2023 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 › 124.00 - Bonds for Pensions; Ascertainment of Amount Thereof to Be Excluded.

§  124.00  Bonds  for  pensions; ascertainment of amount thereof to be
  excluded. a. As used in this section,  the  term  "accrued  liabilities"
  shall  mean  the  liabilities  of a pension or retirement system or fund
  accrued,  both  on  account  of  pensioners  on  the  pension  roll  and
  prospective  pensions to dependents of such pensioners and on account of
  prior service of active members of such system or fund, on the  date  of
  issuance of bonds to place such system or fund on a solvent basis.
b.   In   ascertaining   the  power  to  contract  indebtedness  of  a
  municipality which maintains a pension or retirement system or fund on a
  solvent basis, there may be excluded  outstanding  serial  bonds  issued
  subsequent  to  January  first,  nineteen  hundred  thirty-nine, by such
  municipality to place such pension or retirement system  or  fund  on  a
  solvent basis.
c.  1.  In  relation to bonds to be issued subsequent to the effective
  date of this chapter, to place a pension or retirement system or fund of
  a municipality on a solvent basis, prior to the issuance of such  bonds,
  the  finance  board  of  such municipality shall submit a request to the
  superintendent of financial services to ascertain  the  amount  of  such
  bonds  which may be issued for such purpose. Such request shall indicate
  whether the municipality proposes to deposit in such system or fund such
  bonds or the proceeds of such bonds. Such request shall be in such  form
  and  shall contain such additional information as shall be prescribed by
  the superintendent of financial services.
2. Upon the receipt of such request, the superintendent  of  financial
  services  forthwith  shall  review the facts set forth therein. He shall
  have the power to examine the accounts and records  of  such  system  or
  fund  and  of the municipality with respect thereto. He may also require
  the chief fiscal officer and other public officers, boards and  agencies
  to furnish such additional data and information as he deems necessary to
  enable him to make his determination.
3.  The  superintendent of financial services shall thereupon issue to
  such municipality a certificate setting forth the amount of bonds  which
  may  be  issued,  which  shall  not  exceed, in the aggregate, an amount
  sufficient to provide for the payment of the accrued liabilities of such
  system or fund. If the bonds are to be deposited in such system or fund,
  such certificate shall also set forth the interest rate or rates on such
  bonds and the maturities thereof necessary to provide for the payment of
  such accrued liabilities.
4. Upon the issuance  of  such  bonds,  such  bonds  or  the  proceeds
  thereof,  in  accordance  with  the  statement  in the request, shall be
  deposited in such system or fund. Such system or fund  shall  thereafter
  be maintained on a solvent basis.
d. Any time after there have been deposited in a pension or retirement
  system  or  fund,  bonds  issued  subsequent  to January first, nineteen
  hundred thirty-nine, to place such system or fund on a solvent basis, or
  the proceeds of such bonds, the chief fiscal officer of the municipality
  issuing such bonds, if he is of the opinion that such fund or system  is
  solvent  may, in his discretion, file a financial statement of such fund
  or system with the superintendent of financial services for the  purpose
  of  obtaining  the exclusion referred to in paragraph b of this section.
  Such statement shall be in such form and shall contain such  information
  as  shall  be  prescribed by the superintendent of financial services to
  enable him to determine whether or not such fund or system  is  solvent.
  Such  statement  shall  be  verified  by the chief fiscal officer of the
  municipality.
e. Upon the receipt of such a financial statement, the  superintendent
  of  financial  services  forthwith  shall  review  the  facts  set forth
  therein.  He shall have the power to examine the accounts and records of

  such system or fund and of the municipality with respect thereto. He may
  also require the chief fiscal officer and other public officers,  boards
  and agencies to furnish such additional data and information as he deems
  necessary to enable him to make his determination.
f.  The  superintendent  of  financial  services shall issue a written
  certificate setting forth his determination as to whether  or  not  such
  bonds may be excluded. If the exclusion is allowed by the superintendent
  of  financial  services, such certificate shall also state the amount of
  bonds to be excluded and shall  constitute  the  authorization  for  the
  exclusion  of  such bonds in ascertaining the power of such municipality
  to contract indebtedness. Such certificate  shall  be  effective  for  a
  period  of  one  year  from  the  date thereof. If the superintendent of
  financial services disallows the  claim  of  the  municipality  for  the
  exclusion,  he  shall  set  forth the reasons for such disallowance. The
  determination of the  superintendent  of  financial  services  shall  be
  conclusive.
g.  Certificates  issued  by  the superintendent of financial services
  pursuant to this section shall be executed under his hand  and  seal  in
  triplicate.  One of such triplicates shall be filed in the department of
  financial services, one in the department of audit and control  and  one
  in  the office of the chief fiscal officer of the municipality. All such
  triplicates shall be public records.