reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control › Part 22 - Prompt Contracting And Interest Payments For Not-for-profit Organizations › Section 22.8 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control › Part 22 - Prompt Contracting And Interest Payments For Not-for-profit Organizations › Section 22.9 - Reports

Current through Register Vol. 46, No. 28, July 10, 2024
(a) On or before
				March 31st, each State agency shall, for each annual period beginning January
				second and ending the following January first prepare and transmit a report to
				the Office of the State Comptroller in relation to such State agency's
				contracting activities with not-for-profit organizations. The Office of the
				State Comptroller shall make such report available to the public.
(b) Such report shall include, but not be
				limited to:
(1) information regarding the
				number of programs affected by article XI-B of the State Finance Law;
(2) the ability of the State agency to meet
				the time frames described within article XI-B of the State Finance Law and the
				regulations;
(3) the number of
				programs, contracts, renewal contracts both complying and failing to comply
				with the time frames set forth in article XI-B of the State Finance
				Law;
(4) the number of contracts on
				which interest was paid;
(5) the
				amount of interest paid by each State agency; and
(6) any other information deemed relevant in
				relation to the implementation of prompt contracting and payments affecting
				not-for-profit organizations.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control › Part 22 - Prompt Contracting And Interest Payments For Not-for-profit Organizations › Section 22.10 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control › Part 23 - Not-for-profit Short-term Revolving Loan Fund › Section 23.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this regulation is to implement the provisions
				  of section 179-z  of the State Finance
				  Law.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control › Part 23 - Not-for-profit Short-term Revolving Loan Fund › Section 23.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
Unless otherwise specified, the terms used in this Part shall
				  have the same meaning as provided in Part 22 of this Title.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control › Part 23 - Not-for-profit Short-term Revolving Loan Fund › Section 23.4 - Criteria for loan eligibility

Current through Register Vol. 46, No. 28, July 10, 2024
In order to determine whether a not-for-profit organization
				  is eligible for a loan from the fund, the not-for-profit organization shall
				  provide a State agency with information demonstrating to the State agency
				  that:
(a) The not-for-profit
				organization is capable of providing the services contemplated by the proposed
				contract.
(b) The not-for-profit
				organization would not be able to provide services without a loan. Indicia of
				the not-for-profit organization's inability may include the following factors:
(1) insufficient cash to meet the next
				payroll, benefits or payroll taxes;
(2) insufficient cash to make its next
				rental, utilities or insurance payment(s);
(3) vendors provide goods and services to the
				not-for-profit organization on a cash-on-delivery basis only;
(4) accounts payable exceeds 45 days due to
				inadequate cash flow; and
(5) any
				other information deemed by the State agency or the State Comptroller to
				indicate that the not-for-profit organization is unable to provide the services
				contemplated by the proposed contract without a loan from the fund.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control › Part 23 - Not-for-profit Short-term Revolving Loan Fund › Section 23.5 - General terms applicable to all loans

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Loans from the Not-for-Profit Short-Term
				Revolving Loan Fund shall not bear interest.
(b) The amount of each such loan shall not
				exceed one-half of the first quarter payment of the proposed
				contract.
(c) Repayment of such
				loan shall be made by reducing the first payment(s) due under the fully
				executed contract from the State. Provided however with the approval of the
				State Comptroller repayment of such loans may be prorated over the term of the
				fully executed new or renewal contract. The not-for-profit organization must
				demonstrate to the State agency and State Comptroller that it is financially
				unable to repay the loan obtained from the fund from first moneys to be
				received pursuant to the fully executed contract to receive an extended term
				for repayment. In no event shall the term of the loan exceed one
				year.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control › Part 23 - Not-for-profit Short-term Revolving Loan Fund › Section 23.6 - Ineligibility for other benefits

Current through Register Vol. 46, No. 28, July 10, 2024
Any not-for-profit organization receiving a loan from the
				  fund shall be ineligible to receive interest from a State agency,
				  notwithstanding the provisions of section 179-v  of the State Finance Law and shall
				  be ineligible to receive advance payments, notwithstanding section 179-u  of the State Finance
				  Law.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control › Part 24 - Contract Award Protest Procedure for Contract Awards Subject to the Comptroller's Approval › Section 24.1 - Purpose and Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to set forth the procedure to be
				  used when an interested party challenges a contract award by a public
				  contracting entity that is subject to the approval of the Comptroller. This
				  Part shall apply to all contract awards where the Comptroller's approval is
				  required, or provided for, by law, resolution or otherwise, including, but not
				  limited to, contracts made by or for the State pursuant to section one hundred twelve  of the State Finance Law, section twenty eight seventy nine a of the
				  Public Authorities Law, or any other special law.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control › Part 24 - Contract Award Protest Procedure for Contract Awards Subject to the Comptroller's Approval › Section 24.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) "Appeal" means
				a written challenge by an interested party of a protest determination rendered
				by a public contracting entity, regarding a contract award that is subject to
				the approval of the Comptroller.
(b) "Bidder" means an individual, entity or
				other offeror submitting a response to a solicitation by a public contracting
				entity.
(c) "Bureau of Contracts"
				means the business unit within the Office of the State Comptroller that is
				responsible for reviewing and approving contracts subject to the Comptroller's
				approval.
(d) "Contract award"
				means a written determination from a public contracting entity to a bidder
				indicating that the public contracting entity has selected a particular bidder
				under the procurement process.
(e)
				"Interested party" means a participant in the procurement process, and those
				who can establish that their participation in the procurement process was
				foreclosed by the actions of the public contracting entity and have suffered
				harm as a result of the manner in which the procurement was
				conducted.
(f) "Protest" means a
				written challenge by an interested party of a contract award that is subject to
				the approval of the Comptroller.
(g) Protesting party" means an interested
				party who has filed a protest or an appeal with the Bureau of
				Contracts.
(h) "Public contracting
				entity" means: any State agency, department, board, commission, office or
				institution; the State University of New York; the City University of New York;
				or any public authority, public benefit corporation, or other public or
				quasi-public entity which is awarding, or has awarded a contract subject to the
				Comptroller's approval.
(i)
				"Solicitation" means a document issued by a public contracting entity,
				requesting a response to a procurement need, including an Invitation for Bids,
				a Request for Proposals, or another written method of seeking a bid or a
				proposal for a specified purpose.
(j) "Successful bidder" means the bidder
				whose bid or proposal has been selected for contract award by a public
				contracting entity; or, in the case of a contract entered into on a
				noncompetitive basis, an individual or entity that has executed a contract that
				is subject to the Comptroller's approval.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control › Part 24 - Contract Award Protest Procedure for Contract Awards Subject to the Comptroller's Approval › Section 24.3 - Proper Filing of Initial Protests

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Proper filing of an initial protest
				depends on whether the public contracting entity has its own bid protest
				procedure and has provided bidders with proper notice of such. Where the public
				contracting entity has a written protest procedure and has provided notice of
				such procedure in the solicitation, a protest shall be filed initially with the
				public contracting entity. However, an interested party may file an initial
				protest with the Bureau of Contracts in accordance with section 24.4  of this
				Part, after the public contracting entity has made a contract award, if:
1. the public contracting entity has not
				provided notice of its protest procedure in the solicitation; or
2. the facts that would give rise to a
				protest are not known to, and could not reasonably have been known to, an
				interested party prior to the date by which a protest was required to be filed
				with the public contracting entity.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control › Part 24 - Contract Award Protest Procedure for Contract Awards Subject to the Comptroller's Approval › Section 24.4 - Initial Protests Filed with the Bureau of Contracts

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An initial protest to the Bureau of
				Contracts must be in writing and must contain specifically enumerated factual
				and/or legal allegations, setting forth the basis on which the protesting party
				challenges the contract award by the public contracting entity.
(b) Time to file a protest.
1. An interested party must file an initial
				protest with the Bureau of Contracts within ten business days of receiving
				notice of the contract award which it seeks to challenge or, if a debriefing
				has been requested by the interested party, within five business days of the
				debriefing, whichever is later.
2.
				If the interested party is not provided notice of the contract award, the
				interested party may file a protest with the Bureau of Contracts at any time
				after the contract award and prior to the Comptroller's final action on the
				contract.
3. In the case of a
				protest related to a procurement that resulted in contract awards to multiple
				successful bidders, the interested party must file such protest with the Bureau
				of Contracts prior to the Comptroller's final action on any contract award
				related to that procurement.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control › Part 24 - Contract Award Protest Procedure for Contract Awards Subject to the Comptroller's Approval › Section 24.5 - Appeal of Public Contracting Entity's Protest Determination

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Time to file an appeal.
1. An interested party may file an appeal of
				a public contracting entity's protest determination with the Bureau of
				Contracts within ten business days of receiving the public contracting entity's
				protest determination.
2. In its
				appeal, the interested party shall set forth the basis on which it challenges
				the public contracting entity's protest determination. The interested party
				shall also include, as an exhibit to its appeal, a copy of the initial bid
				protest submitted to the public contracting entity and the determination of
				such bid protest issued by the public contracting entity.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter I - Audit Of Revenues And Accounts Payable From State Funds And Funds Under Its Control › Part 24 - Contract Award Protest Procedure for Contract Awards Subject to the Comptroller's Approval › Section 24.6 - Notice and Filing

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part, any required "notice" or "filing"
				  shall be in writing and shall be deemed effective upon actual receipt by the
				  intended recipient.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 25 - Requirements For Notice Of Sale Of Bonds By Municipalities, School Districts And District Corporations › Section 25.1 - Purpose of regulation

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this regulation is to prescribe requirements
					 for notices of sale of bonds by municipalities, school districts and district
					 corporations. It is adopted pursuant to section 57.00 (d)  of the Local
					 Finance Law, which requires the Comptroller to adopt a rule in connection with
					 the sale of bonds:
(a) designating a
				  financial newspaper in which notices of the sale of bonds may be
				  published;
(b) prescribing the
				  procedure for the circularization of such notices;
(c) prescribing requirements relating to the
				  content, publication or circularization of such notices, in addition to but not
				  inconsistent with the provisions of the Local Finance Law; and
(d) prescribing the requirements for the
				  alternative and permissive publication or circularization of notices of the
				  sale of bonds of an issue not exceeding $5,000, as permitted by section 63.00  of the Local Finance Law.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 25 - Requirements For Notice Of Sale Of Bonds By Municipalities, School Districts And District Corporations › Section 25.2 - Publication of notice

Current through Register Vol. 46, No. 28, July 10, 2024
Each notice of the sale of bonds shall be published at
					 least once in the Daily Bond Buyer, 1 State Street Plaza, New York, NY 10004,
					 except as otherwise provided in sections
					 25.3
					 and
					 25.4 
					 of this Part.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 25 - Requirements For Notice Of Sale Of Bonds By Municipalities, School Districts And District Corporations › Section 25.3 - Alternative method of publication and circularization

Current through Register Vol. 46, No. 28, July 10, 2024
In lieu of the requirement for publication prescribed by
					 section
					 25.2  of
					 this Part, such notice of the sale of bonds may be published and circularized
					 in the following manner:
(a) by at
				  least one publication of such notice in any newspaper or newspapers which are
				  designated for that purpose by the finance board of the issuer; and
(b) by mailing a copy of such notice to the
				  following:
(1) State Comptroller, 110 State
				  Street, Albany, NY 12236-0001;
(2)
				  at least two banks or trust companies having a place of business in the county
				  or counties in which the issuer is located, or, if only one bank is located in
				  such county or counties, then to such bank and to at least two banks or trust
				  companies having a place of business in an adjoining county;
(3) the Daily Bond Buyer, 1 State Street
				  Plaza, New York, N.Y. 10004; and
(4) at least 10 bond dealers which are
				  designated for that purpose by the finance board of the issuer. the finance
				  board may authorize the chief fiscal officer to make such
				  designations.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 25 - Requirements For Notice Of Sale Of Bonds By Municipalities, School Districts And District Corporations › Section 25.4 - Alternative methods for certain issues

Current through Register Vol. 46, No. 28, July 10, 2024
In the case of the public sale of bonds of an issue not
					 exceeding $500,000, as permitted by section 63.00  of the Local Finance Law, such
					 notice shall be given by one of the two following methods:
(a) as provided in section
				  25.2  of
				  this Part; or
(b) as provided in
				  subdivision (b) of section
				  25.3 
				  of this Part, except that the issuer need not mail a copy of the notice to the
				  Daily Bond Buyer as provided in paragraph (3) of subdivision (b) nor to more
				  than five bond dealers designated by the finance board of the issuer.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 25 - Requirements For Notice Of Sale Of Bonds By Municipalities, School Districts And District Corporations › Section 25.5 - Time of publication and circularization

Current through Register Vol. 46, No. 28, July 10, 2024
The publication of such notice pursuant to this Part shall
					 be made not less than 5 or more than 30 days before the date of the sale. The
					 notice, if mailed pursuant to section
					 25.2 or
					 25.3 
					 of this Part, shall be mailed not less than 8 nor more than 30 days before the
					 date of sale.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 25 - Requirements For Notice Of Sale Of Bonds By Municipalities, School Districts And District Corporations › Section 25.6 - Information required

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to the information required by section 58.00  of the Local Finance Law, each
					 notice of the sale of bonds shall contain:
(a)
(1) If
				  a single issue is being sold, a description of the bonds, showing the amount,
				  purpose, date, denominations and maturities of the issue. If two or more issues
				  are being sold as a single issue pursuant to paragraph (c) of section 57.00  of the Local Finance Law, a
				  description of the bonds, showing as to each issue the amount and purpose; and,
				  as to the combined issue the date, denominations and maturities of the
				  bonds.
(2) A statement as to
				  whether the bonds will be issued in registered form, in bearer form with
				  coupons, or, as permitted in certain cases by section 63.00  of the Local Finance Law, in bearer
				  form without coupons; whether the bonds may be converted into bearer or
				  registered form, as the case may be; whether the bonds are redeemable prior to
				  maturity; whether the interest will be paid annually or semiannually; the
				  medium of payment; the place or places of payment; the tax status of interest
				  on the bonds; and the place and the proposed date for delivery of the
				  bonds.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 25 - Requirements For Notice Of Sale Of Bonds By Municipalities, School Districts And District Corporations › Section 25.7 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 25 - Requirements For Notice Of Sale Of Bonds By Municipalities, School Districts And District Corporations › Section 25.8 to 25.9 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 26 - Requirements For Notice Of Sale Of Notes By Municipalities, School Districts And District Corporations › Section 26.0 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 26 - Requirements For Notice Of Sale Of Notes By Municipalities, School Districts And District Corporations › Section 26.1 - Purpose of regulation

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this regulation is to prescribe requirements
					 for notices of sale of notes by municipalities, school districts and district
					 corporations. It is adopted pursuant to section 60.00 (e)  of the Local
					 Finance Law, which requires the Comptroller to adopt a rule in connection with
					 the public sale of notes:
(a)
				  prescribing a procedure for the circularization of notices for the public sale
				  of notes; and
(b) prescribing such
				  data and information as he may deem advisable to be contained in such
				  notices.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 26 - Requirements For Notice Of Sale Of Notes By Municipalities, School Districts And District Corporations › Section 26.2 - Circularization of notice

Current through Register Vol. 46, No. 28, July 10, 2024
Each notice of the sale of notes to be sold at public sale
					 pursuant to the Local Finance Law shall be circularized by mailing a copy of
					 the notice to the following:
(a) State
				  Comptroller, 110 State Street, Albany, NY 12236-0001;
(b) at least two banks or trust companies
				  having a place of business in the county or counties in which the issuer is
				  located or, if only one bank is located in such county or counties, to such
				  bank and to at least two banks or trust companies having a place of business in
				  an adjoining county; and
(c) at
				  least 10 bond dealers designated by the finance board of the issuer. The
				  finance board may authorize the chief fiscal officer to make such
				  designations.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 26 - Requirements For Notice Of Sale Of Notes By Municipalities, School Districts And District Corporations › Section 26.3 - Time of circularization

Current through Register Vol. 46, No. 28, July 10, 2024
The notice of sale shall be mailed pursuant to section
					 26.2  of
					 this Part not less than 8 nor more than 30 days before the date of the
					 sale.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 26 - Requirements For Notice Of Sale Of Notes By Municipalities, School Districts And District Corporations › Section 26.4 - Information required

Current through Register Vol. 46, No. 28, July 10, 2024
Each such notice of sale shall contain:
(a) a statement of the place where and the
				  time when the note or notes will be sold and the conditions of sale; a
				  description of the notes showing the amount, purpose, date, denomination and
				  maturity; whether interest will be paid annually or semiannually; whether the
				  notes will be issued in registered or bearer form; whether the notes may be
				  converted into bearer or registered form, as the case may be; whether the notes
				  are redeemable prior to maturity; the medium of payment; the place or places of
				  payment or the terms and conditions under which such place or places will be
				  designated; the place and the proposed date for delivery of the
				  notes;
(b) in the case of counties,
				  cities, towns, villages and school districts, a statement that the notes are
				  general obligations of the issuer; that there is no limitation, either as to
				  rate or amount, upon ad valorem taxes upon taxable real property in such
				  municipality or district which may be required to pay the notes and the
				  interest thereon; and that the New York State Constitution requires the issuer
				  to pledge its faith and credit for the payment of the principal of the notes
				  and the interest thereon;
(c) in
				  the case of fire districts and other district corporations, a statement that
				  the notes are general obligations of the issuer payable from ad valorem taxes
				  or assessments upon taxable real property in the fire district or district
				  corporation which may be levied without limitation as to rate or amount. (If
				  the notes are payable in the first instance from revenues other than ad valorem
				  taxes or assessments on real property, the notice shall so state.)
(d) a statement that the approving opinion of
				  a designated attorney or firm of attorneys will be furnished without cost to
				  the purchaser of the notes, if such opinion is to be furnished; and
(e) if an official statement is required by
				  Part 27 of this Subchapter, a statement that an official statement will be
				  furnished to any interested bidder upon request.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 27 - Requirements For The Preparation And Filing Of Official Statements › Section 27.1 - Statement of purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to establish uniform State
					 standards for the essential content of official statements issued by
					 municipalities, school districts and district corporations in connection with
					 the public sale of obligations. By providing standards for the presentation of
					 information in official statements, the regulations will assist investors,
					 provide guidance of such municipalities, school districts and district
					 corporations, and facilitate the creation in the State Comptroller's office of
					 a central repository of comparable information for statistical and analytical
					 purposes. These standards of disclosure will also enhance government
					 accountability through increased availability of information to the public
					 about the financial condition of their government. This Part is not intended to
					 supersede other applicable disclosure requirements, nor to excuse an issuer
					 from the requirement that all material information be disclosed. Issuers should
					 in preparing an official statement consider any principles of Federal or State
					 law that may be applicable. The information required by this Part is not
					 required to be presented in any specific form or order in official statements
					 and no reference need be made to inapplicable items.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 27 - Requirements For The Preparation And Filing Of Official Statements › Section 27.2 - Requirement of an official statement

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An official statement shall be required
				  as provided in this Part for each public sale, under section 57.00 or
				  60.00  of the Local Finance Law, of
				  obligations in excess of a principal amount of $500,000, by a municipality,
				  school district or district corporation.
(b) The State Comptroller may determine upon
				  application, with respect to a particular sale of obligations, that compliance
				  in whole or in part with the requirements of this Part is not necessary or
				  appropriate in the public interest.
(c) Failure to comply with any requirement of
				  this Part or of section
				  25.6(f)
				 or
				  26.4(e) 
				  of this Subchapter shall not affect the validity of any obligations, shall not
				  create any rights in any person, and shall not serve as the basis for any
				  claim, action or proceeding by any person.
(d) If a preliminary official statement is
				  issued, it shall be subject to the requirements of this Part relating to the
				  content of an official statement and the filing of a preliminary official
				  statement.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 27 - Requirements For The Preparation And Filing Of Official Statements › Section 27.3 - Notice of sale

Current through Register Vol. 46, No. 28, July 10, 2024
Each notice of sale of obligations shall contain, in
					 addition to any information otherwise required by the Local Finance Law or the
					 regulations of the State Comptroller, a statement required by section
					 25.6(f)
					 or
					 26.4(e) 
					 of this Subchapter, whichever is applicable.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 27 - Requirements For The Preparation And Filing Of Official Statements › Section 27.4 - Time of filing

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A
				  copy of the official statement and any amendments thereto, if a preliminary
				  official statement is not issued, shall be filed in the office of the clerk of
				  the issuer, or with the secretary of the issuer if there is no clerk, prior to
				  the date of receipt of bids for the issue of obligations to which such official
				  statement relates, and shall be made available by the issuer to any interested
				  person. A copy of such official statement and any amendments thereto shall be
				  filed in the office of the State Comptroller within 10 days after the delivery
				  of the obligations to the purchaser.
(b) If a preliminary official statement is
				  issued, a copy thereof and any amendments thereto shall be filed in the office
				  of the clerk of the issuer, or with the secretary of the issuer if there is no
				  clerk, prior to the date of receipt of bids for the issue of obligations to
				  which such preliminary official statement relates and shall be made available
				  by the issuer to any interested person. A copy of the official statement and
				  any amendments thereto shall be filed and made available in like manner on or
				  before the delivery of the obligations to the purchaser. A copy of the official
				  statement and any amendments thereto shall be filed in the office of the State
				  Comptroller within 10 days after the date of such delivery.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 27 - Requirements For The Preparation And Filing Of Official Statements › Section 27.5 - Content of official statement

Current through Register Vol. 46, No. 28, July 10, 2024
The official statement shall contain a cover page, a table
					 of contents, where appropriate a copy of the notice of sale, any appendices
					 which may be included therein and at least the following categories of
					 information:
(a) description of the
				  issue;
(b) description of the
				  issuer;
(c) financial
				  information;
(d) description of
				  debt structure; and
(e) legal
				  matters.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 27 - Requirements For The Preparation And Filing Of Official Statements › Section 27.6 - Cover page

Current through Register Vol. 46, No. 28, July 10, 2024
The cover page shall contain at least the following
					 information: the date of the official statement; the total principal amount of
					 the obligations; the name of the issuer; the type of obligations being offered
					 (e.g.,serial bonds, tax anticipation notes, etc.); the date of issue; the
					 maturity date or dates, including a statement as to whether the obligations are
					 redeemable prior to maturity; interest payment dates; the place or places of
					 payment; the denominations of the obligations if known; a statement as to the
					 tax status of interest on the obligations; and the place and proposed date for
					 delivery of the obligations.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 27 - Requirements For The Preparation And Filing Of Official Statements › Section 27.7 - Description of issue

Current through Register Vol. 46, No. 28, July 10, 2024
The parts of the official statement describing the issue
					 shall contain at least the following information:
(a) an amplification of items contained on
				  the cover page where appropriate;
(b) a description of the legal authority for
				  the issuance of the obligations;
(c) the specific objects or purposes, or
				  classes of objects or purposes, as the case may be, for which the obligations
				  have been authorized, and the amount being issued for each;
(d) a description of the nature and sources
				  of payment for the obligations; and
(e) a description of redemption features of
				  the obligations.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 27 - Requirements For The Preparation And Filing Of Official Statements › Section 27.8 - Description of the issuer

Current through Register Vol. 46, No. 28, July 10, 2024
The parts of the official statement describing the issuer
					 shall contain at least the following information:
(a) a statement containing a brief history of
				  the issuer, where material;
(b) a
				  statement briefly describing the current form of government of the
				  issuer;
(c) a brief description of
				  the principal governmental services and, where material, the facilities
				  provided by the issuer, indicating if they are partially or wholly
				  self-supporting;
(d) a brief
				  description of taxes and other major revenues of the issuer, including any
				  revenues in lieu of taxes;
(e)
				  material information about the issuer's employees, including the status of
				  employee relations and a description of the retirement systems applicable to
				  such employees; and
(f) historical
				  and available current data on the economy and population of the issuer,
				  including information about the major types of business in the immediate
				  geographical area of the issuer, identifying any employer who employs more than
				  10 percent of the persons employed in such area.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 27 - Requirements For The Preparation And Filing Of Official Statements › Section 27.9 - Financial information

Current through Register Vol. 46, No. 28, July 10, 2024
The parts of the official statement containing financial
					 information shall present material facts relating to the financial position and
					 the results of the operations of the issuer, and shall contain at least the
					 following information:
(a) a brief
				  description of the types of funds and account groups of the issuer, and a
				  summary of budgetary processes or financial plan processes in the case of a
				  municipality subject to section 8 of the New York State Financial Emergency
				  Act, significant accounting policies, and the procedures for the levy or
				  imposition and collection of taxes and other major revenues;
(b) a statement of the issuer's real property
				  taxing power, the issuer's tax limitation, if any, and the total tax
				  levy;
(c) in tabular form, the
				  assessed valuation of taxable real property, State equalization rate, full
				  valuation, and real property tax rates for the last five fiscal
				  years;
(d) in tabular form, the
				  total tax levy, the amount of delinquent taxes as of the end of each of the
				  issuer's last five fiscal years, and the tax delinquency rate for each of such
				  fiscal years;
(e) except as
				  otherwise provided in this subdivision, in tabular form, by major items of
				  revenue and appropriation:
(1) for the
				  immediately preceding fiscal year:
(i) the
				  operating budget:
(a) as adopted;
(b) as modified; and
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 27 - Requirements For The Preparation And Filing Of Official Statements › Section 27.10 - Description of debt structure

Current through Register Vol. 46, No. 28, July 10, 2024
The parts of the official statement describing the debt
					 structure of the issuer shall contain at least the following
					 information:
(a) a discussion of the
				  applicable constitutional and statutory requirements concerning the limitations
				  on indebtedness;
(b) in the case of
				  bonds, bond anticipation notes and capital notes, a summary of the issuer's
				  debt contracting power showing the calculation of the issuer's debt limitation,
				  gross indebtedness, net indebtedness and debt contracting margin;
(c) in the case of bonds and bond
				  anticipation notes, a tabular schedule of:
(1) the annual long-term debt service for
				  each of the next five fiscal years with required principal and interest
				  payments on all outstanding indebtedness for each such fiscal year;
				  and
(2) if material, the annual
				  long-term debt service for each subsequent fiscal year with required principal
				  and interest payments on all outstanding indebtedness for each such fiscal
				  year;
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 27 - Requirements For The Preparation And Filing Of Official Statements › Section 27.11 - Legal matters

Current through Register Vol. 46, No. 28, July 10, 2024
The parts of the official statement describing legal
					 matters shall contain at least the following information:
(a) a description of any pending or
				  threatened legal proceedings which may affect the validity of the obligations
				  or have a material adverse effect upon the ability of the issuer to pay the
				  obligations, or on the market therefor;
(b) any proposed legal opinion approving the
				  obligations, or a summary thereof; and
(c) a description of the tax status of the
				  obligations and the interest thereon.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 27 - Requirements For The Preparation And Filing Of Official Statements › Section 27.12 - Other material information

Current through Register Vol. 46, No. 28, July 10, 2024
All other material information not specifically required by
					 this Part should be included in the official statement.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 27 - Requirements For The Preparation And Filing Of Official Statements › Section 27.13 - Signing of official statement

Current through Register Vol. 46, No. 28, July 10, 2024
The official statement shall be signed on or prior to the
					 date of delivery of the obligations on behalf of the issuer as to all financial
					 statements, by the chief fiscal officer, and such other person or persons, if
					 any, as may be designated by the finance board of such issuer; as to other
					 portions of the official statement by such person or persons, among whom may be
					 the chief fiscal officer, as may be designated by the finance board of such
					 issuer.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 28 - Debt Statement Form To Be Used In Connection With Public Sales Of Bonds By Cities Having More Than 125,000 Inhabitants › Section 28.1 - Form of statement

Current through Register Vol. 46, No. 28, July 10, 2024
The debt statement form to be used in connection with
					 public sales of bonds by cities having 125,000 or more inhabitants according to
					 the 1960 Federal census under the provisions of section 109.00  of the Local Finance Law and title
					 10 of article 2 of the Local Finance Law, shall be in the form shown at
					 Appendix 5 attached hereto and hereby made a part hereof as fully as if herein
					 set forth.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 28 - Debt Statement Form To Be Used In Connection With Public Sales Of Bonds By Cities Having More Than 125,000 Inhabitants › Section 28.2 - Temporary provision

Current through Register Vol. 46, No. 28, July 10, 2024
Notwithstanding section
					 28.1  of this
					 Part, until August 1, 1964, any city having more than 125,000 inhabitants may,
					 in the alternative, use the debt statement form prescribed by the regulation of
					 the State Comptroller of June 13, 1961, with such appropriate changes as may be
					 required to comply with provisions of the Local Finance Law.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 29 - Annual And Supplemental Debt Statements For Housing And Urban Renewal Purposes To Be Used By Cities, Towns And Villages › Section 29.1 - Form of statement

Current through Register Vol. 46, No. 28, July 10, 2024
Annual and supplemental debt statements of housing and
					 urban renewal indebtedness to be used by cities, towns and villages under the
					 provisions of title 11 of article 2 of the Local Finance Law shall be in the
					 form shown at Appendix 6 attached hereto and hereby made a part hereof as fully
					 as if herein set forth.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 29 - Annual And Supplemental Debt Statements For Housing And Urban Renewal Purposes To Be Used By Cities, Towns And Villages › Section 29.2 - Temporary provision

Current through Register Vol. 46, No. 28, July 10, 2024
Notwithstanding section
					 29.1  of this
					 Part, until August 1, 1961, any city, town or village may, in the alternative,
					 use the debt statement form prescribed by the regulation of the State
					 Comptroller promulgated on September 16, 1960, repealed by this order (former
					 Appendix 1, pp. 98.1-98.6 AC 11-21-60) with such appropriate changes as may be
					 required to comply with provisions of the Local Finance Law.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 30 - Certificate Of The Chief Fiscal Officer Relating To The Issuance Of Urban Renewal Notes › Section 30.1 - Form of certificate

Current through Register Vol. 46, No. 28, July 10, 2024
The certificate of the chief fiscal officer of a
					 municipality pursuant to section 25.10  of the Local Finance Law relating to
					 the issuance of urban renewal notes shall be in the form shown at Appendix 7
					 attached hereto and hereby made a part hereof as fully as if herein set
					 forth.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 30 - Certificate Of The Chief Fiscal Officer Relating To The Issuance Of Urban Renewal Notes › Section 30.2 - Repealed

Current through Register Vol. 46, No. 28, July 10, 2024
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 31 - Debt Statement Form To Be Used In Connection With Public Sales Of Bonds By Counties, Towns, Villages And Cities Having Less Than 125,000 Inhabitants › Section 31.1 - Form of statement

Current through Register Vol. 46, No. 28, July 10, 2024
The debt statement form to be used in connection with
					 public sales of bonds by counties, towns, villages and cities having less than
					 125,000 inhabitants according to the 1960 Federal census under the provisions
					 of section 109.00  of the Local Finance Law and title
					 10 of article 2 of the Local Finance Law, shall be in the form shown at
					 Appendix 8, attached hereto, and hereby made a part hereof as fully as if
					 herein set forth.
New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Chapter II - Municipal Affairs › Subchapter A - Sales Of Bonds And Notes; Debt Statements › Part 31 - Debt Statement Form To Be Used In Connection With Public Sales Of Bonds By Counties, Towns, Villages And Cities Having Less Than 125,000 Inhabitants › Section 31.2 - Temporary provision

Current through Register Vol. 46, No. 28, July 10, 2024
Notwithstanding section
					 31.1  of this
					 Part, until August 1, 1964, any county, town, village or city having less than
					 125,000 inhabitants may, in the alternative, use the debt statement form
					 prescribed by the regulation of the State Comptroller of June 13, 1961, as
					 amended August 4, 1961, with such appropriate changes as may be required to
					 comply with provisions of the Local Finance Law.