N.Y. Local Finance Law § 104.10

§ 104.10 Additional limitations on the power to contract indebtedness.\nIn addition to the other limitations of this chapter on the power to\ncontract indebtedness:\n 1. Any municipality, school district or district corporation shall be\nsubject to the limitations contained in any law requiring such\nmunicipality, school district or district corporation to adopt, whether\nor not as a part of an annual budget, a budget of the capital projects\nwhich it may undertake, continue, complete or acquire during the twelve\nmonths' period for which such budget is adopted.\n 2. Any county operating under an alternative form of government which\nprovides for the establishment of a county debt commission may establish\nsuch a commission for the regulation, pursuant to such law, of the\ncontracting of indebtedness by such county and the units of government\nwithin such county.\n 3. Any town which\n (a) Is wholly or partly within the Adirondack park, and\n (b) Has within its boundaries state lands subject to taxation assessed\nat more than thirty per centum of the total taxable assessed valuation\nof such town as determined from the assessment rolls of the town, as\ncompleted from time to time, shall not issue its bonds, bond\nanticipation notes, capital notes or budget notes if by doing so the\namount of its outstanding indebtedness evidenced by bonds, bond\nanticipation notes, capital notes, budget notes and certificates of\nindebtedness, plus the amount of the indebtedness proposed to be\nincurred, shall exceed five percent of such town's revenues for the last\nyear the state comptroller has such data or one hundred thousand dollars\nwhichever is the lesser; provided, however, such obligations may be\nissued originally by any such town upon the duly verified petition of\nthe owners of at least sixty-five per centum of the taxable real\nproperty therein, as such real property appears on the last preceding\ncompleted assessment-roll of such town, or upon the certificate of the\nstate comptroller consenting, on behalf of the state, to the original\nissuance of such obligations. For the purposes of any such petition, the\nstate comptroller may act on behalf of the state. The state comptroller\nshall annually calculate the dollar amount equal to five percent of such\ntown's total revenue for the last year the comptroller has such data on\nfile. Such bonds shall be refunded only pursuant to the provisions of\nsection 90.00 or 90.10 of this chapter. Such bond anticipation notes,\ncapital notes and budget notes may be renewed as provided in sections\n23.00, 28.00 and 29.00 of this chapter, respectively. The consent of the\nstate comptroller shall not be required under this subdivision in any\nsuch town in connection with the issuance of obligations for the\npurposes of an improvement district if they are issued in accordance\nwith the statement of the proposed manner of financing an improvement as\nset forth in an application to the state comptroller made pursuant to\nsection one hundred ninety-four of the town law and in compliance with\nthe terms or conditions, if any, of the order of the state comptroller\nmade pursuant to such section. Likewise, such consent shall not be\nrequired under this subdivision in connection with the issuance of\nobligations for the purpose of financing an expenditure in a town\nimprovement district where the expenditure has been approved by the\nstate comptroller.\n 4. Any town which, without first obtaining the permission of the state\ncomptroller, shall have established or extended an improvement district\nprior to September first, nineteen hundred forty-five, or which shall\nestablish or extend any such district after August thirty-first,\nnineteen hundred forty-five, shall not issue its bonds, bond\nanticipation notes or capital notes for the purposes of any such\ndistrict or extension, except for improvements undertaken pursuant to\nsections one hundred ninety-nine, two hundred two-b of the town law, and\nsection 222.5 of the Nassau county civil divisions act, and except when\nthe cost of the district or extension to the typical property or, if\ndifferent, the cost to the typical one or two family home is not above\nthe average cost threshold as may be annually computed by the state\ncomptroller pursuant to section one hundred ninety-four or two hundred\nnine-f of the town law, unless it secure the permission of the state\ncomptroller, granted upon a written application signed and verified by\nthe supervisor or such other officer of the town as the town board shall\ndetermine. Any such application shall include:\n (a) A certified copy of the petition for the creation of the district\n(omitting, however, the signatures and acknowledgements or proofs);\n (b) An itemized statement of the then outstanding indebtedness of the\ntown for all purposes as evidenced by bonds, bond anticipation notes,\ncapital notes and budget notes; the amount of joint indebtedness\ncontracted or incurred for a joint service or a joint water, sewage or\ndrainage project and the amount of such indebtedness allocated and\napportioned to the town, as defined in title one-a of the local finance\nlaw; the amount of the indebtedness proposed to be contracted for the\nimprovement; the amount of budgetary appropriations for the payment of\nany such indebtedness, whether or not such appropriations have been\nrealized as cash, and the amounts, purposes and probable dates of\nissuance of any bonds, bond anticipation notes, capital notes and budget\nnotes which the town has authorized to be issued but which in fact have\nnot been issued on the date of such application;\n (c) A statement of the aggregate assessed valuation of the real\nproperty in the district, as such assessed valuations are shown on the\nlast completed assessment roll of the town prior to the date of such\napplication; and\n (d) A statement of the average full valuation of the taxable real\nproperty of the town. Such average full valuation shall be determined by\ntaking the assessed valuation of the taxable real property of the town\nas it appears on the assessment roll of the town which was last\ncompleted prior to the date of the application, and such valuations as\nthey appear on each of the four preceding rolls; dividing the amount for\neach such roll by the equalization rate established for it for the\nassessment of special franchises by the state officer or agency\nauthorized to establish such rates; adding the quotients thus obtained,\nand dividing the sum thereof by five; and\n (e) A certified copy of the resolution authorizing the issuance of the\nobligations in connection with which the application is made.\n The state comptroller in his discretion may require the submission of\nadditional information in such form and detail as he shall deem\nsufficient, or may cause an investigation to be made, to aid him in\nmaking the determinations herein required. Any such application may be\namended prior to any final determination. If the state comptroller shall\ndetermine (1) that the issuance of the obligations will not cause an\nundue burden upon the property of the district, and (2) that amount of\nthe indebtedness of the town for all purposes as evidenced by bonds,\nbond anticipation notes, capital notes and budget notes, plus the amount\nof the indebtedness proposed to be incurred for the improvement\ndistrict, less the amount of budgetary appropriations for the payment of\nany such indebtedness, whether or not such appropriations have been\nrealized as cash, as of the date of the application filed with the state\ncomptroller, will not exceed fifteen per centum of the average full\nvaluation of the taxable real property of the town he shall grant such\napplication; otherwise, it shall be denied. Such average full valuation\nshall be determined in the manner provided in this subdivision. If any\nsuch application shall be granted by the state comptroller, it shall not\nbe necessary to apply to the state comptroller under the provisions of\nsubdivision three of this section for his consent to the issuance of the\nobligations described in the application made pursuant to this\nsubdivision. There shall be excluded from the amount of indebtedness to\nbe considered by the state comptroller in making such determination any\nindebtedness allocated or apportioned or proposed by all the\nparticipating municipal corporations to be allocated or apportioned to\nany municipal corporation other than such town in accordance with the\nprovisions of section 15.10 of the local finance law.\n 5. Any town, in any county now or hereafter operating under an\noptional form of government, shall not let any contract or incur any\nindebtedness whatsoever for any capital improvement for any improvement\ndistrict therein for which such town intends to issue obligations unless\nit shall have first secured the consent of the finance board of such\ncounty to the issuance of such obligations. Whenever any such town\nintends to issue obligations for such a purpose, it shall present a\npetition to the finance board of such county, setting forth the\nimprovement proposed and the amounts and type or types of obligations to\nbe issued and requesting the approval of such county for the issuance of\nthe obligations. The finance board of such county within sixty days\nafter the presentation of such petition, by resolution, shall either\napprove or disapprove of the issuance of such obligations and shall\nforward a certified copy of such resolution to the town board of such\ntown.\n 6. Any fire district which is situated in whole or in part in a town\nwhich is wholly or partly within the Adirondack park and has within the\ntown boundaries state lands subject to taxation assessed at more than\nthirty per centum of the total taxable assessed valuation of the town as\ndetermined from the assessment rolls of the town, as completed from time\nto time, shall not issue its bonds, bond anticipation notes, capital\nnotes or budget notes if by doing so the amount of outstanding\nindebtedness evidenced by bonds, bond anticipation notes, budget notes\nand certificates of indebtedness, plus the amount of the indebtedness\nproposed to be incurred shall exceed five percent of such district's\nrevenues for the last year the comptroller has such data or one hundred\nthousand dollars whichever is the lesser unless the state comptroller,\non behalf of the state, shall consent thereto.\n 7. The total amount of bonds or capital notes which may be authorized\nin any fiscal year of the municipal corporation, school district or\ndistrict corporation to finance advance planning pursuant to section\nninety-nine-d of the general municipal law shall not exceed the maximum\namount of budget notes which it may issue in such year pursuant to\nsubdivision two or three of paragraph a of section 29.00 of this\nchapter, as the case may be, provided, however, that for the purposes of\nthis subdivision, amounts which are to be paid in the first instance\nfrom improvement district assessments shall be included in computing\n"the amount of the annual budget" of a town or a county in accordance\nwith section 29.00 of this chapter.\n