NY Gen Mun L § 99-G (2021)
2021 New York Laws GMU - General Municipal Article 5 - Powers, Limitations and Liabilities 99-G - Capital Program.

§  99-g.  Capital program. 1. Any municipal corporation, by resolution or ordinance of the governing board,  may  undertake  the  planning  and execution of a capital program in accordance with the provisions of this section.   2.  A  capital program shall be a plan of capital projects proposed to be undertaken during a six-year period, the estimated cost  thereof  and the proposed method of financing.   3.  The  officer  charged with the preparation of the tentative budget shall annually cause the capital  program  to  be  prepared,  and  shall submit  it to the governing board with the tentative budget. It shall be arranged in such manner as to indicate the order  of  priority  of  each project, and to state for each project:  (a) a description of the proposed project and the estimated total cost thereof;  (b)  the  proposed method of financing, indicating the amount proposed to be financed by direct budgetary  appropriation  or  duly  established reserve  funds;  the  amount,  if any, estimated to be received from the federal and/or state governments; and the amount to be financed  by  the issuance   of  obligations,  showing  the  proposed  type  or  types  of obligations, together with the period of probable usefulness  for  which they are proposed to be issued;  (c)  an  estimate  of  the effect, if any, upon operating costs of the municipal corporation within each of the three  fiscal  years  following completion of the project.   4.  The  tentative  budget  shall  include the amount proposed for the capital program to be financed by direct budgetary appropriation  during the fiscal year to which such tentative budget pertains.   5.  There  shall  be included in the budget message, if any, a general summary of the financial requirements for the capital  program  for  the fiscal  year  to  which the budget message relates.  Additional comments and recommendations of any other board, officer or agency  may  also  be included in the budget message.   6.  The governing board shall annually adopt the capital program after review and revisions, if any. The provisions of any law  relating  to  a public  hearing  on  the  tentative  budget,  and to the adoption of the budget, shall apply to the capital program.   7. At any time during the fiscal year for which  the  capital  program was  adopted,  the governing board by the affirmative vote of two-thirds of its total membership,  may  amend  the  capital  program  by  adding, modifying  or  abandoning  the  projects, or by modifying the methods of financing. No capital project shall be authorized or  undertaken  unless it is included in the capital program as adopted or amended.   8. The term "capital project" as used in this section shall mean:  (a) any   physical   betterment   or   improvement,  including  furnishings, machinery, apparatus  or  equipment  for  such  physical  betterment  or improvement  when  first constructed or acquired, or (b) any preliminary studies and surveys relating to any physical betterment or  improvement, or  (c)  land  or rights in land, or (d) any combination of (a), (b) and (c).   9. Nothing in this section shall be construed to authorize a municipal corporation to incur indebtedness for which obligations  may  be  issued except as provided by the local finance law.