reglab/statecodes huggingface dataset:
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Public Sales Of Bonds By Counties, Towns, Villages And Cities Having Less Than 125,000 Inhabitants › Section 31.3 - Repealed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 32 - Requirements For Notice Of Transfer And Sale Of Delinquent Real Estate Tax Receivables › Section 32.1 - Purpose of regulation

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this regulation is to provide for the
					 publication and alternative means of circulation of notices of the public sale
					 of delinquent real estate tax receivables by cities with a population of one
					 million or more. This regulation is adopted pursuant to section 99-s  of the General Municipal Law, which
					 requires the Comptroller, by rules and regulations, to:
(a) designate a financial newspaper published
				  and circulated in such city for the publication of such notices; and
(b) prescribe an alternative manner for the
				  circulation of 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 32 - Requirements For Notice Of Transfer And Sale Of Delinquent Real Estate Tax Receivables › Section 32.2 - Publication of notice

Current through Register Vol. 46, No. 28, July 10, 2024
Each notice of the public sale of delinquent real estate
					 tax receivables shall be published at least once in either The Bond Buyer, 1
					 State Street Plaza, New York, NY 10004; or Redemption Digest and Securities
					 Industry Daily, 99 Hudson Street, 8th Fl., New York, NY 10013; except as
					 otherwise provided in section
					 32.3 
					 of this Part. Such notice shall contain the information required to be included
					 therein pursuant to section 99-s  of the General Municipal
					 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 32 - Requirements For Notice Of Transfer And Sale Of Delinquent Real Estate Tax Receivables › Section 32.3 - Alternative method of circulation

Current through Register Vol. 46, No. 28, July 10, 2024
In lieu of the requirement for publication prescribed by
					 section
					 32.2  of
					 this Part, such notice of the public sale of delinquent real estate tax
					 receivables may be circulated 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 such city; and
(b) by causing a copy of such notice to be
				  delivered to the following:
(1) Office of the
				  State Comptroller, 110 State Street, Albany, NY 12236-0001, Attention: Deputy
				  Comptroller, Division of Investments and Cash Management;
(2) one or more trade publications of
				  national recognition serving the municipal bond industry or asset
				  securitization industry published on each business day in the State of New York
				  which is generally available to participants in that respective
				  industry;
(3) one or more trade
				  wire services of national recognition serving the municipal bond industry or
				  asset securitization industry which makes available information regarding
				  activity and sales of municipal bonds or securitized assets, as applicable, and
				  which is generally available to participants in that respective
				  industry;
(4) at least two banks or
				  trust companies having a place of business in the city; and
(5) at least 10 bond dealers and
				  underwriters.
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 32 - Requirements For Notice Of Transfer And Sale Of Delinquent Real Estate Tax Receivables › Section 32.4 - Time of publication and circulation

Current through Register Vol. 46, No. 28, July 10, 2024
The publication of notice pursuant to section
					 32.2 or
					 32.3(a),
					 as applicable, of this Part shall be done in accordance with the time
					 requirements set forth in section 99-s  of the General Municipal Law. The
					 circulation of notice pursuant to section
					 32.3(b) 
					 of this Part, shall be deemed to have been made if such notice is delivered
					 within the period of time set forth in section 99-s  of the General Municipal Law for the
					 publication of notice.
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 33 - Debt Statement Form To Be Used In Connection With Public Sales Of Bonds By School Districts › Section 33.1 - 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 school districts 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 Exhibit
					 attached hereto[FN*] 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 33 - Debt Statement Form To Be Used In Connection With Public Sales Of Bonds By School Districts › Section 33.2 - Temporary provision

Current through Register Vol. 46, No. 28, July 10, 2024
The debt statement form[FN*]prescribed in such order of
					 July 19, 1950, hereby repealed may be used during the months of May and June,
					 1951, as provided by section 49 of chapter 831 of the Laws of
					 1951.
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 33 - Debt Statement Form To Be Used In Connection With Public Sales Of Bonds By School Districts › Section 33.3 - Effective date

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall take effect immediately and shall be filed
					 in the Department of Audit and Control and a duplicate original copy hereof
					 shall be filed in the Department of State.
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 34 - Debt Statement Forms To Be Used In Connection With Public Sales Of Bonds By School Districts In Cities Under 125,000 Inhabitants › Section 34.1 - 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 school districts coterminous with or partly within or
					 wholly within, cities having less than 125,000 inhabitants according to the
					 latest Federal census, under the provisions of section 109.00 and title 10 of
					 article 2 of the Local Finance Law, shall be in the form shown at Exhibit A
					 attached hereto [FN*] 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 34 - Debt Statement Forms To Be Used In Connection With Public Sales Of Bonds By School Districts In Cities Under 125,000 Inhabitants › Section 34.2 - Temporary provision

Current through Register Vol. 46, No. 28, July 10, 2024
Notwithstanding section
					 34.1  of this
					 Part, until September 1, 1954, such school districts may, in the alternative,
					 use the debt statement form prescribed by Part 31 of the Department of Audit
					 and Control rules and regulations entitled "Debt Statement Form To Be Used in
					 Connection With Public Sales of Bonds by Counties, Towns, Villages and Cities
					 Under 125,000 Inhabitants", 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 34 - Debt Statement Forms To Be Used In Connection With Public Sales Of Bonds By School Districts In Cities Under 125,000 Inhabitants › Section 34.3 - Effective date

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall take effect immediately and shall be filed
					 in the Department of Audit and Control and a duplicate original copy hereof
					 shall be filed in the office of the Department of State.
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 35 - Debt Statement Form To Be Used In Connection With Public Sales Of Bonds By Fire Districts › Section 35.1 - 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 fire districts under the provisions of section 109.00
					 and title 10 of article 2 of the Local Finance Law, shall be in the form shown
					 at Exhibit A attached hereto[FN*] 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 35 - Debt Statement Form To Be Used In Connection With Public Sales Of Bonds By Fire Districts › Section 35.2 - Temporary provision

Current through Register Vol. 46, No. 28, July 10, 2024
Notwithstanding section
					 35.1  of this
					 Part, until October 1, 1955, any fire district may, in the alternative, use the
					 debt statement form prescribed by said order of July 1, 1947, hereinabove
					 repealed, 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 35 - Debt Statement Form To Be Used In Connection With Public Sales Of Bonds By Fire Districts › Section 35.3 - Effective date

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall take effect immediately and shall be filed
					 in the Department of Audit and Control and a duplicate original copy hereof
					 shall be filed in the Office of the Department of State.
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 36 - Debt Statement Form To Be Used In Connection With Public Sales Of Bonds By School Districts Outside Of Cities › Section 36.1 - 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 school districts outside of cities shall be in the
					 form shown at Appendix 9 attached hereto and 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 36 - Debt Statement Form To Be Used In Connection With Public Sales Of Bonds By School Districts Outside Of Cities › Section 36.2 - Effective date

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall take effect immediately and shall be filed
					 in the Office of the Department of State.
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 37 - Negotiated Sales Of Variable Rate Obligations And Bonds Sold At A Discount › Section 37.1 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Chapter 413 of
				  the Laws of 1991 added a new section
				  54.90 to the Local Finance Law. This
				  statute authorizes counties, cities, towns and villages (hereinafter
				  "municipalities") to issue, until June 30, 1994, bonds or notes that bear
				  variable rates of interest in accordance with the requirements of that section.
				  Among other things, section 54.90 requires, in certain instances, that the
				  issuer enter into one or more letter of credit or liquidity facility
				  agreements. It also permits the issuer to enter into an agreement for the
				  remarketing or repurchasing of its bonds or notes. Section 54.90  of the Local Finance Law also
				  permits the issuer of variable rate obligations, subject to rules promulgated
				  by the State Comptroller, to:
(1) arrange for
				  the underwriting of such obligations at private sale through a negotiated
				  agreement with the compensation for such underwriting to be provided either by
				  the payment of a negotiated fee to the underwriter or by the sale of such
				  obligations to the underwriter at a discount; or
(2) arrange for the private sale of such
				  obligations through negotiated agreement with the compensation for such sale to
				  be provided by negotiated fee.
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 37 - Negotiated Sales Of Variable Rate Obligations And Bonds Sold At A Discount › Section 37.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) Competitive sale shall mean the sale of
				  bonds or notes in accordance with the procedures set forth in sections 58.00 and
				  59.00  of the Local Finance Law.
(b) Negotiated sale shall mean all sales
				  other than competitive sale.
(c)
				  Variable rate obligations shall mean bonds and notes issued pursuant to section 54.90  of the Local Finance Law.
(d) Financially responsible party,
				  municipality, finance board, school district and district corporation shall
				  have the meanings ascribed to them by the Local Finance Law.
(e) Discount bonds shall mean an issue of
				  bonds sold for a price which is less than the par value thereof in accordance
				  with the provisions of paragraphs e and f of section 57.00  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 37 - Negotiated Sales Of Variable Rate Obligations And Bonds Sold At A Discount › Section 37.3 - Negotiated sale of variable rate obligations

Current through Register Vol. 46, No. 28, July 10, 2024
A municipality may sell variable rate obligations at
					 negotiated sale in accordance with either subdivision (a) or (b) of this
					 section.
(a) A municipality may sell
				  variable rate obligations at negotiated sale without the prior approval of the
				  State Comptroller if it complies with, and makes the determinations required
				  by, the policies and procedures contained in section
				  37.5  of
				  this Part.
(b) A municipality may
				  sell variable rate obligations at negotiated sale pursuant to any provision of
				  the Local Finance Law, other than sections 54.90 and 57.10, that permits the
				  municipality to sell its obligations at negotiated sale. In the event a
				  municipality sells variable rate obligations by means of negotiated sale
				  pursuant to such other provision, it shall in all respects comply with the
				  requirements of that provision but need not comply with the policies and
				  procedures contained in section
				  37.5  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 37 - Negotiated Sales Of Variable Rate Obligations And Bonds Sold At A Discount › Section 37.4 - Negotiated sale of discount bonds

Current through Register Vol. 46, No. 28, July 10, 2024
A municipality, school district or district corporation may
					 sell discount bonds at negotiated sale in accordance with either subdivision
					 (a) or (b) of this section.
(a) A
				  municipality, school district or district corporation may sell discount bonds
				  at negotiated sale with the prior written approval of the State Comptroller.
				  All applications for such approval shall be submitted to the State Comptroller
				  in writing at least 14 days before the date of the proposed sale. The
				  application shall state that the municipality, school district or district
				  corporation has determined that:
(1) the
				  competitive sale of the issue of bonds described in the application is not in
				  the best interests of the issuer because of one or more of the following
				  factors:
(i) unstable or volatile market
				  conditions;
(ii) conditions of
				  fiscal stress or negative credit factors being experienced by the
				  issuer;
(iii) the large dollar
				  amount of the proposed issue; or
(iv) the complexity of the issue;
				  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 37 - Negotiated Sales Of Variable Rate Obligations And Bonds Sold At A Discount › Section 37.5 - Policies and procedures

Current through Register Vol. 46, No. 28, July 10, 2024
Any municipality, school district or district corporation,
					 as a condition to authorizing the issuance and sale of obligations at
					 negotiated sale in accordance with subdivision (a) of either section
					 37.3
					 or
					 37.4 
					 of this Part, shall comply with the following provisions.
(a) In the case of variable rate obligations,
				  the finance board, in its resolution authorizing such obligations, or the chief
				  fiscal officer, in the certificate required by section 30.00 (b)  of the Local
				  Finance Law, shall include a statement explaining in reasonable detail:
(1) why the issuance of variable, rather than
				  fixed rate obligations is reasonably expected to reduce the cost of borrowing
				  to the municipality; and
(2) why a
				  competitive sale of the proposed variable rate obligations is not feasible or
				  in the best interests of the municipality.
In making these determinations, the municipality or chief
					 fiscal officer shall consider the size of the issue, relative interest yield
					 curves for long term and short term obligations, complexity of the proposed
					 issue, relative costs of issuance of fixed rate versus variable rate
					 obligations and such other factors as the municipality deems relevant.
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 37 - Negotiated Sales Of Variable Rate Obligations And Bonds Sold At A Discount › Section 37.6 - Report to the comptroller

Current through Register Vol. 46, No. 28, July 10, 2024
The municipality, school district or district corporation
					 shall include in its annual report filed with the State Comptroller in
					 accordance with section 31  of the General Municipal Law, the amount
					 and date of all obligations sold on a negotiated basis pursuant to this Part as
					 well as any such other information the State Comptroller shall
					 require.
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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.1 - Purpose of regulations

Current through Register Vol. 46, No. 28, July 10, 2024
Section
					 22.10  of the Local Finance Law provides
					 that municipalities and school districts may issue sinking fund bonds and the
					 State Comptroller shall maintain the sinking funds with respect to such bonds.
					 The purpose of this Part is to establish procedures with respect to the
					 establishment and maintenance of such sinking funds, contributions to be made
					 to such sinking funds, the investment of amounts on deposit in such sinking
					 funds and distributions to be made from such sinking funds.
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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.2 - Notice of sale of sinking fund bonds

Current through Register Vol. 46, No. 28, July 10, 2024
A municipality or school district shall notify the State
					 Comptroller of its intention to issue sinking fund bonds and of the scheduled
					 date of issuance and delivery of such bonds as soon as practicable but in no
					 event later than the eighth day preceding the intended date of issuance. As
					 soon as is practicable after such notification, but no less than 30 days before
					 the first deposit is required to be made (unless such first deposit is required
					 to be made less than 30 days after the date of issuance), the State Comptroller
					 shall establish a sinking fund on behalf of such municipality or school
					 district and an account for the amortization and redemption of such issue
					 within such sinking fund. The State Comptroller shall establish an account for
					 the amortization and redemption of each subsequent issue of sinking fund bonds
					 within the sinking fund established on behalf of a municipality or school
					 district no later than 30 days before the date of the first required payment
					 into the sinking fund for that issue.
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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.3 - Schedule of deposits to sinking fund

Current through Register Vol. 46, No. 28, July 10, 2024
(a) On the date of issuance of sinking fund
				  bonds, the issuer thereof shall deliver to the State Comptroller a schedule
				  setting forth the amount of bonds which would have been payable each year had
				  the entire indebtedness been financed entirely by the issuance of serial bonds.
				  If an issue of sinking fund bonds is combined with an issue of serial bonds,
				  then the schedule shall set forth:
(1) the
				  amount of bonds scheduled to mature in each year;
(2) the amount of bonds which would have been
				  payable in each year had the indebtedness been issued entirely as serial bonds;
				  and
(3) the difference in each year
				  between the amounts set forth in paragraphs (1) and (2) of this subdivision.
Such schedule shall state the assumptions used to calculate
					 such amounts and shall contain a certification that such assumptions are
					 reasonable. The issuer shall also deliver to the State Comptroller on such date
					 a schedule setting forth the amount required to be on deposit in the sinking
					 fund account in each year from the date of issuance of the bonds until their
					 maturity, which amount shall be calculated as described in paragraph c of
					 section
					 22.10  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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.4 - Redemption of sinking fund bonds

Current through Register Vol. 46, No. 28, July 10, 2024
The issuer shall notify the State Comptroller not less than
					 30 days prior to the date fixed for the redemption or maturity of sinking fund
					 bonds of:
(a) the principal amount of
				  sinking fund bonds to be redeemed;
(b) the amount to be transferred from the
				  sinking fund account in order to pay such principal amount; and
(c) the name and account number of the entity
				  to which such amounts shall be transferred. The State Comptroller shall effect
				  such transfer (but only to the extent that funds are available therefor) not
				  later than the day preceding the date fixed for redemption. Such transfer may
				  be made on the dates specified in the agreement between the issuer and the
				  State Comptroller or at other times agreed to by the State
				  Comptroller.
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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.5 - Excess in sinking fund accounts

Current through Register Vol. 46, No. 28, July 10, 2024
At the request of the issuer, the State Comptroller shall
					 transfer any surplus exceeding $100 in a sinking fund account to the issuer or
					 to another sinking fund account of the issuer. Such request by the issuer shall
					 not be made more than once in any 12-month period. Such transfer shall occur on
					 such day or days as may be agreed upon by the State Comptroller and the issuer.
					 Thirty days prior to the date of transfer, the issuer shall deliver to the
					 State Comptroller a certificate setting forth in reasonable detail the
					 calculation of the amount of excess on deposit in the sinking fund account.
					 Notwithstanding anything above to the contrary:
(a) In the event the State Comptroller is not
				  reimbursed as provided in section
				  38.7 
				  of this Part, the State Comptroller shall deduct the amount of the required
				  reimbursement from any excess on deposit in the sinking fund account; provided,
				  however, that in no event shall the State Comptroller use assets of the sinking
				  fund account other than the excess therein for such reimbursement.
(b) In the event the State Comptroller, at
				  the request or with the consent of the issuer, has invested amounts on deposit
				  in the sinking fund account in investments which do not mature or cannot be
				  redeemed or for which the State Comptroller is unable to find a purchaser
				  (after using reasonable efforts) at a time and in an amount sufficient to pay
				  such excess to the issuer when requested by the issuer, the State Comptroller
				  shall pay to the issuer as much of the excess as practicable at such time and
				  shall pay the balance at the earliest time that it becomes available. Upon
				  defeasance, redemption or maturity of all of the sinking fund bonds payable
				  from a sinking fund account, any excess remaining in the sinking fund account,
				  regardless of size, shall be paid over to the issuer at the earliest date that
				  such excess becomes available.
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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.6 - Purchase of bonds

Current through Register Vol. 46, No. 28, July 10, 2024
The issuer may at any time instruct the State Comptroller
					 to purchase sinking fund bonds with amounts on deposit in the sinking fund
					 account established for the redemption of such bonds. The issuer shall specify
					 the amount to be used to purchase such bonds and the maximum price payable, and
					 shall agree to pay to the State Comptroller on or before the date of purchase
					 of any costs or expenses associated with such purchase, including without
					 limitation any brokerage fees or charges; provided, however, that, in the event
					 such costs and expenses cannot be determined on or before such purchase date,
					 they shall be paid within 15 days thereafter. The State Comptroller is
					 obligated only to use his best efforts to purchase such
					 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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.7 - Payment of fees and expenses

Current through Register Vol. 46, No. 28, July 10, 2024
The State Comptroller shall deliver an itemized bill for
					 administrative expenses related to investing and managing accounts in the
					 sinking funds incurred during the period from January 1st (or the date of
					 issuance of the sinking fund bonds, if later) to December 31st of each year (or
					 the date on which all sinking fund bonds of the issuer are retired, if earlier)
					 to each issuer for which it maintains a sinking fund. Such bill shall be sent
					 to each issuer on or before February 1st of each year and on the date which is
					 30 days after the date on which all sinking fund bonds of the issuer are
					 retired. Fees and expenses of any consultants shall be payable only by issuers
					 who have expressly consented to reimburse the State Comptroller for the use
					 thereof. Any expense charged against more than one sinking fund account shall
					 be divided among the sinking fund accounts to which it applies on a pro rata
					 basis based on the average amount on deposit in each such sinking fund account
					 during the preceding year. The issuer shall pay the amount due to the State
					 Comptroller on or before March 15th of each year by the method of payment
					 specified by the State Comptroller in the itemized bill. Prior to reimbursement
					 by the issuers, such administrative expenses shall be paid by the State
					 Comptroller from the State Purposes Fund.
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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.9 - Investments

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The State
				  Comptroller shall invest amounts on deposit in sinking fund accounts only in
				  investments permitted under section
				  22.10  of the Local Finance Law and under
				  any agreement between the issuer and the State Comptroller. Such investments
				  shall mature or be redeemable at the option of the State Comptroller on or
				  before the date such moneys are to be applied to the redemption of sinking fund
				  bonds. For purposes of determining the amount required to be contributed to a
				  sinking fund account, the value of such investments shall be:
(1) the par value thereof, in the case of
				  investments paying interest on a current basis (i.e., paying interest at least
				  annually); and
(2) The accreted
				  value thereof, in the case of investments not paying interest on a current
				  basis (e.g., zero coupon 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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.10 - Consultants

Current through Register Vol. 46, No. 28, July 10, 2024
The State Comptroller may employ such consultants as from
					 time to time he deems advisable. The State Comptroller shall select such
					 consultants on the basis of their reliability, experience, overall ability to
					 provide high-quality service, cost and any other factors deemed relevant by the
					 State Comptroller.
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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.11 - Custodians

Current through Register Vol. 46, No. 28, July 10, 2024
Unless the agreement between the issuer and the State
					 Comptroller provides otherwise, the State Comptroller may contract with a bank
					 or trust company for the establishment, maintenance and custody of sinking
					 funds. Such bank or trust company shall meet the requirements of section
					 22.10(d)(1)(a)  of the
					 Local Finance Law and shall be selected on the basis of its reliability,
					 experience, overall ability to provide high-quality service, cost and any other
					 factors deemed relevant by the State Comptroller.
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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.12 - Insufficient amounts

Current through Register Vol. 46, No. 28, July 10, 2024
If the amount on deposit in the sinking fund account is
					 insufficient to pay sinking fund bonds upon the redemption or maturity thereof,
					 the State Comptroller shall promptly notify the issuer and shall pay the monies
					 on hand in accordance with the instructions of the issuer, provided that after
					 notification of the issuer, the State Comptroller may, in his discretion,
					 deposit such amounts to a court of competent jurisdiction to be disbursed
					 according to the order of such court.
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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.13 - Defeasance

Current through Register Vol. 46, No. 28, July 10, 2024
Not less than 14 days prior to any proposed act of
					 defeasance, an issuer shall notify the State Comptroller of the entity to which
					 the balance in the sinking fund account relating to the bonds to be defeased
					 shall be transferred and the date by which such transfer shall be accomplished.
					 Unless otherwise specified by the issuer, any securities held in such account
					 shall be sold in accordance with this Part and the proceeds of the sale of the
					 securities shall be transferred to such entity by such date, provided, however,
					 that no such transfer shall be made prior to receipt by the State Comptroller
					 of an opinion of counsel to the issuer that the sinking fund bonds have been
					 defeased or deemed paid under the instrument pursuant to which they were issued
					 or will be defeased or deemed paid upon transfer of the amounts in the sinking
					 fund to the designated entity.
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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.14 - Liquidation of commingled investments

Current through Register Vol. 46, No. 28, July 10, 2024
If investments on deposit in a sinking fund account are to
					 be sold or transferred and such investments are consolidated with other sinking
					 fund accounts, the State Comptroller may either:
(a) liquidate such investments in the market,
				  in which case each affected sinking fund account shall be credited with its pro
				  rata share of the sales price thereof less expenses incurred in connection with
				  the sale (including without limitation applicable brokerage fees or charges);
				  or
(b) purchase such investments
				  with amounts on deposit in other sinking fund accounts at the fair market value
				  thereof, in which case each transferor sinking fund account shall be credited
				  with its pro rata share of the fair market value thereof (as certified by a
				  dealer in such investments).
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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.15 - Agreements between issuer and state comptroller

Current through Register Vol. 46, No. 28, July 10, 2024
The State Comptroller may enter into written agreements
					 with an issuer of sinking fund bonds with respect to the sinking fund accounts
					 of such issuer. Such agreements may include provisions with respect to those
					 matters set forth in section
					 22.10(d)(7)(b)  of the
					 Local Finance Law and in sections
					 38.3,
					 38.5
					 and
					 38.7 
					 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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.16 - Investments subject to yield restriction

Current through Register Vol. 46, No. 28, July 10, 2024
The issuer shall deliver or cause to be delivered to the
					 State Comptroller on or before the date of issuance of any sinking fund bonds,
					 a certificate setting forth any restrictions as to the yield on investments in
					 the sinking fund account and whether the issuer will be required to rebate any
					 earnings on investments in the sinking fund account to the Federal government,
					 to the extent that such determinations can be made at such date. The issuer may
					 amend such certificate from time to time to facilitate continuing compliance
					 with Federal Tax Law. The issuer shall direct the State Comptroller to invest
					 and reinvest amounts subject to restriction as to yield or subject to rebate
					 requirements in particular types of investments or to hold certain amounts in
					 currency and shall provide the State Comptroller with the forms of any
					 certifications and other documentation required to be obtained in order to
					 comply with any such restrictions or rebate requirements. The State Comptroller
					 shall notify the issuer if the investments specified by the issuer are not
					 permitted under section
					 22.10  of the Local Finance Law or the
					 agreement between the issuer and the State Comptroller and the issuer shall
					 thereupon provide the State Comptroller with a list of types of investments
					 which, in the opinion of the State Comptroller, do comply, together with forms
					 of necessary certifications and other documentation. The State Comptroller
					 shall be responsible for arranging for the purchase of such securities and for
					 obtaining the certifications or other documentation specified by the issuer.
					 The issuer shall be responsible for calculating applicable yields and for
					 calculating and paying any rebate amounts. The State Comptroller shall furnish
					 the following information to the issuer upon seven days' notice for all
					 investments in the sinking fund account: purchase date, purchase price, accrued
					 interest portion of the purchase price, face amount, maturity date, maturity
					 amount, interest rate, interest payment dates, disposition date, disposition
					 price, accrued interest portion of the disposition price and any other
					 information reasonably required by the issuer to enable it to comply with
					 Federal Tax 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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.17 - Certificates and notices

Current through Register Vol. 46, No. 28, July 10, 2024
Any notices, certificates, directions, instructions,
					 consents or other communications from the issuer to the State Comptroller shall
					 be:
(a) in writing;
(b) signed by the chief executive officer or
				  chief fiscal officer of the issuer or such other officer of the issuer as may
				  be authorized by statute, resolution, ordinance, charter, by-laws or other
				  delegation acceptable to the State Comptroller to execute such documents;
				  and
(c) sent by registered or
				  certified mail, return receipt requested or delivered by hand or by a courier
				  service, in either case, return receipt requested or sent by facsimile
				  transmission followed by confirmation of receipt.
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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.18 - Payments by state comptroller

Current through Register Vol. 46, No. 28, July 10, 2024
All payments by the State Comptroller shall be made in
					 clearinghouse funds to the entity and account specified by 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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.19 - Records of the state comptroller

Current through Register Vol. 46, No. 28, July 10, 2024
The State Comptroller shall keep records of all investments
					 setting forth for each investment: purchase date, face amount, purchase price,
					 accrued interest portion of the purchase price, maturity date, maturity amount,
					 interest rate, interest payment dates, disposition date, disposition price,
					 accrued interest portion of the disposition price and any other information
					 reasonably necessary to the issuer to enable it to comply with Federal Tax Law.
					 Investments purchased with amounts on deposit in more than one sinking fund
					 account shall be identified as such. Such records shall be available to the
					 issuer upon reasonable 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 38 - Sinking Funds For Bonds Of Municipalities And School Districts › Section 38.20 - Waiver in cases of hardship

Current through Register Vol. 46, No. 28, July 10, 2024
Upon a showing of reasonable necessity, the State
					 Comptroller may modify or waive compliance with provisions of this Part,
					 provided that strict compliance is not required by any law or other regulation
					 and failure to modify or waive compliance would, in the opinion of the
					 Comptroller, cause a municipality or school district undue
					 hardship.
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 39 - Installment Purchase Contracts By Political Subdivisions › Section 39.0 - Background

Current through Register Vol. 46, No. 28, July 10, 2024
General Municipal Law, section
					 109-b authorizes political subdivisions to
					 enter into installment purchase contracts to finance capital improvements and
					 to cause or permit certificates of participation to be issued in connection
					 therewith. Subparagraph (d) of subdivision (3) of that statute requires the
					 State Comptroller to adopt rules "governing the procedure which shall be
					 adhered to when entering into installment purchase contracts or authorizing the
					 execution and delivery of certificates of participation...." This provision
					 further provides that a political subdivision shall not conduct the private
					 sale of certificates of participation without prior approval of the State
					 Comptroller "except as provided in such rules which shall set forth the
					 circumstances under which such approval shall not be required." This Part is
					 being promulgated in accordance with the requirements of General Municipal Law,
					 section
					 109-b(3)(d). The primary
					 purposes of these rules are to:
(a)
				  cause a political subdivision to critically evaluate the financing alternatives
				  available to it under section 109-b  of the General Municipal Law and the
				  Local Finance Law;
(b) ensure that
				  a political subdivision, when procuring the capital improvements to be
				  financed, complies with the competitive bidding requirements of article 5-a of
				  the General Municipal Law or any other general, special or local law or, if
				  such competitive bidding requirements are not applicable, the policies required
				  to be adopted pursuant to General Municipal Law, section
				  104-b; and
(c) require a political subdivision to seek
				  competition for financing unless the political subdivision determines that it
				  is in its best interests to conduct a private sale of certificates of
				  participation.
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 39 - Installment Purchase Contracts By Political Subdivisions › Section 39.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) Cost of financing shall mean the total
				  payments of principal and interest estimated to become payable pursuant to an
				  installment purchase contract or due on indebtedness, as the case may be,
				  together with any estimated actual and necessary expenses incurred in
				  connection with the execution of such installment purchase contract or the
				  issuance of such indebtedness to the extent such expenses are not included in
				  the periodic payments to be made under the installment purchase contract or
				  paid from the proceeds of the indebtedness.
(b) Evaluation of financing alternatives
				  shall mean the evaluation prepared pursuant to section
				  39.2 
				  of this Part.
(c) Indebtedness
				  shall mean bonds or notes issued in accordance with the Local Finance
				  Law.
(d) Political subdivision,
				  capital improvement, installment purchase contract and certificate of
				  participation shall have the meanings ascribed to them by paragraphs (a)
				  through (d) inclusive of subdivision (1) of section 109-b  of the General Municipal
				  Law.
(e) Pooled or aggregate
				  program shall mean any program under which certificates of participation are
				  issued and represent a proportionate interest or the right to receive a
				  proportionate share in lease, rental, installment or other periodic payments
				  made or to be made by a political subdivision and one or more parties, other
				  than the political subdivision, pursuant to installment purchase
				  contracts.
(f) Private sale shall
				  mean any sale of certificates of participation, other than a public sale,
				  conducted by a political subdivision.
(g) Public sale shall mean any sale of
				  certificates of participation conducted by a political subdivision pursuant to
				  section
				  39.6 
				  of this Part.