New York Codes, Rules and Regulations › Title 2 - DEPARTMENT OF AUDIT AND CONTROL › Appendices › Appendix 7

Current through Register Vol. 46, No. 28, July 10, 2024
Form A.C. 877 (1961)
CERTIFICATE OF THE CHIEF FISCAL OFFICER
OF
__________
(Name of Municipality)
RELATING TO THE ISSUANCE OF URBAN RENEWAL NOTES
FOR URBAN RENEWAL PROJECT NO. ________
(Pursuant to Local Finance Law, Section
				25.10(e))
I,
_______
(Name) the
_______
(d) ________
chief fiscal officer, of the
(City)
(Town)
(Village) of ________
New York (hereinafter referred to as the "municipality"), do
				hereby certify that:
1. Such
			 municipality has duly authorized an urban renewal project pursuant to the
			 provisions of the General Municipal Law.
2. The finance board of such municipality by
			 resolution adopted on the ________ day of ________, 19 ________ has (authorized
			 the issuance) (delegated the power to authorized the issuance) of urban renewal
			 notes in the aggregate principal amount of $ ________ for the temporary
			 financing of such project.
3. Such
			 municipality intends to issue and sell urban renewal notes within not more than
			 fifteen nor less than three days after the date of the filing of this
			 certificate in the aggregate principal amount of $ ________ pursuant to (such
			 resolution) (a certificate of the undersigned chief fiscal officer) and section 25.10  of the Local Finance Law in
			 anticipation of the receipt of moneys for such project from (the sale of real
			 property or an interest therein acquired for or incidental to such project;)
			 (the United States government pursuant to Title 1 of the Housing Act of 1949,
			 as amended;) (the State of New York pursuant to the General Municipal
			 Law.)*
4. Pertinent data relating
			 to cost of the project and its previous financing, as set forth in the attached
			 Exhibit A, show that the proposed issuance and sale of urban renewal notes does
			 not exceed the urban renewal note borrowing margin of the municipality for the
			 project at this date.
________
Dated
________
Chief Fiscal Officer
This certificate is hereby approved this
________ day of ________,
19________.
________
Commissioner of Housing and
Community Renewal**
* Include only the appropriate sources of moneys in
				anticipation of the receipt of which urban renewal notes are to be
				issued.
** Division of Housing and Community Renewal--Transmit original
				of approved certificate to:
Department of Audit and Control
Division of Municipal Affairs
110 State Street
Albany, New York 12236-0001
Return rejected certificates to Chief Fiscal Officer of
				Municipality.
INSTRUCTIONS
Purpose
The purpose of these forms is to determine the total amount of
				urban renewal notes which a municipality may issue for temporarily financing an
				urban renewal project in anticipation of the receipt of moneys for the project
				from (1) the sale of real property acquired for the project; (2) the United
				States Government; (3) the State of New York; (4) from any or all such sources.
				At no time may an urban renewal note be issued or renewed in an amount which
				shall exceed the total receivable from these sources.
Not more than 15 days nor less than 3 days before the sale of
				urban renewal notes by a municipality, its chief fiscal officer shall file with
				the State Comptroller a certificate containing the information prescribed by
				the State Comptroller. The certificate shall also bear the approval of the
				Commissioner of Housing and Community Renewal (Local Finance Law, Section
				25.10(e)). This
				certificate is required to be filed in addition to the Statement of Housing and
				Urban Renewal Indebtedness required by Local Finance Law, Section
				151.00 (Form A.C. 896 (1960)). No
				additional certificate is required to be filed in connection with the
				subsequent renewal of an outstanding urban renewal note.
Page 1, Item 2
Indicate by appropriate deletion whether the municipal finance
				board has authorized issuance of the notes or has delegated the issuing power
				to the chief fiscal officer.
Page 1, Item 3
Make such deletions as are necessary to show whether issuance
				of the notes will be made pursuant to resolution or to the certificate of the
				chief fiscal officer, and indicate only the source or sources of moneys in
				anticipation of which the notes are to be issued.
Exhibit A
The total provision for financing project (Line 7) must agree
				with the total estimated cost of the project (Line 1).
The local share of financing for project (Line 4) must agree
				with the total cash and non-cash local grants-in-aid (Lines 8 and 9).
The amount to be issued on present urban renewal note
				certification (Line 17) may not exceed the borrowing margin (Line 16) and
				should agree with the aggregate principal amount stated in Item 3 on page
				1.
Schedule 1
Show data on obligations at the date of this certification and
				for this project only. Exclude obligations, if any, issued to finance the local
				share of the net project cost.
Filing
For the required approval of the Commissioner of Housing and
				Community Renewal, send the original and one copy of the completed certificate
				to:
State Division of Housing and Community Renewal
270 Broadway
New York 7, New York
To comply with the time limits fixed by statute (Page 1, Item
				3) sufficient time should be allowed for the Division of Housing and Community
				Renewal to process the certificate and forward it the State Comptroller.
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