NY Loc Fin L § 15.20 (2021)
2021 New York Laws LFN - Local Finance Article 2 - Local Indebtedness Title 1-A - Indebtedness Relative to Municipal Cooperative Activities 15.20 - Limitations on Amount of Local Indebtedness; Exclusions of Certain Indebtedness.

§  15.20  Limitations  on  amount of local indebtedness; exclusions of   certain indebtedness.   a. The provisions  of  section  104.00  of  this   chapter  shall  be  applicable  in  relation  to the powers of counties,   cities, towns, villages and  school  districts  in  cities  to  contract   indebtedness,  and  the  powers of other school districts to issue bonds   and bond anticipation notes, in connection with a joint service or joint   water, sewage or drainage project; provided, however, that the amount of   the joint indebtedness of any such municipal corporation or municipality   therefor shall not  exceed  the  amount  allocated  and  apportioned  as   provided  in  or  pursuant  to  the  provisions of section 15.10 of this   chapter.b. In ascertaining the power of a county, city,  town  or  village  to   contract  indebtedness,  there  shall be excluded any joint indebtedness   and any several indebtedness contracted to provide  for  the  supply  of   water.   Any such indebtedness for such purpose shall not be excluded in   ascertaining the power of any school district to contract  indebtedness.   The  provisions  of  paragraph  c  of  this  section  shall not apply to   indebtedness contracted to provide for the supply of water.c. In ascertaining the power of a county, city,  town  or  village  to   contract  indebtedness there shall be excluded any joint indebtedness or   several indebtedness contracted or proposed to be contracted for a joint   service, other than a joint sewage or drainage project,  to  the  extent   permitted  by  paragraph  C  of  section  five  of  article eight of the   constitution, as implemented by section  123.00  of  this  chapter.  The   provisions of this paragraph shall not be deemed to affect or impair any   other existing exclusions of indebtedness granted by any other provision   of  this chapter or the constitution. Any such municipal corporation, or   all of such municipal corporations, participating in  a  joint  service,   other  than  a  joint sewage or drainage project, may apply to the state   comptroller for a conclusive determination of the amount or  amounts  of   any  such  indebtedness contracted or proposed to be contracted for such   joint service to be excluded  pursuant  to  the  provisions  of  section   123.00  of  this  chapter.  The  provisions  of such section, other than   subdivision two of paragraph b thereof, shall be applicable in  relation   to  any such application, and the procedural provisions thereof shall be   liberally construed to effectuate  the  provisions  of  paragraph  C  of   section  five  of  article  eight of the constitution.  Where there is a   joint application and the fiscal years of the municipal corporations are   not the same, the term "preceding fiscal year,  "  as  used  in  section   123.00,  shall, for the purposes of this section, mean "preceding year."   If an application is not  made  jointly  by  all  of  the  chief  fiscal   officers  of the participating municipal corporations, written notice of   such application shall be given, prior to the filing of the  application   with  the  state  comptroller,  to  the  chief  fiscal  officer  of each   participating municipal corporation not joining in such application.  In   the  case  of  a  joint  application the notice required to be published   under the provisions of paragraph h of section 123.00 shall be published   in the official newspaper or newspapers of  each  of  the  participating   municipal  corporations, or if there be no such newspaper or newspapers,   then in one or  more  newspapers  having  general  circulation  in  such   municipal  corporations  as  the  finance boards shall designate, except   that where any newspaper  is  the  official  newspaper  of  all  of  the   participating   municipal   corporations,   or  is  the  only  newspaper   designated  by  the  finance  boards  as  a  newspaper  having   general   circulation in all of the participating municipal corporations, only one   notice  need  be published in any such newspaper. Where there is a joint   application in relation to a joint service which has been  in  operation   for one year, and the fiscal years of the municipal corporations are not    the  same,  the  certificate of the state comptroller shall be effective   only until the first day of the fourth month following the close of  the   year of operation described in the application.d.   In   ascertaining   the  power  of  a  municipality  to  contract   indebtedness there shall be excluded  all  or  any  part  of  the  joint   indebtedness  or  several  indebtedness  contracted  or  proposed  to be   contracted for a joint sewage or drainage project the amount or  amounts   of  which  shall  be determined conclusively by the state comptroller in   the same manner as provided in paragraph c of this section, except that,   in any  proceeding  under  this  paragraph,  any  requirement  that  the   improvement,  or part thereof, or service shall have yielded net revenue   during the preceding fiscal year or preceding year in  a  sum  equal  to   twenty-five  per  centum or more of the amount required in such year for   the payment of the interest  on  an  amortization  of,  or  payment  of,   indebtedness,  as set forth in subdivisions one and three of paragraph b   and in subdivision two of paragraph c of section 123.00,  shall  not  be   applicable.