NY Loc Fin L § 126.00 (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 126.00 - Exclusion of Certain Indebtedness for School Purposes; New York City.

§  126.00  Exclusion  of certain indebtedness for school purposes; New   York City.  a. In ascertaining the power of the  city  of  New  York  to   contract   indebtedness,   there   may   be   excluded  the  outstanding   indebtedness contracted by such city for school purposes,  evidenced  by   bonds,  to  the  extent  to  which  state  aid  for  common schools, not   exceeding two million five hundred thousand dollars, shall be applied by   such city to meet the interest  and  the  annual  requirements  for  the   amortization  and  payment  of part or all of one or more issues of such   bonds.b. Such exclusion shall be effective only during a fiscal year of  the   city  in  which its expense budget provides for the payment of such debt   service from such state aid for common schools.c. At any time during a fiscal year for which the  expense  budget  of   the  city  provides for the payment of such debt service from such state   aid or at any time prior to such  fiscal  year  but  after  the  expense   budget for such fiscal year has been finally adopted, an application may   be  filed  with  the  state  comptroller for the purpose of obtaining an   exclusion of such outstanding indebtedness. Such  application  shall  be   made  on  behalf  of  the  city  by  its  chief  fiscal  officer  in his   discretion, or by its chief fiscal  officer  on  the  direction  of  its   finance  board.    The application shall be verified by the chief fiscal   officer or finance board making the application. The  application  shall   be  in  such  form  and  shall  contain  such  information  as  shall be   prescribed by the state comptroller.d. Within five days after the filing  of  such  application  with  the   state  comptroller,  such  chief  fiscal  officer making the application   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  city.  The  notice  also  shall   contain  a statement of the amount of outstanding indebtedness sought to   be excluded and a statement of the  amount  of  state  aid  for  schools   allocated  to  the payment of debt service. Proof of publication of such   notice shall be filed in the office of the state comptroller. A copy  of   the application and of all financial statements, documents, computations   and  other  data  and  information  which will be submitted by the chief   fiscal officer of such city to the state comptroller in support of  such   application  shall  be  filed in the office of such chief fiscal officer   and shall be public records.e. After the filing of 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 city with respect to   such application. He may also require the chief fiscal officer and other   public officers, boards and  agencies  of  such  city  to  furnish  such   additional  data  and  information  in  their  possession  as  he  deems   necessary to enable him to make his determination.f. The state comptroller shall issue  a  written  certificate  setting   forth  his  determination as to the extent to which any such outstanding   indebtedness may be excluded. If an exclusion is allowed  by  the  state   comptroller, such certificate shall constitute the authorization for the   exclusion  of such amount of such indebtedness in ascertaining the power   of  such  city  to  contract  indebtedness.  If  the  state  comptroller   disallows  the  application, the certificate shall set forth the reasons   for such disallowances. The determination 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  twenty   days  after  such  filing.  The  certificate  of  the  state comptroller   granting an exclusion shall be effective until the close of  the  fiscal    year  for  which  an  application  has been filed setting forth that the   expense budget of the city provides for the payment of debt service from   state aid for common schools. 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 such city. Both   of such certificates shall be public records.