N.Y. Local Finance Law § 143.00

§ 143.00 Contract liabilities: housing guarantees or subsidies;\nprocedure for ascertaining the amount of such liabilities. a. The\namount of the liability of a city, town or village on account of any\ncontract for capital or periodic subsidies to a housing authority to be\npaid subsequent to the then current year shall be deemed indebtedness in\nthe amount of the commuted value of the total of such subsidies\nremaining unpaid, calculated on the basis of an annual interest rate of\nfour per centum.\n b. The amount of the liability of a city, town or village arising from\na guarantee of the principal of and interest on indebtedness contracted\nby a housing authority shall be deemed indebtedness in the amount of the\nface value of the principal thereof remaining unpaid. If only interest\nis guaranteed, then the amount of liability arising therefrom shall be\ndeemed indebtedness in the amount of the commuted value of the total\ninterest guaranteed and remaining unpaid, calculated on the basis of an\nannual interest rate of four per centum.\n