N.Y. General Municipal Law § 99-g: Capital program

§ 99-g. Capital program. 1. Any municipal corporation, by resolution

or ordinance of the governing board, may undertake the planning and

execution of a capital program in accordance with the provisions of this

section.

2. A capital program shall be a plan of capital projects proposed to

be undertaken during a six-year period, the estimated cost thereof and

the proposed method of financing.

3. The officer charged with the preparation of the tentative budget

shall annually cause the capital program to be prepared, and shall

submit it to the governing board with the tentative budget. It shall be

arranged in such manner as to indicate the order of priority of each

project, and to state for each project:

(a) a description of the proposed project and the estimated total cost

thereof;

(b) the proposed method of financing, indicating the amount proposed

to be financed by direct budgetary appropriation or duly established

reserve funds; the amount, if any, estimated to be received from the

federal and/or state governments; and the amount to be financed by the

issuance of obligations, showing the proposed type or types of

obligations, together with the period of probable usefulness for which

they are proposed to be issued;

(c) an estimate of the effect, if any, upon operating costs of the

municipal corporation within each of the three fiscal years following

completion of the project.

4. The tentative budget shall include the amount proposed for the

capital program to be financed by direct budgetary appropriation during

the fiscal year to which such tentative budget pertains.

5. There shall be included in the budget message, if any, a general

summary of the financial requirements for the capital program for the

fiscal year to which the budget message relates. Additional comments

and recommendations of any other board, officer or agency may also be

included in the budget message.

6. The governing board shall annually adopt the capital program after

review and revisions, if any. The provisions of any law relating to a

public hearing on the tentative budget, and to the adoption of the

budget, shall apply to the capital program.

7. At any time during the fiscal year for which the capital program

was adopted, the governing board by the affirmative vote of two-thirds

of its total membership, may amend the capital program by adding,

modifying or abandoning the projects, or by modifying the methods of

financing. No capital project shall be authorized or undertaken unless

it is included in the capital program as adopted or amended.

8. The term "capital project" as used in this section shall mean: (a)

any physical betterment or improvement, including furnishings,

machinery, apparatus or equipment for such physical betterment or

improvement when first constructed or acquired, or (b) any preliminary

studies and surveys relating to any physical betterment or improvement,

or (c) land or rights in land, or (d) any combination of (a), (b) and

(c).

9. Nothing in this section shall be construed to authorize a municipal

corporation to incur indebtedness for which obligations may be issued

except as provided by the local finance law.