2023 New York Laws › LFN - Local Finance › Article 2 - Local Indebtedness › Title 10 - Statement of Debt-Contracting Power of Municipalities, Fire Districts and Certain School Districts › 136.00 - Statement of Total Debt; Deductions From Gross Indebtedness.

§  136.00 Statement of total debt; deductions from gross indebtedness.
The debt statement of a municipality, school district in a city or  fire
district  setting  forth  its  total  net  indebtedness  may contain the
following items  of  deduction  for  the  purpose  of  showing  the  net
indebtedness of such municipality, school district or fire district:
1.  Tax  and  other  revenue  anticipation  obligations. The amount of
outstanding indebtedness represented by obligations issued in any fiscal
year in anticipation of
(a) The collection of taxes or assessments on real estate for  amounts
theretofore actually levied and uncollected or to be levied in such year
and payable out of such taxes or assessments,
(b)  Money  receivable  from  the  state  which  has  theretofore been
apportioned by the state or which is to be  so  apportioned  within  one
year after their issue, and
(c) The collection of any other taxes due and payable or to become due
and  payable  within  one  year  after their issue or of other revenues,
including the receipt of moneys for any urban renewal  project  or  part
thereof  (1)  from  the  sale of real property, or any interest therein,
acquired for or incidental to an urban renewal project; or (2) from  the
United  States  government  pursuant  to title one of the housing act of
nineteen hundred forty-nine as amended; or (3) from  the  state  of  New
York  for  urban renewal purposes pursuant to the general municipal law,
to be received within one year after their issue;
except any such obligations or renewals thereof, which are  not  retired
within five years after their date of original issue.
1-a.  Obligations  issued  for  other  than  capital improvements. The
amount of outstanding  indebtedness  evidenced  by  obligations  (except
serial  bonds  of  an  issue  having a maximum maturity of more than two
years) issued for objects  or  purposes  other  than  the  financing  of
capital  improvements  and  contracted  to be redeemed in one of the two
fiscal years immediately succeeding the year of their issue.
2. Water indebtedness. In the case of a municipality or fire district,
the amount of outstanding indebtedness contracted  to  provide  for  the
supply of water.
3.  Indebtedness  contracted for self-liquidating projects. (a) In the
case  of  a  municipality,  the  amount  of  outstanding   indebtedness,
contracted  for  a public improvement or part thereof, or service, owned
or rendered by such municipality, which has been  excluded  pursuant  to
section  123.00  of  this chapter. (b) In the case of a city, village or
town, the amount of outstanding indebtedness, contracted by  a  district
corporation,  as the term "district corporation" is defined in paragraph
a of section 102.00 of this chapter, if such indebtedness was contracted
for a public improvement or part thereof, or service, owned or  rendered
by  such  district  corporation,  which  has  been  excluded pursuant to
section 123.00 of this chapter. (c) In the case of a county or town, the
amount of outstanding indebtedness, contracted by any such  municipality
on  behalf  of  an improvement district for a public improvement or part
thereof, or service, owned or rendered by such district, which has  been
excluded pursuant to section 123.00 of this chapter.
3-a.  Indebtedness  arising from the amounts to become due pursuant to
contracts for the construction of buildings or other public improvements
entered into by the state commissioner of general services as agent  for
a county or a city pursuant to chapter one hundred fifty-two of the laws
of  nineteen  hundred  sixty-four or chapter three hundred fifty-four of
the laws of nineteen hundred sixty-three, if the amounts  which  are  to
become  due pursuant to such contracts are payable in the first instance
from appropriations made by the  state  for  such  purposes  subject  to

reimbursement  of  the state by such county or city from the proceeds of
the sale of obligations issued by such county or city.
3-b.  Indebtedness  arising  from  the amounts due or to become due as
rental payments pursuant to a lease or sublease  between  the  New  York
state housing finance agency and a municipality, which lease or sublease
provides    for    the    acquisition,   construction,   reconstruction,
rehabilitation or improvement of a health facility  by  the  health  and
mental  hygiene  facilities  improvement  corporation  and the financing
thereof by the New York state housing finance  agency  pursuant  to  the
provisions  of  the health and mental hygiene facilities improvement act
and section forty-seven-d of the private housing finance law.
3-c. Indebtedness arising from the amounts due or  to  become  due  as
rental  payments  pursuant  to  a lease or sublease between the New York
state medical care facilities finance agency and a  municipality,  which
lease   or   sublease   provides   for  the  acquisition,  construction,
reconstruction, rehabilitation or improvement of a  health  facility  by
the health and mental hygiene facilities improvement corporation and the
financing  thereof by the New York state medical care facilities finance
agency pursuant to the provisions  of  the  health  and  mental  hygiene
facilities   improvement  act  and  the  New  York  state  medical  care
facilities finance agency act.
4. Bonds for pensions. In the case of a municipality,  the  amount  of
outstanding  indebtedness represented by bonds issued in accordance with
section 124.00 of this chapter to place a pension or  retirement  system
or fund on a solvent basis.
* 4-a.   Indebtedness   for  sewage  facilities.  In  the  case  of  a
municipality, the amount of outstanding indebtedness  contracted  on  or
after  January  first,  nineteen hundred sixty-two, and prior to January
first, two thousand twenty-four, for the construction or  reconstruction
of  facilities for the conveyance, treatment and disposal of sewage. The
amount of such indebtedness to be deducted shall be ascertained pursuant
to section 124.10 of this chapter.
* NB Effective until the effective date of  constitutional  amendments
proposed in S.4597/A.3776
* 4-a.   Indebtedness   for  sewage  facilities.  In  the  case  of  a
municipality, the amount of outstanding indebtedness  contracted  on  or
after  January  first,  nineteen hundred sixty-two, and prior to January
first, two thousand thirty-four, for the construction or  reconstruction
of  facilities for the conveyance, treatment and disposal of sewage. The
amount of such indebtedness to be deducted shall be ascertained pursuant
to section 124.10 of this chapter.
* NB Effective upon the effective date  of  constitutional  amendments
proposed in S.4597/A.3776
5.  Assessable  improvements.  The  amount of outstanding indebtedness
contracted by the cities of Buffalo, Rochester and Syracuse for so  much
of the cost and expense of any public improvement, as may be required by
the ordinance or local law assessing the same to be raised by assessment
upon  local  property  or territory, to the extent that such outstanding
indebtedness, together  with  other  indebtedness  initially  contracted
therefor  from  time  to  time  after  January  first,  nineteen hundred
twenty-eight, and since retired aggregates, in the case of the cities of
Buffalo and Rochester, a sum not exceeding ten million  dollars  and  in
the  case  of  the  city  of  Syracuse, a sum not exceeding five million
dollars. Any indebtedness thereafter contracted  for  such  purposes  in
excess  of  such  sums  shall  not  be  so  deducted.  Nothing  in  this
subdivision shall be construed to prevent the deduction of any  refunded
indebtedness  if  the  indebtedness  refunded was deductible pursuant to
this subdivision.
6. Indebtedness of a county wholly included within or coterminous with
a city. In the case of a city, the amount of outstanding indebtedness of
a county wholly included within such city or which is  coterminous  with
such city.
7. In the case of the city of New York:
(b)  Indebtedness  for self-liquidating dock facilities. The amount of
outstanding indebtedness contracted by the city, prior to the first  day
of  January,  nineteen hundred ten, for dock purposes proportionately to
the extent to which the  current  net  revenues  received  by  the  city
therefrom shall meet the interest on and the annual requirements for the
amortization of such indebtedness. The amount of such indebtedness to be
deducted  shall  be  ascertained  pursuant  to  section  125.00  of this
chapter.
(c) Indebtedness of the  independent  subway  system.  The  amount  of
outstanding   indebtedness  contracted  after  January  first,  nineteen
hundred twenty-eight, for the construction or equipment, or both, of new
rapid transit railroads provided, however, that when the  total  of  the
indebtedness  initially  contracted  from  time  to time after such date
finally aggregates the sum of three hundred million dollars,  regardless
of  whether  or  not  any  part thereof has been previously retired, any
indebtedness thereafter  contracted  for  such  purposes  shall  not  be
deducted.  Nothing in this subdivision shall be construed to prevent the
deduction of any refunded indebtedness if the indebtedness refunded  was
deductible pursuant to this subdivision.
(d)  Indebtedness  for  transit  unification  purposes.  The amount of
outstanding indebtedness contracted by the city for the  acquisition  of
railroads  and  facilities or properties used in connection therewith or
rights therein or securities  of  corporations  owning  such  railroads,
facilities  or  rights,  provided,  however,  that when the total of the
indebtedness initially contracted from time to time by the city for such
purposes finally aggregates the sum of  three  hundred  fifteen  million
dollars,  regardless  of  whether  or  not  any  part  thereof  has been
previously retired, any  indebtedness  thereafter  contracted  for  such
purposes  shall  not  be  deducted. Nothing in this subdivision shall be
construed to prevent the deduction of any refunded indebtedness  if  the
indebtedness refunded was deductible pursuant to this subdivision.
(e)  Rapid  transit  indebtedness  excluded  prior to nineteen hundred
thirty-nine. The amount of outstanding indebtedness contracted for rapid
transit purposes which indebtedness was  excluded  in  ascertaining  the
power  of the city to become indebted by order of the appellate division
of the supreme court, first judicial department, prior to January first,
nineteen hundred thirty-nine.
(f) Indebtedness for self-liquidating transit facilities.  The  amount
of outstanding indebtedness contracted by the city for transit purposes,
and  not  otherwise deducted, proportionately to the extent to which the
current net revenue received by the city  from  its  transit  facilities
shall meet the interest and the annual requirements for the amortization
and  payment  of  such  non-deducted  indebtedness.  The  amount of such
indebtedness to be deducted shall be  ascertained  pursuant  to  section
125.00 of this chapter.
(g)  Indebtedness  for  hospital  purposes.  The amount of outstanding
indebtedness contracted after January first, nineteen hundred fifty, for
the  construction,  reconstruction  and  equipment  of  city  hospitals,
provided,  however,  that  when  the total of the indebtedness initially
contracted from time to time after such date finally aggregates the  sum
of  one  hundred fifty million dollars, regardless of whether or not any
part thereof has been previously retired,  any  indebtedness  thereafter
contracted  for  such  purposes  shall  not be deducted. Nothing in this

subdivision shall be construed to prevent the deduction of any  refunded
indebtedness  if  the  indebtedness  refunded was deductible pursuant to
this subdivision.
(h)   Indebtedness   for   rapid  transit  railroads.  The  amount  of
outstanding  indebtedness  contracted  after  January  first,   nineteen
hundred  fifty-two,  for  the  construction  and  equipment of new rapid
transit railroads, including extensions and  interconnections  with  and
between  existing  rapid  transit  railroads  or  portions  thereof, and
reconstruction  and  equipment  of  existing  rapid  transit  railroads,
provided,  however,  that  when  the total of the indebtedness initially
contracted from time to time after such date finally aggregates the  sum
of  five  hundred million dollars, regardless of whether or not any part
thereof  has  been  previously  retired,  any  indebtedness   thereafter
contracted  for  such  purposes  shall  not be deducted. Nothing in this
subdivision shall be construed to prevent the deduction of any  refunded
indebtedness  if  the  indebtedness  refunded was deductible pursuant to
this subdivision.
(i)  Indebtedness  for  certain  school  purposes.   The   amount   of
outstanding  indebtedness  contracted  for school purposes, evidenced by
bonds, to the  extent  to  which  state  aid  for  common  schools,  not
exceeding  two  million  five  hundred  thousand dollars, shall meet the
interest on and the annual requirements for the amortization and payment
of all or part of one or more issues of such bonds. The amount  of  such
indebtedness  to  be  deducted  in  any fiscal year of the city shall be
ascertained pursuant to section 126.00 of this chapter.
8. Indebtedness of a city or a village having  a  population  of  five
thousand  or more for housing or urban renewal. In the case of a city or
a village having a population of five thousand or more as determined  by
the  last federal census, the amount of outstanding indebtedness of such
city or village
(a) On account of any contract for capital or periodic subsidies to  a
housing authority to be paid subsequent to the then current year.
(b)  Arising  from  a guarantee of the principal of and interest on or
only the interest on indebtedness contracted by a housing authority.
(c) Represented by the unpaid balance of a loan from the  state  to  a
housing authority acting as an instrumentality of such city or village.
(d)  Arising  from  the effectuating of any of the purposes of article
eighteen of the state constitution by any means  other  than  those  set
forth in items (a), (b) and (c) of this subdivision.
The  amount of indebtedness that may be deducted pursuant to items (a)
and (b) of this subdivision shall be  ascertained  pursuant  to  section
143.00 of this chapter.
8-a.  The  provisions  of  paragraph  (d) of subdivision eight of this
section shall not apply to indebtedness for  housing  or  urban  renewal
purposes  to  which the provisions of sections 150.00 and 151.00 of this
chapter are inapplicable under the  terms  of  paragraph  d  of  section
150.00 and paragraph g of section 151.00 of this chapter.
9.  Subsidies or guarantees by a town or a village having a population
of less than five thousand for housing purposes. In the case of  a  town
or  a  village  having  a  population  of  less  than  five  thousand as
determined by  the  last  federal  census,  the  amount  of  outstanding
indebtedness arising:
(a)  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  the  unpaid  balance of a loan by the state to a housing authority
acting as an instrumentality of such town or village, or
(b) From a contract for a  periodic  subsidy  to  such  an  authority,
whichever  amount  is  smaller, provided 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.
10. Assets of sinking funds. Outstanding  indebtedness  not  otherwise
deducted  pursuant  to this section, to the extent to which there may be
applied against such indebtedness the assets of sinking funds, inclusive
of cash therein and current budgetary  appropriations  thereto  not  yet
realized  as  cash. The securities in such sinking funds shall be valued
at not to exceed par.
10-a.  Refunded  bonds.  Outstanding   indebtedness,   not   otherwise
deducted,  evidenced  by  bonds  to be refunded, provided that provision
shall have been made pursuant to section 90.10 of this chapter  for  the
payment  in  full, from the proceeds from the sale of refunding bonds or
ascertainable income from investments or both, of all principal  of  and
interest  on  such  bonds  to  be  refunded,  including  all  redemption
premiums, as the same respectively become due and payable.
10-b. Certain refunding bonds. Outstanding indebtedness, not otherwise
deducted, evidenced by any separate series  of  refunding  bonds  issued
pursuant to section 90.10 of this chapter, provided that provision shall
have  been  made  pursuant to such section for the payment in full, from
ascertainable income from investments, of all principal of and  interest
on  such  separate  series  of refunding bonds, as the same respectively
become due and payable.
11. Cash on hand for debts.  Outstanding  indebtedness  not  otherwise
deducted  pursuant  to this section, to the extent to which there may be
applied against such indebtedness cash on hand, other than in a  sinking
fund.
12.  Appropriations.  Outstanding  indebtedness not otherwise deducted
pursuant to this section, to the extent to which there  may  be  applied
against  such  indebtedness current budgetary appropriations, other than
to a sinking fund, which have not yet been realized as cash.
13. School indebtedness of certain cities.  In  the  case  of  a  city
having  less than one hundred twenty-five thousand inhabitants according
to the latest federal census, the several amounts  of  outstanding  city
indebtedness  for education purposes allocated to a city school district
by the state comptroller.