New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter D - Exclusion Of Self-liquidating Indebtedness From Limitations › Part 62 - Exclusion Of Sewer Indebtedness In Ascertaining Power Of A Municipality To Contract Indebtedness › Section 62.4 - Contents of application

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  The application shall state whether it is made by the chief fiscal officer in
				  his discretion or upon direction of the finance board. It shall contain a brief
				  description of the facilities for the construction or reconstruction of which
				  the indebtedness has been or is proposed to be incurred and a statement that
				  such facilities are for the conveyance, treatment and disposal of sewage. If
				  any part of such facilities are for a purpose other than the conveyance,
				  treatment and disposal of sewage, the application shall state the nature of
				  such other purpose and the amount of indebtedness contracted or proposed to be
				  contracted therefor. In the case of an application relating to proposed
				  indebtedness to be excluded, the application shall state the approximate date
				  or dates when such indebtedness, or portions thereof, are proposed to be
				  contracted and whether such indebtedness is to be in the form of a contract for
				  construction or in the form of obligations, or in both such forms. It shall
				  also contain a reference to the law pursuant to which such facilities are or
				  will be owned and a statement of the actual date or, if that is not known, the
				  approximate date when the facilities were or are to be placed in
				  operation.
(b) In the case of
				  indebtedness contracted or proposed to be contracted by a county or town on
				  behalf of an improvement district the application shall state the date on which
				  such improvement district was created or established, the date of any extension
				  thereof, a reference to the statutes pursuant to which it was created,
				  established or extended and a reference to the statutes pursuant to which it
				  operates. It shall also state the dates of the commencement and termination of
				  the fiscal year in which the application is filed.
(c) A verified itemized statement, prepared
				  by the chief fiscal officer in his discretion or on the direction of the
				  finance board, of the indebtedness of the municipality contracted or proposed
				  to be contracted for such facilities on or after January 1, 1962 and prior to
				  January 1, 1973 shall be attached to the application. Such statement shall
				  describe each issue of bonds, bond anticipation notes, capital notes or other
				  obligations issued or proposed or contract indebtedness incurred or proposed to
				  be incurred within such period. It shall state the date of such issuance or
				  incurrence, the amount of such obligations originally issued and the amount
				  outstanding as of the date of the application.
(d) In the case of outstanding contract
				  indebtedness such statement shall set forth the name of each party to the
				  contract or contracts and an itemization of the amount of indebtedness
				  originally incurred under each such contract or contracts and the amount owing
				  as of the date of the application.
(e) Such application shall also state that,
				  in the event that the State Comptroller shall grant the exclusion sought, the
				  revenues, if any, of such facility, during the period for which the exclusion
				  is effective shall be applied and actually used for the payment of all costs of
				  operation, maintenance and repairs and payment of the amounts required for the
				  interest on and amortization of or redemption of the indebtedness sought to be
				  excluded, or that such revenues will be deposited in a special fund to be used
				  solely for such payments.
(f) In
				  the case of bond indebtedness, a maturity schedule for the bond issue shall
				  also be appended to the application and a statement shall be included setting
				  forth the manner in which the payment of debt service on such bonds is to be
				  paid (e.g., sewer rents, taxes, assessments, etc.).
(g) In the event that the State Comptroller
				  shall have issued pursuant to section 123.00  of the Local Finance Law a
				  certificate excluding all or part of the indebtedness sought to be excluded
				  pursuant to section 124.10  of the Local Finance Law, the
				  application shall state the date of such certificate and the amount and nature
				  of such indebtedness for which such exclusion was granted.