NY Loc Fin L § 151.00 (2021)
2021 New York Laws LFN - Local Finance Article 2 - Local Indebtedness Title 11 - Power to Contract Indebtedness for Housing Purposes and Limitations Thereon 151.00 - Contents of Statement of Housing and Urban Renewal Indebtedness.

§   151.00   Contents  of  statement  of  housing  and  urban  renewal indebtedness.  a. If there remains unpaid any indebtedness contracted by a city, town or village to effectuate any of  the  purposes  of  article eighteen of the state constitution, as implemented by the public housing law  and  any  other  law, then within sixty days after the close of the fiscal year of such municipality, the chief fiscal officer thereof shall file  with  the  state  commissioner  of  housing  and  with  the  state comptroller  a  verified  statement of the power of such municipality to contract indebtedness for housing purposes or urban  renewal.  Not  more than  fifteen  nor  less  than  three  days before any such municipality except a city of over one million inhabitants contracts any indebtedness for such purposes, it shall file with  the  same  officials  a  verified supplemental statement of its housing and urban renewal debt contracting power  showing any additions to, omissions of or changes in the items or statements contained in its previous annual housing  and  urban  renewal debt statement and also showing the amount of such indebtedness proposed to  be  contracted.  A  city  of over one million inhabitants shall file verified supplemental statements of its housing and urban  renewal  debt contracting  powers as of the last day of September, December and March, if additional housing and urban renewal indebtedness has  been  incurred since  the date as of which the last preceding housing and urban renewal debt statement was  filed,  not  later  than  the  twenty-fifth  day  of October,  January  and  April,  respectively.  A duplicate copy of every annual and supplemental housing and urban renewal debt  statement  shall be  filed  in  the  same  period of time with the clerk or corresponding officer of such municipality. In the case of a city containing more than one county, such statements in addition to being  filed  with  the  city clerk  shall  also  be filed in the same period of time in the office of the chief fiscal officer thereof. Such annual and  supplemental  housing and  urban renewal debt statements and duplicates thereof filed pursuant to this section shall be public records.   b. The annual  statement  shall  contain  the  items  of  indebtedness enumerated  in  section  135.00  of this chapter which are contracted by such city, town or village for the purposes set forth in paragraph a  of section 150.00 of this chapter. The total of such items shall constitute the  gross  housing and urban renewal indebtedness of such municipality. From such gross indebtedness there may be deducted:   1. In the case of a town or a village having a population of less than five thousand as determined by the  last  federal  census,  pursuant  to subdivision  nine  of  section  136.00  of  this  chapter, the amount of indebtedness arising from a guarantee, a loan by the state to a  housing authority  acting  as  an  instrumentality  of such town or village or a contract for a periodic subsidy.   2. In the case of a city or a village  having  a  population  of  five thousand or more as determined by the last federal census  (a) The unpaid balance of a loan by the state to any housing authority acting  as  an  instrumentality of such city or village, if such housing authority is not in default in payment under the terms of such loan.  (b) The amount of outstanding indebtedness contracted  by  a  city  or such  a  village  for  any  project  aided  by a guarantee or guarantees representing such indebtedness or by a loan  or  loans  for  which  such indebtedness  was  contracted,  if  such  project or projects shall have yielded net revenue during the preceding fiscal year. The  determination as to whether such project or projects have yielded net revenue shall be made pursuant to section 152.00 of this chapter.  (c) The amount of outstanding indebtedness arising:  (1)  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  a  loan  by  the  state  to  a  housing  authority  acting  as  an instrumentality of such city or village, or  (2)  From  a  contract  for  a  periodic  subsidy to such an authority whichever amount is smaller, provided that the indebtedness arising from such guarantee or loan is not otherwise deducted  and  provided  further 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.  (d) The amount of outstanding indebtedness contracted for the purposes set forth in paragraph a of section 150.00  of  this  chapter  having  a period  of  probable  usefulness determined pursuant to any subdivision, other than subdivision forty-one-a, of paragraph a of section  11.00  of this chapter.  (e)  The  amount  of  outstanding  indebtedness contracted pursuant to article eleven of the private housing finance law.   2-a. In the case of the city of New York, the  amount  of  outstanding indebtedness  contracted  by  such  city  for  any  project  aided  by a guarantee or guarantees representing such indebtedness, if such  project or  projects  shall have yielded net revenue during the preceding fiscal year. The determination as to whether  such  project  or  projects  have yielded  net  revenue  shall  be made pursuant to section 152.00 of this chapter.   3. The items enumerated in subdivisions ten through twelve of  section 136.00  of  this  chapter,  which  are  applicable  as  deductions  from indebtedness contracted for such housing purposes, or urban renewal.   c. There shall also be set forth in such annual statement:   1. A statement of the net housing and net urban  renewal  indebtedness of  such  a  municipality.  Such  net  indebtedness shall be computed by subtracting from the gross indebtedness the total of the items which may be deducted pursuant to this section.   2. A statement of the average assessed valuation and of the five  most recent  assessed  valuations of the real property subject to taxation in such municipality according to each of the five most  recent  assessment rolls  prepared  for  such  municipality or if less than five assessment rolls have been prepared then as many of such assessed valuations as are available.   3. A statement of the total amount of  indebtedness  for  housing  and urban  renewal  purposes  which  may  be contracted by such municipality pursuant to paragraph a of section 150.00 of this chapter, and  the  net margin  of  debt-contracting  power  for  such  purposes  which shall be ascertained by deducting the net indebtedness from such total amount  of indebtedness which may be contracted for such purposes.   4. A statement of the percentage of the debt-contracting power of such municipality  for  housing  and  urban  renewal  purposes which has been exhausted. Such  percentage  shall  be  obtained  by  dividing  the  net indebtedness  of such municipality for such purposes by the total amount of indebtedness which it may contract  for  such  purposes  pursuant  to section 150.00 of this chapter.   d.  The  state  comptroller shall prescribe the form of the annual and supplemental housing and urban renewal debt statements and  may  require that  there  be  submitted  with  either  the annual or the supplemental statement, or with both, such other information as he deems appropriate.    e. The state comptroller shall prepare printed forms of the annual and supplemental housing and urban renewal debt statements  and  shall  make them available for distribution to cities, towns and villages.   f. The state comptroller shall charge the fees prescribed in paragraph c  of  section  141.00  of this chapter for copies, certified copies and exemplified copies of such debt statements and  for  searches  for  such statements.   g.  This section shall not apply to indebtedness contracted by a city, town or village for housing or urban renewal purposes (i) to the  extent that  the legislative power to authorize the contracting of indebtedness therefor is derived from sections two and four of article eight  of  the constitution  or from any other provision of the constitution outside of article eighteen thereof,  or  (ii)  to  the  extent  that  there  is  a sufficient  margin  of  debt contracting power to cover indebtedness for housing or urban renewal contracted pursuant to article eighteen of  the constitution  within  the  debt  limit  established  by  section four of article eight of the constitution unless the finance board  shall  elect to  charge  any such outstanding indebtedness or any part thereof to the debt limit provided in paragraph a of section 150.00 of this chapter. If no part of such indebtedness for housing and urban renewal  purposes  is charged  to  the debt limit provided in paragraph a of section 150.00 of this chapter, no annual or supplemental housing and urban  renewal  debt statement need be filed.