N.Y. Local Finance Law § 135.00: Statement of total debt; inclusions in ascertaining gross indebtedness

§ 135.00 Statement of total debt; inclusions in ascertaining gross

indebtedness. a. The debt statement of a municipality, school district

in a city or fire district setting forth its total net indebtedness

shall contain the following items of indebtedness for the purpose of

showing the gross indebtedness of such municipality, school district or

fire district:

1. Borrowings. The amount of outstanding obligations (including in the

case of a county, city, town, village, school district or fire district

which has sold obligations at a discount, only the original amount of

money actually received by such county, city, town, village, school

district or fire district, irrespective of the face amount of the

obligations at maturity) or other evidences of indebtedness representing

money borrowed by such municipality, school district or fire district

and remaining unpaid.

2. Real property liabilities. The amount of outstanding indebtedness

on account of the acquisition of real property, the title to which has

vested in such municipality, school district or fire district, or the

title to which it has agreed to accept pursuant to the terms of a

contract therefor, and for which payment has not been made. The amount

of such indebtedness shall be ascertained pursuant to section 142.00 of

this chapter.

3. Contract liabilities. The amount of outstanding indebtedness

arising from:

(a) The amounts payable upon contracts, other than for capital

improvements or equipment, to the extent that the sums due or to become

due for the portion of such contracts which is performed or is to be

performed during a fiscal year shall not have been paid or provided for

by a budgetary appropriation therefor for such fiscal year or in the tax

levy for such fiscal year.

(b) The amounts which are to become due pursuant to contracts for

capital improvements or equipment.

4. Contract liabilities: housing guarantees; subsidies. In the case of

a city, town or village, the amount of outstanding indebtedness of such

city, town or village

(a) On account of any contract for capital or periodic subsidies to a

housing authority to be paid subsequent to the then current year.

(b) Arising from a guarantee of the principal of and interest on, or

only the interest on indebtedness contracted by a housing authority.

The amount of such indebtedness shall be ascertained pursuant to

section 143.00 of this chapter.

4-a. Contract liabilities, guarantees of certain hospital

indebtedness. In the case of a municipality, the amount of the

outstanding indebtedness of the municipality arising from a guarantee

authorized by law pursuant to section seven of article seventeen of the

state constitution of the principal of and the interest on, or only the

interest on indebtedness contracted by an eligible corporation or

association for the purpose of providing hospital or other facilities

for the prevention, diagnosis or treatment of human disease, pain,

injury, disability, deformity or physical condition, and for facilities

incidental or appurtenant thereto. The amount of such indebtedness shall

be ascertained pursuant to section 143.10 of this chapter.

5. State loans to certain housing authorities and municipalities. In

the case of a city, town or village, the amount of unpaid balances of

loans by the state to (a) housing authorities acting as

instrumentalities of such city, town or village, or (b) municipalities

for urban renewal purposes.

6. Judgments, claims, awards and determinations. The amount of

outstanding indebtedness represented by (a) judgments which have been

docketed and claims which have been settled or compromised, and (b)

awards and sums payable by such municipality, school district or fire

district pursuant to a determination by a court, or an officer, body or

agency, acting in an administrative or quasi-judicial capacity, to the

extent to which such judgments, claims, awards and sums remain unpaid.

7. Indebtedness contracted by district corporations. In the case of a

city or village in which there is situated a district corporation, as

defined in paragraph a of section 102.00 of this chapter, or of a town

in the unincorporated area of which there is situated a district

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

chapter, the amount of outstanding net indebtedness of such district

corporation which is allocated to such city, village or town pursuant to

section 120.00 of this chapter.

8. Pay-as-you-go financing. In the case of the city of New York the

amount deemed to be outstanding indebtedness pursuant to section 122.00

of this chapter.

b. There shall be included as the indebtedness of a city school

district the amount of outstanding city indebtedness for education

purposes allocated to such school district by the state comptroller.

c. There shall be included as the indebtedness of a school district in

a city the outstanding indebtedness or an appropriate proportion

thereof, as the case may be, of merged or annexed school districts as

provided in section 121.00 of this chapter.