenced by obligations issued on or after January  first,   two  thousand  twenty-four for the purpose of financing any indebtedness   contracted for the purposes and within the period specified in paragraph   a of this section.d. The provisions of this section shall not be deemed to  prevent  the   exclusion  of any refunded indebtedness if the indebtedness refunded was   excludable pursuant to this section.e. Where indebtedness has been excluded pursuant to this section,  the   revenues,  if  any, of the facility constructed or reconstructed, during   the period for which the exclusion is effective, shall be applied to and   actually used for the payment of all costs of operation, maintenance and   repairs for such period, and payment of the  amounts  required  in  such   period  for  the  interest  on  and amortization of or redemption of the   indebtedness excluded, or such revenues shall be deposited in a  special   fund  to  be  used  solely for such payments. The application and use of   such payments or the deposits required therefor  shall  not  prohibit  a   municipality from using any such revenues, in excess of such payments or   deposits,  for  any  lawful  purpose  of the municipality for which such   revenues may be used.f. The chief fiscal officer of a municipality in  his  discretion  may   prepare,  or  on  the  direction  of  the finance board shall prepare, a   verified itemized statement of outstanding or proposed  indebtedness  of   the  municipality  contracted  or  to be contracted for the purposes and   within the period specified in paragraph a of this section.  Such  chief   fiscal  officer  in  his discretion may file, or on the direction of the   finance  board  shall  file,  with  the  state  comptroller  a  verified   application on behalf of the municipality for the purpose of obtaining a   certification of the several amounts of such indebtedness to be excluded   pursuant  to  this section. Such itemized statement shall be attached to   and  form  a  part  of  the  application.  The  itemized  statement  and   application  shall be in such form and contain such information as shall   be prescribed by the state comptroller. In the case of application for a   certification of amounts of proposed indebtedness to  be  excluded,  the   application  shall  state  the  approximate  date  or  dates  when  such   indebtedness, or portions thereof, are proposed  to  be  contracted  and   whether  such  indebtedness  is  to  be  in  the  form of a contract for   construction or in the form of obligations, or in both such forms.g. Within fifteen days after filing of such application with the state   comptroller, the chief  fiscal  officer  shall  cause  a  notice  to  be   published   that   such  application  has  been  filed  with  the  state   comptroller. Such notice shall be published in the official newspaper or   newspapers of the municipality, or if there  be  no  such  newspaper  or   newspapers,  then  the finance board of the municipality shall designate   one or more newspapers having a general circulation in the  municipality    for  the  publication  of  such  notice. The notice also shall contain a   statement of the amount of  outstanding  indebtedness,  if  any,  to  be   excluded and a statement of the amount of proposed indebtedness, if any,   to  be  excluded  if  and  when contracted. Proof of publication of such   notice shall be filed in the office of the state comptroller. A copy  of   the  itemized statement and application and of all financial statements,   documents, computations and other data and  information  which  will  be   submitted  by  the chief fiscal officer of the municipality to the state   comptroller in support of such application shall be filed in the  office   of the chief fiscal officer and shall be public records.h.  After  the  filing  of any such application, the state comptroller   shall review the facts set forth therein. The  state  comptroller  shall   have  the  power to examine the accounts and records of the municipality   with respect to such application. He may also require the  chief  fiscal   officer   and   other  public  officers,  boards  and  agencies  of  the   municipality to furnish such additional data and  information  in  their   possession  as  he  deems  necessary  to  enable  him  to  ascertain the   indebtedness which may be excluded  pursuant  to  paragraph  a  of  this   section.i.  The  state  comptroller  shall issue a written certificate setting   forth the amounts of any such indebtedness which may be excluded. If the   indebtedness described in the certificate is, or is to be, in  the  form   of  (1)  a  contract  for  construction which is to be financed later by   issuance of obligations pursuant to this  chapter  or  pursuant  to  any   special  law  or  (2)  bond anticipation notes issued in anticipation of   bonds to be issued pursuant to this chapter or pursuant to  any  special   law,  such certification also shall be applicable to such obligations or   bonds, as the case  may  be,  when  issued.  If  the  state  comptroller   determines  that  the  indebtedness described in the application, or any   part thereof, does not constitute indebtedness described in paragraph  a   of  this  section the reasons for such determination shall be given. The   certification  of  the  state  comptroller  shall  be  conclusive.   The   certificate  of the state comptroller shall not be issued until ten days   after the filing of such proof of publication in the office of the state   comptroller and shall  be  issued  within  forty-five  days  after  such   filing.  The  certificate of the state comptroller shall be effective so   long as and to the extent that any such indebtedness  described  therein   is   outstanding,  or  until  such  certificate  is  amended,  modified,   superseded  or  rescinded  by  a  written  certificate  of   the   state   comptroller  issued  upon  application of the municipality in the manner   provided in paragraph f of this section. The certificate  of  the  state   comptroller  shall be executed under his hand and seal in duplicate. One   of such certificates shall be filed  in  the  department  of  audit  and   control  and  the other in the office of the chief fiscal officer of the   municipality.j. The provisions of this section  shall  not  affect  or  impair  any   existing   exclusions   of   indebtedness,   or  the  power  to  exclude   indebtedness granted by any other  provision  of  this  chapter  or  the   constitution.  However,  if  any exclusion has been granted by the state   comptroller  pursuant  to  section  123.00  of  this  chapter  for   any   indebtedness  for  which  an exclusion has been granted pursuant to this   section, the exclusion of such indebtedness granted pursuant to  section   123.00 of this chapter shall cease to be applicable.