NY Loc Fin L § 136.00 (2021)
2021 New York Laws LFN - Local Finance Article 2 - Local Indebtedness Title 10 - Statement of Debt-Contracting Power of Municipalities, Fire Districts and Certain School Districts 136.00 - Statement of Total Debt; Deductions From Gross Indebtedness.

§  136.00 Statement of total debt; deductions from gross indebtedness. The debt statement of a municipality, school district in a city or  fire district  setting  forth  its  total  net  indebtedness  may contain the following items  of  deduction  for  the  purpose  of  showing  the  net indebtedness of such municipality, school district or fire district:   1.  Tax  and  other  revenue  anticipation  obligations. The amount of outstanding indebtedness represented by obligations issued in any fiscal year in anticipation of  (a) The collection of taxes or assessments on real estate for  amounts theretofore actually levied and uncollected or to be levied in such year and payable out of such taxes or assessments,  (b)  Money  receivable  from  the  state  which  has  theretofore been apportioned by the state or which is to be  so  apportioned  within  one year after their issue, and  (c) The collection of any other taxes due and payable or to become due and  payable  within  one  year  after their issue or of other revenues, including the receipt of moneys for any urban renewal  project  or  part thereof  (1)  from  the  sale of real property, or any interest therein, acquired for or incidental to an urban renewal project; or (2) from  the United  States  government  pursuant  to title one of the housing act of nineteen hundred forty-nine as amended; or (3) from  the  state  of  New York  for  urban renewal purposes pursuant to the general municipal law, to be received within one year after their issue; except any such obligations or renewals thereof, which are  not  retired within five years after their date of original issue.   1-a.  Obligations  issued  for  other  than  capital improvements. The amount of outstanding  indebtedness  evidenced  by  obligations  (except serial  bonds  of  an  issue  having a maximum maturity of more than two years) issued for objects  or  purposes  other  than  the  financing  of capital  improvements  and  contracted  to be redeemed in one of the two fiscal years immediately succeeding the year of their issue.   2. Water indebtedness. In the case of a municipality or fire district, the amount of outstanding indebtedness contracted  to  provide  for  the supply of water.   3.  Indebtedness  contracted for self-liquidating projects. (a) In the case  of  a  municipality,  the  amount  of  outstanding   indebtedness, contracted  for  a public improvement or part thereof, or service, owned or rendered by such municipality, which has been  excluded  pursuant  to section  123.00  of  this chapter. (b) In the case of a city, village or town, the amount of outstanding indebtedness, contracted by  a  district corporation,  as the term "district corporation" is defined in paragraph a of section 102.00 of this chapter, if such indebtedness was contracted for a public improvement or part thereof, or service, owned or  rendered by  such  district  corporation,  which  has  been  excluded pursuant to section 123.00 of this chapter. (c) In the case of a county or town, the amount of outstanding indebtedness, contracted by any such  municipality on  behalf  of  an improvement district for a public improvement or part thereof, or service, owned or rendered by such district, which has  been excluded pursuant to section 123.00 of this chapter.   3-a.  Indebtedness  arising from the amounts to become due pursuant to contracts for the construction of buildings or other public improvements entered into by the state commissioner of general services as agent  for a county or a city pursuant to chapter one hundred fifty-two of the laws of  nineteen  hundred  sixty-four or chapter three hundred fifty-four of the laws of nineteen hundred sixty-three, if the amounts  which  are  to become  due pursuant to such contracts are payable in the first instance from appropriations made by the  state  for  such  purposes  subject  to  reimbursement  of  the state by such county or city from the proceeds of the sale of obligations issued by such county or city.   3-b.  Indebtedness  arising  from  the amounts due or to become due as rental payments pursuant to a lease or sublease  between  the  New  York state housing finance agency and a municipality, which lease or sublease provides    for    the    acquisition,   construction,   reconstruction, rehabilitation or improvement of a health facility  by  the  health  and mental  hygiene  facilities  improvement  corporation  and the financing thereof by the New York state housing finance  agency  pursuant  to  the provisions  of  the health and mental hygiene facilities improvement act and section forty-seven-d of the private housing finance law.   3-c. Indebtedness arising from the amounts due or  to  become  due  as rental  payments  pursuant  to  a lease or sublease between the New York state medical care facilities finance agency and a  municipality,  which lease   or   sublease   provides   for  the  acquisition,  construction, reconstruction, rehabilitation or improvement of a  health  facility  by the health and mental hygiene facilities improvement corporation and the financing  thereof by the New York state medical care facilities finance agency pursuant to the provisions  of  the  health  and  mental  hygiene facilities   improvement  act  and  the  New  York  state  medical  care facilities finance agency act.   4. Bonds for pensions. In the case of a municipality,  the  amount  of outstanding  indebtedness represented by bonds issued in accordance with section 124.00 of this chapter to place a pension or  retirement  system or fund on a solvent basis.   4-a.   Indebtedness   for   sewage   facilities.  In  the  case  of  a municipality, the amount of outstanding indebtedness  contracted  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. The amount of such indebtedness to be deducted shall be ascertained pursuant to section 124.10 of this chapter.   5. Assessable improvements. The  amount  of  outstanding  indebtedness contracted  by the cities of Buffalo, Rochester and Syracuse for so much of the cost and expense of any public improvement, as may be required by the ordinance or local law assessing the same to be raised by assessment upon local property or territory, to the extent  that  such  outstanding indebtedness,  together  with  other  indebtedness  initially contracted therefor from  time  to  time  after  January  first,  nineteen  hundred twenty-eight, and since retired aggregates, in the case of the cities of Buffalo  and  Rochester,  a sum not exceeding ten million dollars and in the case of the city of Syracuse,  a  sum  not  exceeding  five  million dollars.  Any  indebtedness  thereafter  contracted for such purposes in excess  of  such  sums  shall  not  be  so  deducted.  Nothing  in  this subdivision  shall be construed to prevent the deduction of any refunded indebtedness if the indebtedness refunded  was  deductible  pursuant  to this subdivision.   6. Indebtedness of a county wholly included within or coterminous with a city. In the case of a city, the amount of outstanding indebtedness of a  county  wholly included within such city or which is coterminous with such city.   7. In the case of the city of New York:  (b) Indebtedness for self-liquidating dock facilities. The  amount  of outstanding  indebtedness contracted by the city, prior to the first day of January, nineteen hundred ten, for dock purposes  proportionately  to the  extent  to  which  the  current  net  revenues received by the city therefrom shall meet the interest on and the annual requirements for the amortization of such indebtedness. The amount of such indebtedness to be  deducted shall  be  ascertained  pursuant  to  section  125.00  of  this chapter.  (c)  Indebtedness  of  the  independent  subway  system. The amount of outstanding  indebtedness  contracted  after  January  first,   nineteen hundred twenty-eight, for the construction or equipment, or both, of new rapid  transit  railroads  provided, however, that when the total of the indebtedness initially contracted from time  to  time  after  such  date finally  aggregates the sum of three hundred million dollars, regardless of whether or not any part thereof  has  been  previously  retired,  any indebtedness  thereafter  contracted  for  such  purposes  shall  not be deducted. Nothing in this subdivision shall be construed to prevent  the deduction  of any refunded indebtedness if the indebtedness refunded was deductible pursuant to this subdivision.  (d) Indebtedness for  transit  unification  purposes.  The  amount  of outstanding  indebtedness  contracted by the city for the acquisition of railroads and facilities or properties used in connection  therewith  or rights  therein  or  securities  of  corporations owning such railroads, facilities or rights, provided, however, that  when  the  total  of  the indebtedness initially contracted from time to time by the city for such purposes  finally  aggregates  the  sum of three hundred fifteen million dollars, regardless  of  whether  or  not  any  part  thereof  has  been previously  retired,  any  indebtedness  thereafter  contracted for such purposes shall not be deducted. Nothing in  this  subdivision  shall  be construed  to  prevent the deduction of any refunded indebtedness if the indebtedness refunded was deductible pursuant to this subdivision.  (e) Rapid transit indebtedness  excluded  prior  to  nineteen  hundred thirty-nine. The amount of outstanding indebtedness contracted for rapid transit  purposes  which  indebtedness  was excluded in ascertaining the power of the city to become indebted by order of the appellate  division of the supreme court, first judicial department, prior to January first, nineteen hundred thirty-nine.  (f)  Indebtedness  for self-liquidating transit facilities. The amount of outstanding indebtedness contracted by the city for transit purposes, and not otherwise deducted, proportionately to the extent to  which  the current  net  revenue  received  by the city from its transit facilities shall meet the interest and the annual requirements for the amortization and payment of  such  non-deducted  indebtedness.  The  amount  of  such indebtedness  to  be  deducted  shall be ascertained pursuant to section 125.00 of this chapter.  (g) Indebtedness for hospital  purposes.  The  amount  of  outstanding indebtedness contracted after January first, nineteen hundred fifty, for the  construction,  reconstruction  and  equipment  of  city  hospitals, provided, however, that when the total  of  the  indebtedness  initially contracted  from time to time after such date finally aggregates the sum of one hundred fifty million dollars, regardless of whether or  not  any part  thereof  has  been previously retired, any indebtedness thereafter contracted for such purposes shall not  be  deducted.  Nothing  in  this subdivision  shall be construed to prevent the deduction of any refunded indebtedness if the indebtedness refunded  was  deductible  pursuant  to this subdivision.  (h)   Indebtedness   for   rapid  transit  railroads.  The  amount  of outstanding  indebtedness  contracted  after  January  first,   nineteen hundred  fifty-two,  for  the  construction  and  equipment of new rapid transit railroads, including extensions and  interconnections  with  and between  existing  rapid  transit  railroads  or  portions  thereof, and reconstruction  and  equipment  of  existing  rapid  transit  railroads, provided,  however,  that  when  the total of the indebtedness initially contracted from time to time after such date finally aggregates the  sum  of  five  hundred million dollars, regardless of whether or not any part thereof  has  been  previously  retired,  any  indebtedness   thereafter contracted  for  such  purposes  shall  not be deducted. Nothing in this subdivision  shall be construed to prevent the deduction of any refunded indebtedness if the indebtedness refunded  was  deductible  pursuant  to this subdivision.  (i)   Indebtedness   for   certain  school  purposes.  The  amount  of outstanding indebtedness contracted 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  meet  the interest on and the annual requirements for the amortization and payment of  all  or part of one or more issues of such bonds. The amount of such indebtedness to be deducted in any fiscal year  of  the  city  shall  be ascertained pursuant to section 126.00 of this chapter.   8.  Indebtedness  of  a  city or a village having a population of five thousand or more for housing or urban renewal. In the case of a city  or a  village having a population of five thousand or more as determined by the last federal census, the amount of outstanding indebtedness of  such city or village  (a)  On account of any contract for capital or periodic subsidies to a housing authority to be paid subsequent to the then current year.  (b) Arising from a guarantee of the principal of and  interest  on  or only the interest on indebtedness contracted by a housing authority.  (c)  Represented  by  the unpaid balance of a loan from the state to a housing authority acting as an instrumentality of such city or village.  (d) Arising from the effectuating of any of the  purposes  of  article eighteen  of  the  state  constitution by any means other than those set forth in items (a), (b) and (c) of this subdivision.   The amount of indebtedness that may be deducted pursuant to items  (a) and  (b)  of  this  subdivision shall be ascertained pursuant to section 143.00 of this chapter.   8-a. The provisions of paragraph (d)  of  subdivision  eight  of  this section  shall  not  apply  to indebtedness for housing or urban renewal purposes to which the provisions of sections 150.00 and 151.00  of  this chapter  are  inapplicable  under  the  terms  of paragraph d of section 150.00 and paragraph g of section 151.00 of this chapter.   9. Subsidies or guarantees by a town or a village having a  population of  less  than five thousand for housing purposes. In the case of a town or a  village  having  a  population  of  less  than  five  thousand  as determined  by  the  last  federal  census,  the  amount  of outstanding indebtedness arising:  (a) From a guarantee of the payment of the principal of  and  interest on  or  only the interest on the indebtedness of a housing authority, or from the unpaid balance of a loan by the state to  a  housing  authority acting as an instrumentality of such town or village, or  (b)  From  a  contract  for  a  periodic subsidy to such an authority, whichever amount is smaller, provided that in the case  of  a  guarantee and  subsidy  there  is  a  contractual obligation to apply the sums due under such subsidy to the payment of all or part of the debt service  so guaranteed  and  that in the case of a state loan and subsidy there is a contractual obligation to apply the sums due under such subsidy  to  the payment  of  all  or  part  of  the  debt  service  of  such  loan.  The indebtedness on account of a subsidy and the indebtedness arising from a guarantee shall be  ascertained  pursuant  to  section  143.00  of  this chapter.   10.  Assets  of  sinking funds. Outstanding indebtedness not otherwise deducted pursuant to this section, to the extent to which there  may  be applied against such indebtedness the assets of sinking funds, inclusive  of  cash  therein  and  current budgetary appropriations thereto not yet realized as cash. The securities in such sinking funds shall  be  valued at not to exceed par.   10-a.   Refunded   bonds.   Outstanding  indebtedness,  not  otherwise deducted, evidenced by bonds to be  refunded,  provided  that  provision shall  have  been made pursuant to section 90.10 of this chapter for the payment in full, from the proceeds from the sale of refunding  bonds  or ascertainable  income  from investments or both, of all principal of and interest  on  such  bonds  to  be  refunded,  including  all  redemption premiums, as the same respectively become due and payable.   10-b. Certain refunding bonds. Outstanding indebtedness, not otherwise deducted,  evidenced  by  any  separate series of refunding bonds issued pursuant to section 90.10 of this chapter, provided that provision shall have been made pursuant to such section for the payment  in  full,  from ascertainable  income from investments, of all principal of and interest on such separate series of refunding bonds,  as  the  same  respectively become due and payable.   11.  Cash  on  hand  for debts. Outstanding indebtedness not otherwise deducted pursuant to this section, to the extent to which there  may  be applied  against such indebtedness cash on hand, other than in a sinking fund.   12. Appropriations. Outstanding indebtedness  not  otherwise  deducted pursuant  to  this  section, to the extent to which there may be applied against such indebtedness current budgetary appropriations,  other  than to a sinking fund, which have not yet been realized as cash.   13.  School  indebtedness  of  certain  cities.  In the case of a city having less than one hundred twenty-five thousand inhabitants  according to  the  latest  federal census, the several amounts of outstanding city indebtedness for education purposes allocated to a city school  district by the state comptroller.