N.Y. Local Finance Law § 151.00: Contents of statement of housing and urban renewal indebtedness

§ 151.00 Contents of statement of housing and urban renewal

indebtedness. a. If there remains unpaid any indebtedness contracted by

a city, town or village to effectuate any of the purposes of article

eighteen of the state constitution, as implemented by the public housing

law and any other law, then within sixty days after the close of the

fiscal year of such municipality, the chief fiscal officer thereof shall

file with the state commissioner of housing and with the state

comptroller a verified statement of the power of such municipality to

contract indebtedness for housing purposes or urban renewal. Not more

than fifteen nor less than three days before any such municipality

except a city of over one million inhabitants contracts any indebtedness

for such purposes, it shall file with the same officials a verified

supplemental statement of its housing and urban renewal debt contracting

power showing any additions to, omissions of or changes in the items or

statements contained in its previous annual housing and urban renewal

debt statement and also showing the amount of such indebtedness proposed

to be contracted. A city of over one million inhabitants shall file

verified supplemental statements of its housing and urban renewal debt

contracting powers as of the last day of September, December and March,

if additional housing and urban renewal indebtedness has been incurred

since the date as of which the last preceding housing and urban renewal

debt statement was filed, not later than the twenty-fifth day of

October, January and April, respectively. A duplicate copy of every

annual and supplemental housing and urban renewal debt statement shall

be filed in the same period of time with the clerk or corresponding

officer of such municipality. In the case of a city containing more than

one county, such statements in addition to being filed with the city

clerk shall also be filed in the same period of time in the office of

the chief fiscal officer thereof. Such annual and supplemental housing

and urban renewal debt statements and duplicates thereof filed pursuant

to this section shall be public records.

b. The annual statement shall contain the items of indebtedness

enumerated in section 135.00 of this chapter which are contracted by

such city, town or village for the purposes set forth in paragraph a of

section 150.00 of this chapter. The total of such items shall constitute

the gross housing and urban renewal indebtedness of such municipality.

From such gross indebtedness there may be deducted:

1. In the case of a town or a village having a population of less than

five thousand as determined by the last federal census, pursuant to

subdivision nine of section 136.00 of this chapter, the amount of

indebtedness arising from a guarantee, a loan by the state to a housing

authority acting as an instrumentality of such town or village or a

contract for a periodic subsidy.

2. In the case of a city or a village having a population of five

thousand or more as determined by the last federal census

(a) The unpaid balance of a loan by the state to any housing authority

acting as an instrumentality of such city or village, if such housing

authority is not in default in payment under the terms of such loan.

(b) The amount of outstanding indebtedness contracted by a city or

such a village for any project aided by a guarantee or guarantees

representing such indebtedness or by a loan or loans for which such

indebtedness was contracted, if such project or projects shall have

yielded net revenue during the preceding fiscal year. The determination

as to whether such project or projects have yielded net revenue shall be

made pursuant to section 152.00 of this chapter.

(c) The amount of outstanding indebtedness arising:

(1) From a guarantee of the payment of the principal of and interest

on or only the interest on the indebtedness of a housing authority, or

from a loan by the state to a housing authority acting as an

instrumentality of such city or village, or

(2) From a contract for a periodic subsidy to such an authority

whichever amount is smaller, provided that the indebtedness arising from

such guarantee or loan is not otherwise deducted and provided further

that in the case of a guarantee and subsidy there is a contractual

obligation to apply the sums due under such subsidy to the payment of

all or part of the debt service so guaranteed and that in the case of a

state loan and subsidy there is a contractual obligation to apply the

sums due under such subsidy to the payment of all or part of the debt

service of such loan. The indebtedness on account of a subsidy and the

indebtedness arising from a guarantee shall be ascertained pursuant to

section 143.00 of this chapter.

(d) The amount of outstanding indebtedness contracted for the purposes

set forth in paragraph a of section 150.00 of this chapter having a

period of probable usefulness determined pursuant to any subdivision,

other than subdivision forty-one-a, of paragraph a of section 11.00 of

this chapter.

(e) The amount of outstanding indebtedness contracted pursuant to

article eleven of the private housing finance law.

2-a. In the case of the city of New York, the amount of outstanding

indebtedness contracted by such city for any project aided by a

guarantee or guarantees representing such indebtedness, if such project

or projects shall have yielded net revenue during the preceding fiscal

year. The determination as to whether such project or projects have

yielded net revenue shall be made pursuant to section 152.00 of this

chapter.

3. The items enumerated in subdivisions ten through twelve of section

136.00 of this chapter, which are applicable as deductions from

indebtedness contracted for such housing purposes, or urban renewal.

c. There shall also be set forth in such annual statement:

1. A statement of the net housing and net urban renewal indebtedness

of such a municipality. Such net indebtedness shall be computed by

subtracting from the gross indebtedness the total of the items which may

be deducted pursuant to this section.

2. A statement of the average assessed valuation and of the five most

recent assessed valuations of the real property subject to taxation in

such municipality according to each of the five most recent assessment

rolls prepared for such municipality or if less than five assessment

rolls have been prepared then as many of such assessed valuations as are

available.

3. A statement of the total amount of indebtedness for housing and

urban renewal purposes which may be contracted by such municipality

pursuant to paragraph a of section 150.00 of this chapter, and the net

margin of debt-contracting power for such purposes which shall be

ascertained by deducting the net indebtedness from such total amount of

indebtedness which may be contracted for such purposes.

4. A statement of the percentage of the debt-contracting power of such

municipality for housing and urban renewal purposes which has been

exhausted. Such percentage shall be obtained by dividing the net

indebtedness of such municipality for such purposes by the total amount

of indebtedness which it may contract for such purposes pursuant to

section 150.00 of this chapter.

d. The state comptroller shall prescribe the form of the annual and

supplemental housing and urban renewal debt statements and may require

that there be submitted with either the annual or the supplemental

statement, or with both, such other information as he deems appropriate.

e. The state comptroller shall prepare printed forms of the annual and

supplemental housing and urban renewal debt statements and shall make

them available for distribution to cities, towns and villages.

f. The state comptroller shall charge the fees prescribed in paragraph

c of section 141.00 of this chapter for copies, certified copies and

exemplified copies of such debt statements and for searches for such

statements.

g. This section shall not apply to indebtedness contracted by a city,

town or village for housing or urban renewal purposes (i) to the extent

that the legislative power to authorize the contracting of indebtedness

therefor is derived from sections two and four of article eight of the

constitution or from any other provision of the constitution outside of

article eighteen thereof, or (ii) to the extent that there is a

sufficient margin of debt contracting power to cover indebtedness for

housing or urban renewal contracted pursuant to article eighteen of the

constitution within the debt limit established by section four of

article eight of the constitution unless the finance board shall elect

to charge any such outstanding indebtedness or any part thereof to the

debt limit provided in paragraph a of section 150.00 of this chapter. If

no part of such indebtedness for housing and urban renewal purposes is

charged to the debt limit provided in paragraph a of section 150.00 of

this chapter, no annual or supplemental housing and urban renewal debt

statement need be filed.