NY Loc Fin L § 152.00 (2021)
2021 New York Laws LFN - Local Finance Article 2 - Local Indebtedness Title 11 - Power to Contract Indebtedness for Housing Purposes and Limitations Thereon 152.00 - Deductions for Self-Liquidating Housing Projects.

§  152.00 Deductions for self-liquidating housing projects. a. As used   in this section:1. The term "authority" shall  mean  a  housing  authority  owning  or   operating  a  project or projects aided by (a) a guarantee or guarantees   of the city representing indebtedness  which  the  city  is  seeking  to   exclude  pursuant  to this section, or (b) a loan or loans from the city   for which the city contracted indebtedness, which indebtedness the  city   is seeking to exclude pursuant to this section.2.  The  term "housing company" shall mean a housing company organized   under article two or article four of the private housing finance law, as   amended from time to time, owning or operating  a  project  or  projects   aided  by  a loan or loans from a city for which the city has contracted   indebtedness, which indebtedness it is seeking to  exclude  pursuant  to   this section.3. The term "project" shall mean that term as defined in section three   of  the public housing law and section two of article two of the private   housing finance law as amended from time to time. Such term  shall  also   include  an  existing  multiple  dwelling  aided  by  a loan pursuant to   article eight of the private housing finance law.4. The term "fiscal year" shall mean the fiscal year of the city.b. In ascertaining the power of any city to contract  indebtedness  to   effectuate  any  of  the  purposes  of  article  eighteen  of  the state   constitution, as implemented by the public housing  law  and  any  other   laws,  there  may  be excluded any indebtedness contracted by a city for   any project or projects 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,  provided  that  in  the  case  of   guarantees, the interest on such indebtedness and the  amounts  required   in such fiscal year for the payment of such indebtedness shall have been   paid  and that in the case of loans, the amount the city shall have been   required to pay in such fiscal year for interest  on  and  principal  of   such indebtedness shall have been paid to the city.c.  In  determining  whether or not a project or projects have yielded   net revenue during the preceding fiscal year:1. Periodic subsidies shall be included in computing gross revenues.2. There shall be deducted from the gross revenues received from  such   project or projects during such preceding fiscal year an amount equal to   all  costs  of operation, maintenance, repairs and replacements, and the   interest on such indebtedness and the amounts required  in  such  fiscal   year for the payment of such indebtedness.d.  At  any  time after the close of the fiscal year of such city, the   chief fiscal officer thereof may, in his discretion, file with the state   comptroller a financial statement of such project or  projects  for  the   purpose  of  obtaining  the exclusion referred to in paragraph b of this   section if1. In the case of a project or  projects  aided  by  a  guarantee,  or   guarantees,  interest on and the amount required for the payment of such   indebtedness in such preceding fiscal year shall have been paid,2. In the case of a loan or loans, the amount the city was required to   pay in such preceding fiscal year for interest on and principal of  such   indebtedness shall have been paid to such city,   and  the  chief  fiscal  officer  is of the opinion that the project has   yielded net revenue during such preceding fiscal year.e. The officers, boards and agencies of the authority, housing company   or owner of an existing multiple dwelling aided by a  loan  pursuant  to   article  eight  of  the private housing finance law, as the case may be,   shall furnish to the chief fiscal officer of such  city  such  data  and    information  in their possession with respect to the project or projects   as he shall require to enable him to determine whether  the  project  or   projects  have yielded net revenue. The statement submitted to the state   comptroller by the chief fiscal officer of the city shall be verified by   the  chief  fiscal  officer  and shall be in such form and shall contain   such information as  shall  be  prescribed  by  the  state  comptroller;   provided, however, that it shall contain a declaration that the payments   required  under  subdivisions one and two of paragraph d of this section   have been made.f. However, prior to the submission of such financial statement to the   state comptroller, the chief fiscal officer of such  municipality  shall   cause to be published a notice that on the date specified therein, which   date  shall  be  at  least  two  weeks  subsequent  to  the  date of the   publication of such notice, such financial statement will be filed  with   the  state  comptroller.  Such notice shall be published in the official   newspaper or newspapers of the municipality  or  if  there  be  no  such   newspaper  or  newspapers  then the finance board shall designate one or   more newspapers having a general circulation in  such  municipality  for   the  publication  of  such  notice.  The  notice  shall  also  contain a   statement of the amount of indebtedness sought  to  be  excluded  and  a   brief  description  of  the project or projects. A copy of the financial   statement  and  of  all  documents,  computations  and  other  data  and   information  which  will be submitted by the chief fiscal officer to the   state comptroller in support of such financial statement shall be  filed   in the office of such chief fiscal officer and shall be public records.g.  Upon  the  receipt  of  such  a financial statement from the chief   fiscal officer of such  city,  the  state  comptroller  forthwith  shall   review  the  facts  set  forth therein. The state comptroller shall have   power to examine the accounts  and  records  of  the  city  and  of  the   authority,  housing  company  or  owner of an existing multiple dwelling   aided by a loan pursuant to article eight of the private housing finance   law, as the case may be, with respect to the project or projects. He may   also require the chief fiscal officer and  other  officers,  boards  and   agencies  of  the  city  and of the authority or housing company, as the   case may be, and any such owner of an  existing  multiple  dwelling,  to   furnish  such  additional data and information in their possession as he   deems necessary to enable him to make his determination.h. The state comptroller shall issue  a  written  certificate  setting   forth his determination as to whether such indebtedness may be excluded.   If  the  exclusion  is allowed by the state comptroller, the certificate   shall  constitute  the  authorization  for   the   exclusion   of   such   indebtedness  in  ascertaining  the  power  of  such  city  to  contract   indebtedness to effectuate any of the purposes of  article  eighteen  of   the  state constitution as implemented by the public housing law and any   other laws. Such authorization shall remain effective until the last day   of the seventh month following the close of the  fiscal  year  in  which   such  financial  statement  shall  have  been  submitted.  If  the state   comptroller disallows the claims of the municipality for the  exclusion,   he  shall set forth the reasons for such disallowance. The determination   of the state comptroller shall be conclusive.  The  certificate  of  the   state  comptroller  shall  be  executed  under  his  hand  and  seal  in   triplicate. One of such triplicates shall be filed in the department  of   audit  and  control,  one  in  the  office  of the state commissioner of   housing and one in the office of the chief fiscal officer of such  city.   All such triplicates shall be public records.