N.Y. Local Finance Law § 125.00

§ 125.00 Exclusion of indebtedness for self-liquidating dock and\ntransit facilities; New York City. a. As used in this section:\n 1. The term "dock improvement" shall mean a dock improvement for which\nindebtedness was contracted by the city of New York prior to January\nfirst, nineteen hundred ten, and for which indebtedness a partial or\ncomplete exclusion is sought in accordance with the provisions of this\nsection.\n 2. The term "transit facilities" shall mean:\n (a) Railroads and facilities and properties used in connection\ntherewith and rights therein owned by the city of New York, and\n (b) Securities of corporations owning such railroads, facilities,\nproperties or rights, owned by the city of New York.\n b. In ascertaining the power of the city of New York to contract\nindebtedness, there may be excluded:\n 1. Any outstanding indebtedness contracted by the city prior to the\nfirst day of January, nineteen hundred ten, for a dock improvement\nproportionately to the extent to which the net revenue received by the\ncity therefrom during the preceding fiscal year shall have met the\ninterest on and the annual requirements for the amortization of such\nindebtedness during such fiscal year.\n 2. Any outstanding indebtedness contracted by the city for transit\npurposes, and not otherwise excluded, proportionately to the extent to\nwhich the net revenue received by the city during the preceding fiscal\nyear from all its transit facilities less the total of the items\nenumerated in paragraph c of this section shall have met the interest on\nand the annual requirements for the amortization and payment of such\nnon-excluded indebtedness during such fiscal year.\n c. In ascertaining the amount of indebtedness for transit purposes\nthat may be excluded in accordance with the provisions of this section,\nthere shall be deducted from the net revenue received by the city from\nall its transit facilities during such preceding fiscal year:\n 1. An amount equal to the interest and amortization requirements for\nsuch preceding fiscal year on indebtedness contracted for rapid transit\npurposes which indebtedness was excluded in ascertaining the power of\nthe city to contract indebtedness by order of the appellate division of\nthe supreme court, first judicial department, prior to January first,\nnineteen hundred thirty-nine.\n 2. An amount equal to (a) the interest for such preceding fiscal year\non that portion of the indebtedness contracted for the acquisition of\ntransit facilities which is excluded pursuant to paragraph A of section\nseven-a of article eight of the state constitution in ascertaining the\npower of the city to contract indebtedness, and (b) the requirements for\nsuch preceding fiscal year for amortization on any sinking fund bonds\nand the redemption of any serial bonds evidencing such excluded\nindebtedness.\n 3. An amount equal to the sum of all taxes and bridge tolls which\naccrued to the city from transit facilities during the fiscal year of\nthe city preceding the fiscal year in which such transit facilities were\nacquired. The transit facilities referred to in this subdivision are\nthose for the acquisition of which indebtedness was contracted and all\nor part of which indebtedness is excluded pursuant to paragraph A of\nsection seven-a of article eight of the state constitution in\nascertaining the power of the city to contract indebtedness.\n 4. The amount of net operating revenue derived by the city from the\nindependent subway system during the fiscal year of the city preceding\nthe fiscal year in which were acquired the transit facilities referred\nto in subdivision three of paragraph c of this section.\n d. At any time after the close of a fiscal year of the city, the city\ncomptroller may, in his discretion, file with the state comptroller a\nfinancial statement for such fiscal year of any dock improvement or of\nall the transit facilities, if in the opinion of the city comptroller,\nthe city has received sufficient net revenue from such dock improvement\nor from such transit facilities, as the case may be, to entitle the city\nto an exclusion, in accordance with the provisions of this section, of\nall or part of the indebtedness contracted for such dock improvement or\nfor such transit facilities. The city comptroller shall, in his\ndiscretion, determine and set forth in such statement the amount of such\nindebtedness which the city seeks to exclude. Such statement shall be in\nsuch form and shall contain such information as shall be prescribed by\nthe state comptroller and shall be verified by the city comptroller.\n e. However, prior to the submission of such financial statement, the\ncity comptroller shall cause to be published at least once a week for\ntwo weeks in the city record a notice that on the date specified\ntherein, which date shall be at least two weeks from the date of the\nfirst publication of the notice, such financial statement will be filed\nwith the state comptroller on the date specified in the notice and the\nfinancial statement which will be filed by the city comptroller with the\nstate comptroller on the date specified in the notice and a copy of all\ndocuments, computations and other data and information which will be\nsubmitted by the city comptroller to the state comptroller in support of\nsuch financial statement.\n f. Upon the receipt of such a financial statement from the city\ncomptroller, the state comptroller forthwith shall review the facts set\nforth therein. The state comptroller shall have the power to examine the\naccounts and records of the city with respect to the dock improvement or\nthe transit facilities, as the case may be. He may also require the city\ncomptroller and other public officers, boards and agencies to furnish\nsuch additional data and information in their possession which he deems\nnecessary to enable him to make his determination.\n g. The state comptroller shall issue a written certificate setting\nforth his determination as to whether the amount of indebtedness which\nthe city seeks to exclude, or any part thereof, may be excluded. Such\ncertificate shall constitute the authorization for the exclusion of the\namount of such indebtedness set forth therein, in ascertaining the power\nof the city to contract indebtedness and shall be effective until the\nclose of the fiscal year in which such financial statement shall have\nbeen submitted. If the state comptroller disallows, in whole or in part,\nthe claim of the city for the exclusion, he shall set forth the reason\nfor such disallowance. The determination of the state comptroller shall\nbe conclusive. The certificate of the state comptroller shall be\nexecuted under his hand and seal in duplicate. One of such duplicates\nshall be filed in the department of audit and control and the other in\nthe office of the city comptroller. Both of such duplicates shall be\npublic records.\n