NY Loc Fin L § 122.00 (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 122.00 - Pay-as-You-Go Financing by the City of New York; Ascertainment of Indebtedness Arising Therefrom.

§   122.00   Pay-as-you-go   financing   by  the  city  of  New  York;   ascertainment of indebtedness arising therefrom.  a. Whenever  the  city   of New York is required by law to pay for all or any part of the cost of   a  capital  improvement  by direct budgetary appropriation in any fiscal   year or by the issuance of capital notes, the finance board of such city   may, by resolution, elect to exclude from the tax limitation  prescribed   by section ten of article eight of the state constitution all or part of   the  taxes  required  for such direct budgetary appropriation or for the   redemption of such capital notes. The amount so excluded shall be deemed   to be indebtedness to the same extent and in the same manner as if  such   amount  had  been  financed through indebtedness payable in equal annual   installments over the period of  probable  usefulness  of  such  capital   improvement, as determined by section 11.00 of this chapter.b.  This  section  shall  apply only to taxes required for a budgetary   appropriation, or for the redemption of a capital note issued,  for  the   payment,  prior  to  the  expiration  of  the  fiscal year in which such   capital improvement is completed, of all or any part of the cost of such   capital improvement.c. Where taxes required for such direct budgetary appropriation or for   the redemption of such capital  notes  are  so  excluded  from  the  tax   limitation  prescribed  by  section  ten  of  article eight of the state   constitution, the cost of the capital improvement  or  improvements  for   which  the  direct budgetary appropriation was made or the capital notes   issued shall, to the extent of the amount of such taxes, be required  by   law  to be financed in such manner and from no other source. Where taxes   so raised are so excluded from such tax limitation, and where a  surplus   exists  in  the  amount of taxes so excluded after paying all costs of a   capital improvement or by reason of the abandonment of  the  acquisition   or   construction   of  a  capital  improvement,  such  surplus  may  be   transferred, in the manner provided by law, to and may be used only  for   the  purpose  of  (1)  an  appropriation  for, or a capital reserve fund   created or to be created for, a capital improvement  having  a  like  or   lesser  period  of  probable usefulness than the capital improvement for   which such taxes were raised, or (2) an appropriation for the payment of   interest on or principal of serial bonds of an issue  having  a  maximum   maturity  of  more  than  two  years  and  maturing  at  or prior to the   expiration  of  the  period  of  probable  usefulness  of  the   capital   improvement for which such taxes were raised.d. The chief fiscal officer of such city shall determine the amount to   be deemed indebtedness pursuant to this section, and shall set forth his   determination  in  a statement in writing, executed in duplicate, signed   and verified by him, which shall  be  in  such  form  and  contain  such   information as shall be prescribed by the state comptroller. Both copies   of  such  statement shall be forwarded to the state comptroller, and, if   approved  by  him,  the  determination  therein  set  forth   shall   be   conclusive.   One copy of such determination, together with the approval   of the state comptroller, shall be filed in the office of the department   of audit and control and the other in the office  of  the  chief  fiscal   officer of such city. Both of such copies shall be public records.e.  For  the  purposes  of this section the term "capital improvement"   shall  include  also  boats,  fire  fighting  vehicles  and   apparatus,   machinery  and  apparatus  for  construction  and maintenance, and motor   vehicles having periods of probable usefulness assigned in  subdivisions   twenty-six, twenty-seven, twenty-eight and twenty-nine of paragraph a of   section 11.00 of this chapter.f.  Any  amounts  determined  to be deemed indebtedness of any county,   city, other than the city of New York, village  or  school  district  in   accordance  with  the  provisions  of  this section or section eleven of    article eight of the constitution  as  in  force  and  effort  prior  to   January  first,  nineteen  hundred  fifty-two, shall not be deemed to be   indebtedness on and after such date.