N.Y. Local Finance Law § 143.00: Contract liabilities: housing guarantees or subsidies; procedure for ascertaining the amount of such liabilities

§ 143.00 Contract liabilities: housing guarantees or subsidies;

procedure for ascertaining the amount of such liabilities. a. The

amount of the liability of a city, town or village on account of any

contract for capital or periodic subsidies to a housing authority to be

paid subsequent to the then current year shall be deemed indebtedness in

the amount of the commuted value of the total of such subsidies

remaining unpaid, calculated on the basis of an annual interest rate of

four per centum.

b. The amount of the liability of a city, town or village arising from

a guarantee of the principal of and interest on indebtedness contracted

by a housing authority shall be deemed indebtedness in the amount of the

face value of the principal thereof remaining unpaid. If only interest

is guaranteed, then the amount of liability arising therefrom shall be

deemed indebtedness in the amount of the commuted value of the total

interest guaranteed and remaining unpaid, calculated on the basis of an

annual interest rate of four per centum.