NY Loc Fin L § 125.00 (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 125.00 - Exclusion of Indebtedness for Self-Liquidating Dock and Transit Facilities; New York City.

§  125.00  Exclusion  of  indebtedness  for  self-liquidating dock and transit facilities; New York City. a. As used in this section:   1. The term "dock improvement" shall mean a dock improvement for which indebtedness was contracted by the city of New  York  prior  to  January first,  nineteen  hundred  ten,  and for which indebtedness a partial or complete exclusion is sought in accordance with the provisions  of  this section.   2. The term "transit facilities" shall mean:  (a)  Railroads  and  facilities  and  properties  used  in  connection therewith and rights therein owned by the city of New York, and  (b) Securities of  corporations  owning  such  railroads,  facilities, properties or rights, owned by the city of New York.   b.  In  ascertaining  the  power  of  the city of New York to contract indebtedness, there may be excluded:   1. Any outstanding indebtedness contracted by the city  prior  to  the first  day  of  January,  nineteen  hundred  ten, for a dock improvement proportionately to the extent to which the net revenue received  by  the city  therefrom  during  the  preceding  fiscal  year shall have met the interest on and the annual requirements for  the  amortization  of  such indebtedness during such fiscal year.   2.  Any  outstanding  indebtedness  contracted by the city for transit purposes, and not otherwise excluded, proportionately to the  extent  to which  the  net revenue received by the city during the preceding fiscal year from all its  transit  facilities  less  the  total  of  the  items enumerated in paragraph c of this section shall have met the interest on and  the  annual  requirements  for the amortization and payment of such non-excluded indebtedness during such fiscal year.   c. In ascertaining the amount of  indebtedness  for  transit  purposes that  may be excluded in accordance with the provisions of this section, there shall be deducted from the net revenue received by the  city  from all its transit facilities during such preceding fiscal year:   1.  An  amount equal to the interest and amortization requirements for such preceding fiscal year on indebtedness contracted for rapid  transit purposes  which  indebtedness  was excluded in ascertaining the power of the city to contract indebtedness by order of the appellate division  of the  supreme  court,  first judicial department, prior to January first, nineteen hundred thirty-nine.   2. An amount equal to (a) the interest for such preceding fiscal  year on  that  portion  of the indebtedness contracted for the acquisition of transit facilities which is excluded pursuant to paragraph A of  section seven-a  of  article eight of the state constitution in ascertaining the power of the city to contract indebtedness, and (b) the requirements for such preceding fiscal year for amortization on any  sinking  fund  bonds and  the  redemption  of  any  serial  bonds  evidencing  such  excluded indebtedness.   3. An amount equal to the sum of all  taxes  and  bridge  tolls  which accrued  to  the  city from transit facilities during the fiscal year of the city preceding the fiscal year in which such transit facilities were acquired. The transit facilities referred to  in  this  subdivision  are those  for  the acquisition of which indebtedness was contracted and all or part of which indebtedness is excluded pursuant  to  paragraph  A  of section   seven-a   of  article  eight  of  the  state  constitution  in ascertaining the power of the city to contract indebtedness.   4. The amount of net operating revenue derived by the  city  from  the independent  subway  system during the fiscal year of the city preceding the fiscal year in which were acquired the transit  facilities  referred to in subdivision three of paragraph c of this section.    d.  At any time after the close of a fiscal year of the city, the city comptroller may, in his discretion, file with the  state  comptroller  a financial  statement  for such fiscal year of any dock improvement or of all the transit facilities, if in the opinion of the  city  comptroller, the  city has received sufficient net revenue from such dock improvement or from such transit facilities, as the case may be, to entitle the city to an exclusion, in accordance with the provisions of this  section,  of all  or part of the indebtedness contracted for such dock improvement or for  such  transit  facilities.  The  city  comptroller  shall,  in  his discretion, determine and set forth in such statement the amount of such indebtedness which the city seeks to exclude. Such statement shall be in such  form  and shall contain such information as shall be prescribed by the state comptroller and shall be verified by the city comptroller.   e. However, prior to the submission of such financial  statement,  the city  comptroller  shall  cause to be published at least once a week for two weeks in the city  record  a  notice  that  on  the  date  specified therein,  which  date  shall  be at least two weeks from the date of the first publication of the notice, such financial statement will be  filed with  the  state comptroller on the date specified in the notice and the financial statement which will be filed by the city comptroller with the state comptroller on the date specified in the notice and a copy of  all documents,  computations  and  other  data and information which will be submitted by the city comptroller to the state comptroller in support of such financial statement.   f. Upon the receipt of  such  a  financial  statement  from  the  city comptroller,  the state comptroller forthwith shall review the facts set forth therein. The state comptroller shall have the power to examine the accounts and records of the city with respect to the dock improvement or the transit facilities, as the case may be. He may also require the city comptroller and other public officers, boards and  agencies  to  furnish such  additional data and information in their possession which he deems necessary to enable him to make his determination.   g. The state comptroller shall issue  a  written  certificate  setting forth  his  determination as to whether the amount of indebtedness which the city seeks to exclude, or any part thereof, may  be  excluded.  Such certificate  shall constitute the authorization for the exclusion of the amount of such indebtedness set forth therein, in ascertaining the power of the city to contract indebtedness and shall be  effective  until  the close  of  the  fiscal year in which such financial statement shall have been submitted. If the state comptroller disallows, in whole or in part, the claim of the city for the exclusion, he shall set forth  the  reason 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 duplicate. One of such duplicates shall be filed in the department of audit and control and the  other  in the  office  of  the  city comptroller. Both of such duplicates shall be public records.