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N.Y. Local Finance Law § 1.00 Short title
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§ 1.00 Short title. This act shall be known and may be cited as the "Local Finance Law."
N.Y. Local Finance Law § 10.00 Power of municipalities, school districts and district corporations to contract indebtedness
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§ 10.00 Power of municipalities, school districts and district corporations to contract indebtedness. In addition to the power to contract indebtedness pursuant to sections 24.00, 25.00, 25.10, 29.00 and 29.20 of this article, a municipality, school district or district corporat…
N.Y. Local Finance Law § 10.10 Municipalities and school districts authorized to incur debt to liquidate operating deficits; requirements and procedures; period of prob...
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§ 10.10 Municipalities and school districts authorized to incur debt to liquidate operating deficits; requirements and procedures; period of probable usefulness. In the case of a municipality or school district that is authorized by a special or general law to incur debt to liqu…
N.Y. Local Finance Law § 100.00 Requirement of pledge of faith and credit
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§ 100.00 Requirement of pledge of faith and credit. Every municipality, school district and district corporation shall pledge its faith and credit for the payment of all indebtedness contracted by it.
N.Y. Local Finance Law § 101.00 Giving or loaning of municipal credit and contracting indebtedness other than for municipal purposes prohibited
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§ 101.00 Giving or loaning of municipal credit and contracting indebtedness other than for municipal purposes prohibited. a. No municipality, school district or district corporation shall: 1. Give or loan its credit to or in aid of any individual, or public or private corporatio…
N.Y. Local Finance Law § 102.00 Consent by cities, towns and villages to the contracting of indebtedness by certain district corporations
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§ 102.00 Consent by cities, towns and villages to the contracting of indebtedness by certain district corporations. a. As used in this section, the term "district corporations" shall mean any district corporation other than a fire district, or a river improvement, river regulati…
N.Y. Local Finance Law § 103.00 Limitation on the power of cities and villages to authorize certain obligations
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§ 103.00 Limitation on the power of cities and villages to authorize certain obligations. a. If in any city or village, prior to the effective date of this chapter, a water board, public utility board or other agency, (other than the council, common council, board of aldermen, b…
N.Y. Local Finance Law § 104.00 Limitation on amount of local indebtedness which may be contracted
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§ 104.00 Limitation on amount of local indebtedness which may be contracted. a. The term "indebtedness", as used in this section, shall mean in relation to a county, city, town, village, school district or fire district, any indebtedness other than an indebtedness which would be…
N.Y. Local Finance Law § 104.10 Additional limitations on the power to contract indebtedness
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§ 104.10 Additional limitations on the power to contract indebtedness. In addition to the other limitations of this chapter on the power to contract indebtedness: 1. Any municipality, school district or district corporation shall be subject to the limitations contained in any la…
N.Y. Local Finance Law § 105.00 Exclusion of indebtedness for certain assessable improvements; Buffalo, Rochester and Syracuse
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§ 105.00 Exclusion of indebtedness for certain assessable improvements; Buffalo, Rochester and Syracuse. In ascertaining the power of the cities of Buffalo, Rochester and Syracuse to contract indebtedness, there may be excluded the outstanding indebtedness contracted by each of …
N.Y. Local Finance Law § 106.00 When debt-contracting power of certain counties and towns shall cease
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§ 106.00 When debt-contracting power of certain counties and towns shall cease. a. Whenever the boundaries of any city are the same as those of a county, or when any city includes within its boundaries more than one county, the power of any county wholly included within such cit…
N.Y. Local Finance Law § 107.00 Down payment
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§ 107.00 Down payment. a. As used in this section the term "current funds" shall include: 1. Budgetary appropriations for capital improvements or equipment, which appropriations have not lapsed. 2. The proceeds of capital notes issued for the payment of the cost of capital impro…
N.Y. Local Finance Law § 108.00 Financing of safety net assistance on a pay-as-you-go basis
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§ 108.00 Financing of safety net assistance on a pay-as-you-go basis. In the fiscal year of a county, city or town commencing during the calendar year nineteen hundred forty-four, and in each succeeding fiscal year, the total amount of the local share of safety net assistance of…
N.Y. Local Finance Law § 109.00 Filing of debt statement required
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§ 109.00 Filing of debt statement required. a. Not more than fifteen nor less than three days before any municipality, fire district, or any school district having an aggregate assessed valuation of taxable real property of one hundred thousand dollars or more, sells any bonds w…
N.Y. Local Finance Law § 11.00 Periods of probable usefulness
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§ 11.00 Periods of probable usefulness. a. A municipality, school district or district corporation may not contract indebtedness for any object or purpose for a period longer than the period of probable usefulness set forth below for such object or purpose, provided, however, th…
N.Y. Local Finance Law § 120.00 Indebtedness of certain district corporations; amount thereof included as indebtedness of municipalities
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§ 120.00 Indebtedness of certain district corporations; amount thereof included as indebtedness of municipalities. a. As used in this section: 1. The term "assessment roll" shall mean the assessment roll used for the annual county, city, town or village taxes, as the case may be…
N.Y. Local Finance Law § 121.00 Indebtedness of school districts merged with or annexed to a school district in a city; amount thereof to be included as indebtedness of ...
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§ 121.00 Indebtedness of school districts merged with or annexed to a school district in a city; amount thereof to be included as indebtedness of such school district. In ascertaining the power of a school district in a city to contract indebtedness the following indebtedness sh…
N.Y. Local Finance Law § 121.10 Indebtedness of school districts merged with or annexed to a school district outside of a city
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§ 121.10 Indebtedness of school districts merged with or annexed to a school district outside of a city. a. In ascertaining the power of a school district, other than a school district in a city, to issue bonds or bond anticipation notes, there shall be included the amount of bo…
N.Y. Local Finance Law § 121.20 Exclusion of certain indebtedness of school districts other than school districts in a city with one hundred twenty-five thousand inhabit...
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§ 121.20 Exclusion of certain indebtedness of school districts other than school districts in a city with one hundred twenty-five thousand inhabitants or more according to the latest federal census in ascertaining their power to contract indebtedness. a. As used in this section:…
N.Y. Local Finance Law § 121.30 Exclusion of certain indebtedness of school districts other than school districts in a city with one hundred twenty-five thousand inhabit...
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§ 121.30 Exclusion of certain indebtedness of school districts other than school districts in a city with one hundred twenty-five thousand inhabitants or more according to the latest federal census. In ascertaining the power of a school district, other than a school district in …
N.Y. Local Finance Law § 122.00 Pay-as-you-go financing by the city of New York; ascertainment of indebtedness arising therefrom
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§ 122.00 Pay-as-you-go financing by the city of New York; ascertainment of indebtedness arising therefrom. a. Whenever the city of New York is required by law to pay for all or any part of the cost of a capital improvement by direct budgetary appropriation in any fiscal year or …
N.Y. Local Finance Law § 123.00 Exclusion of self-liquidating indebtedness in ascertaining the power of a municipality to contract indebtedness
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§ 123.00 Exclusion of self-liquidating indebtedness in ascertaining the power of a municipality to contract indebtedness. a. As used in this section: 1. The term "outstanding indebtedness", shall mean indebtedness evidenced by bonds and bond anticipation notes. 2. The term "publ…
N.Y. Local Finance Law § 124.00 Bonds for pensions; ascertainment of amount thereof to be excluded
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§ 124.00 Bonds for pensions; ascertainment of amount thereof to be excluded. a. As used in this section, the term "accrued liabilities" shall mean the liabilities of a pension or retirement system or fund accrued, both on account of pensioners on the pension roll and prospective…
N.Y. Local Finance Law § 124.10 Exclusion of certain indebtedness for sewage facilities in ascertaining the power of a municipality to contract indebtedness
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§ 124.10 Exclusion of certain indebtedness for sewage facilities in ascertaining the power of a municipality to contract indebtedness. * a. In ascertaining the power of a municipality to contract indebtedness, there may be excluded any outstanding indebtedness contracted by such…
N.Y. Local Finance Law § 125.00 Exclusion of indebtedness for self-liquidating dock and transit facilities; New York City
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§ 125.00 Exclusion of indebtedness for self-liquidating dock and transit facilities; New York City. a. As used in this section: 1. The term "dock improvement" shall mean a dock improvement for which indebtedness was contracted by the city of New York prior to January first, nine…
N.Y. Local Finance Law § 126.00 Exclusion of certain indebtedness for school purposes; New York City
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§ 126.00 Exclusion of certain indebtedness for school purposes; New York City. a. In ascertaining the power of the city of New York to contract indebtedness, there may be excluded the outstanding indebtedness contracted by such city for school purposes, evidenced by bonds, to th…
N.Y. Local Finance Law § 130.00 Application of title
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§ 130.00 Application of title. This title shall apply only to municipalities, school districts and fire districts which are required to file a debt statement pursuant to section 109.00 of this chapter.
N.Y. Local Finance Law § 131.00 Definition of obligations
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§ 131.00 Definition of obligations. As used in this title, the term "obligations" shall mean bonds, notes or other evidences of indebtedness.
N.Y. Local Finance Law § 132.00 Debt statements; agency preparing
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§ 132.00 Debt statements; agency preparing. a. The debt statement shall be prepared by the chief fiscal officer of the municipality, fire district or school district. If, however, a municipality, school district or fire district does not have a chief fiscal officer, then such st…
N.Y. Local Finance Law § 135.00 Statement of total debt; inclusions in ascertaining gross indebtedness
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§ 135.00 Statement of total debt; inclusions in ascertaining gross indebtedness. a. The debt statement of a municipality, school district in a city or fire district setting forth its total net indebtedness shall contain the following items of indebtedness for the purpose of show…
N.Y. Local Finance Law § 136.00 Statement of total debt; deductions from gross indebtedness
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§ 136.00 Statement of total debt; deductions from gross indebtedness. The debt statement of a municipality, school district in a city or fire district setting forth its total net indebtedness may contain the following items of deduction for the purpose of showing the net indebte…
N.Y. Local Finance Law § 137.00 Debt statement of school districts outside cities with one hundred twenty-five thousand inhabitants or more according to the latest feder...
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§ 137.00 Debt statement of school districts outside cities with one hundred twenty-five thousand inhabitants or more according to the latest federal census. The debt statement of a school district, other than a school district in a city with one hundred twenty-five thousand inha…
N.Y. Local Finance Law § 138.00 Debt statement to show net indebtedness
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§ 138.00. Debt statement to show net indebtedness. The debt statement of a municipality, school district in a city or fire district shall include a statement of the total net indebtedness of such municipality, school district or fire district. Such total net indebtedness shall b…
N.Y. Local Finance Law § 139.00 Debt statement to show valuations of taxable real property
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§ 139.00. Debt statement to show valuations of taxable real property. a. The debt statement of a municipality or school district in a city shall contain a computation of the average full valuation of taxable real property of such municipality or school district. The debt stateme…
N.Y. Local Finance Law § 140.00 Debt statement to show debt-contracting margin
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§ 140.00. Debt statement to show debt-contracting margin. a. The debt statement of a municipality, school district in a city or fire district shall show the total amount of indebtedness which may be contracted by such municipality, school district or fire district pursuant to se…
N.Y. Local Finance Law § 141.00 State comptroller to prescribe form of debt statement
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§ 141.00 State comptroller to prescribe form of debt statement. a. The state comptroller shall prescribe the form of debt statements and may require that there be submitted with such statements such other information as he deems appropriate. b. The state comptroller shall prepar…
N.Y. Local Finance Law § 142.00 Real property liabilities; procedure for ascertaining the amount thereof
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§ 142.00 Real property liabilities; procedure for ascertaining the amount thereof. The amount of outstanding indebtedness on account of the acquisition of real property to be included in a debt statement, pursuant to subdivision two of paragraph a of section 135.00 of this chapt…
N.Y. Local Finance Law § 143.00 Contract liabilities: housing guarantees or subsidies; procedure for ascertaining the amount of such liabilities
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§ 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 sub…
N.Y. Local Finance Law § 143.10 Contract liabilities; guarantees of certain hospital indebtedness; procedure for ascertaining the amount of such liabilities
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§ 143.10 Contract liabilities; guarantees of certain hospital indebtedness; procedure for ascertaining the amount of such liabilities. The amount of the liability of a municipality arising from a guarantee authorized by law pursuant to section seven of article seventeen of the s…
N.Y. Local Finance Law § 15.00 Indebtedness relative to municipal cooperative activities
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§ 15.00 Indebtedness relative to municipal cooperative activities. a. Legislative intent. The provisions of title one-A of article two of this chapter are intended to effectuate the provisions of sections one and two-a of article eight of the constitution, as in force and effect…
N.Y. Local Finance Law § 15.10 Allocation of indebtedness
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§ 15.10 Allocation of indebtedness. a. Several indebtedness and joint indebtedness contracted or incurred for a joint service or a joint water, sewage or drainage project shall be included as gross indebtedness in the debt statement of the municipal corporation or municipality w…
N.Y. Local Finance Law § 15.20 Limitations on amount of local indebtedness; exclusions of certain indebtedness
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§ 15.20 Limitations on amount of local indebtedness; exclusions of certain indebtedness. a. The provisions of section 104.00 of this chapter shall be applicable in relation to the powers of counties, cities, towns, villages and school districts in cities to contract indebtedness…
N.Y. Local Finance Law § 15.30 Debt statements
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§ 15.30 Debt statements. a. The state comptroller, in the performance of his duties pursuant to section 141.00 of this chapter, shall cause debt statements of municipal corporations and municipalities to be prepared in such manner as will reflect (1) the gross amounts of any sev…
N.Y. Local Finance Law § 15.40 Additional limitations
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§ 15.40 Additional limitations. a. Indebtedness shall not be contracted or incurred pursuant to this title for any object or purpose which is intended to effectuate any of the purposes of article eighteen of the state constitution as implemented by the public housing law or any …
N.Y. Local Finance Law § 150.00 Two per centum limitation on housing or urban renewal indebtedness
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§ 150.00. Two per centum limitation on housing or urban renewal indebtedness. a. To effectuate any of the purposes of article eighteen of the state constitution as implemented by the public housing law and any other laws, any city, town or village may contract indebtedness to an…
N.Y. Local Finance Law § 151.00 Contents of statement of housing and urban renewal indebtedness
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§ 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 a…
N.Y. Local Finance Law § 152.00 Deductions for self-liquidating housing projects
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§ 152.00 Deductions for self-liquidating housing projects. a. As used in this section: 1. The term "authority" shall mean a housing authority owning or operating a project or projects aided by (a) a guarantee or guarantees of the city representing indebtedness which the city is …
N.Y. Local Finance Law § 153.00 Authorization for municipality to assign for collateral or pledge its mortgage interest
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§ 153.00 Authorization for municipality to assign for collateral or pledge its mortgage interest. Any municipality shall be authorized to assign for collateral or pledge as security for any of its bonds, notes or other obligations its mortgage interest in a project constructed p…
N.Y. Local Finance Law § 154.00 Disposition of proceeds resulting from the satisfaction of certain mortgages
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§ 154.00 Disposition of proceeds resulting from the satisfaction of certain mortgages. a. Notwithstanding any general, special or local law to the contrary, upon the modification or satisfaction by the city of New York or the New York city housing development corporation, pursua…
N.Y. Local Finance Law § 160.00 Action by finance board
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§ 160.00 Action by finance board. Whenever in this chapter the finance board is empowered or required to act, and no proportion of voting strength for such action is prescribed, such action shall be taken by at least a majority vote of the voting strength of such finance board. …