N.Y. Local Finance Law § 120.00: Indebtedness of certain district corporations; amount thereof included as indebtedness of municipalities

§ 120.00 Indebtedness of certain district corporations; amount thereof

included as indebtedness of municipalities. a. As used in this section:

1. The term "assessment roll" shall mean the assessment roll used for

the annual county, city, town or village taxes, as the case may be.

2. The term "city, village or town affected" shall mean any city or

village within which or any town within the unincorporated area of

which, all or part of a district corporation, as defined in paragraph a

of section 102.00 of this chapter, is situated.

3. The term "net indebtedness" shall mean any outstanding indebtedness

contracted by a district corporation, as defined in paragraph a of

section 102.00 of this chapter, on or after January first, nineteen

hundred thirty-nine, other than an indebtedness which, if contracted by

a city, town or village, would be excluded in ascertaining the power of

such city, town or village to contract indebtedness.

4. The term "taxable real property" shall mean real property subject

to taxation for any purpose by the city, town or village within which it

is situated.

b. If a district corporation, as defined in paragraph a of section

102.00 of this chapter, is situated wholly within a city, village or the

unincorporated area of a town, in ascertaining the power of such city,

town or village to contract indebtedness there shall be included the net

indebtedness of such district corporation.

c. If only part of a district corporation, as defined in paragraph a

of section 102.00 of this chapter, is situated within a city, village or

the unincorporated area of a town, in ascertaining the power of such

city, town or village to contract indebtedness there shall be included

the appropriate proportion of the net indebtedness of such district

corporation. The amount of net indebtedness to be so included shall be

annually determined in the following manner:

1. If such district corporation is situated wholly within the

boundaries of a town, or is situated wholly within the boundaries of a

county for which a county assessment roll is prepared, such district

corporation, by its finance board, shall ascertain from the last

completed assessment roll of such town or county:

(a) The assessed valuation of the taxable real property within such

district corporation and

(b) The assessed valuation of the taxable real property within such

district corporation situated in each such city, town or village

affected.

The proportion of the net indebtedness to be included in ascertaining

the power of each such city, town or village affected to contract

indebtedness shall be determined by multiplying the amount of such net

indebtedness of such district corporation by the percentage or ratio the

assessed valuation of the taxable real property of such district

corporation situated in each such city, town or village affected bears

to the assessed valuation of all the taxable real property within such

district corporation.

2. If such district corporation is not situated wholly within the

boundaries of a town, or a county for which a county assessment roll is

prepared, such district corporation, by its finance board, shall

(a) Ascertain from the last completed assessment roll of such cities

or towns within which such district corporation is situated a statement

of the assessed valuation of the taxable real property within such

district corporation located in each such city, town or village

affected.

(b) Procure from the appropriate state officer or agency a statement

of the ratios of the assessed valuation to the true valuation

established by such officer or agency for the last completed assessment

roll of such cities or towns.

(c) Determine the full valuation of the taxable real property within

such district corporation situated in each such city, town or village

affected by dividing the assessed valuation of such real property by the

ratio fixed for the city or town in which such taxable real property is

situated. The total full value of the taxable real property within the

entire district corporation shall be ascertained by adding together the

full value of the taxable real property within the district corporation

situated in each city, town or village affected.

(d) Ascertain the proportion of net indebtedness to be included in

ascertaining the power of each such city, town or village affected to

contract indebtedness by multiplying the amount of such net indebtedness

of such district corporation by the percentage or ratio the full value

of the taxable real property within such district corporation situated

in such city, town or village affected bears to the total full value of

the taxable real property within the entire district corporation.

d. Immediately after the close of a fiscal year of a district

corporation, as defined in paragraph a of section 102.00 of this

chapter, its finance board shall determine the net indebtedness of such

district corporation and shall file with the chief fiscal officer of

each city, town or village affected a written certificate setting forth

the amount of such net indebtedness to be included, pursuant to this

section, in ascertaining the power of such city, town or village to

contract indebtedness.