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0 chapters · 164 sections in this title.
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\n"Local Finance Law."\n
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\ncorporations to contract indebtedness. In addition to the power to\ncontract indebtedness pursuant to sections 24.00, 25.00, 25.10, 29.00\nand 29.20 of this article, a municipality, school district or district\ncorp…
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\nto liquidate operating deficits; requirements and procedures; period of\nprobable usefulness. In the case of a municipality or school district\nthat is authorized by a special or general law to incur debt to\n…
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\nmunicipality, school district and district corporation shall pledge its\nfaith and credit for the payment of all indebtedness contracted by it.\n
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\nindebtedness other than for municipal purposes prohibited. a. No\nmunicipality, school district or district corporation shall:\n 1. Give or loan its credit to or in aid of any individual, or public\nor private corpo…
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\nindebtedness by certain district corporations. a. As used in this\nsection, the term "district corporations" shall mean any district\ncorporation other than a fire district, or a river improvement, river\nregu…
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\ncertain obligations. a. If in any city or village, prior to the\neffective date of this chapter, a water board, public utility board or\nother agency, (other than the council, common council, board of\nalderme…
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\ncontracted. a. The term "indebtedness", as used in this section, shall\nmean in relation to a county, city, town, village, school district or\nfire district, any indebtedness other than an indebtedness which would…
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.\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 a…
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\nimprovements; Buffalo, Rochester and Syracuse. In ascertaining the\npower of the cities of Buffalo, Rochester and Syracuse to contract\nindebtedness, there may be excluded the outstanding indebtedness\ncontracted by each…
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\nshall cease. a. Whenever the boundaries of any city are the same as\nthose of a county, or when any city includes within its boundaries more\nthan one county, the power of any county wholly included within such\…
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\nfunds" shall include:\n 1. Budgetary appropriations for capital improvements or equipment,\nwhich appropriations have not lapsed.\n 2. The proceeds of capital notes issued for the payment of the cost of\ncapita…
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.\nIn the fiscal year of a county, city or town commencing during the\ncalendar year nineteen hundred forty-four, and in each succeeding fiscal\nyear, the total amount of the local share of safety net assistance…
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\nnor less than three days before any municipality, fire district, or any\nschool district having an aggregate assessed valuation of taxable real\nproperty of one hundred thousand dollars or more, sells any bond…
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\ndistrict or district corporation may not contract indebtedness for any\nobject or purpose for a period longer than the period of probable\nusefulness set forth below for such object or purpose, provided,\nhowever…
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\nincluded as indebtedness of municipalities. a. As used in this section:\n 1. The term "assessment roll" shall mean the assessment roll used for\nthe annual county, city, town or village taxes, as the case ma…
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\nschool district in a city; amount thereof to be included as indebtedness\nof such school district. In ascertaining the power of a school district\nin a city to contract indebtedness the following indebtedness…
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\nschool district outside of a city. a. In ascertaining the power of a\nschool district, other than a school district in a city, to issue bonds\nor bond anticipation notes, there shall be included the amount of…
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\nthan school districts in a city with one hundred twenty-five thousand\ninhabitants or more according to the latest federal census in\nascertaining their power to contract indebtedness. a. As used in this\nsect…
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\nthan school districts in a city with one hundred twenty-five thousand\ninhabitants or more according to the latest federal census. In\nascertaining the power of a school district, other than a school\ndistrict…
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;\nascertainment of indebtedness arising therefrom. a. Whenever the city\nof New York is required by law to pay for all or any part of the cost of\na capital improvement by direct budgetary appropriation in any fiscal\nyear…
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\nthe power of a municipality to contract indebtedness. a. As used in this\nsection: 1. The term "outstanding indebtedness", shall mean indebtedness\nevidenced by bonds and bond anticipation notes.\n 2. The term …
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\nexcluded. a. As used in this section, the term "accrued liabilities"\nshall mean the liabilities of a pension or retirement system or fund\naccrued, both on account of pensioners on the pension roll and\nprospec…
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\nascertaining the power of a municipality to contract indebtedness. * a.\nIn ascertaining the power of a municipality to contract indebtedness,\nthere may be excluded any outstanding indebtedness contracted by s…
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\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,…
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\nYork City. a. In ascertaining the power of the city of New York to\ncontract indebtedness, there may be excluded the outstanding\nindebtedness contracted by such city for school purposes, evidenced by\nbonds, t…
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\nmunicipalities, school districts and fire districts which are required\nto file a debt statement pursuant to section 109.00 of this chapter.\n
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\n"obligations" shall mean bonds, notes or other evidences of\nindebtedness.\n
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\nshall be prepared by the chief fiscal officer of the municipality, fire\ndistrict or school district. If, however, a municipality, school\ndistrict or fire district does not have a chief fiscal officer, then\nsuc…
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\nindebtedness. a. The debt statement of a municipality, school district\nin a city or fire district setting forth its total net indebtedness\nshall contain the following items of indebtedness for the purpose of\n…
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.\nThe debt statement of a municipality, school district in a city or fire\ndistrict setting forth its total net indebtedness may contain the\nfollowing items of deduction for the purpose of showing the net\nind…
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\nhundred twenty-five thousand inhabitants or more according to the latest\nfederal census. The debt statement of a school district, other than a\nschool district in a city with one hundred twenty-five thousand\n…
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\nof a municipality, school district in a city or fire district shall\ninclude a statement of the total net indebtedness of such municipality,\nschool district or fire district. Such total net indebtedness shal…
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.\na. The debt statement of a municipality or school district in a city\nshall contain a computation of the average full valuation of taxable\nreal property of such municipality or school district. The debt\nsta…
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\nstatement of a municipality, school district in a city or fire district\nshall show the total amount of indebtedness which may be contracted by\nsuch municipality, school district or fire district pursuant to…
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.\nThe state comptroller shall prescribe the form of debt statements and\nmay require that there be submitted with such statements such other\ninformation as he deems appropriate.\n b. The state comptroller shall p…
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\namount thereof. The amount of outstanding indebtedness on account of\nthe acquisition of real property to be included in a debt statement,\npursuant to subdivision two of paragraph a of section 135.00 of this\nc…
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;\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…
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\nindebtedness; procedure for ascertaining the amount of such liabilities.\nThe amount of the liability of a municipality arising from a guarantee\nauthorized by law pursuant to section seven of article seventeen of th…
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.\nLegislative intent. The provisions of title one-A of article two of this\nchapter are intended to effectuate the provisions of sections one and\ntwo-a of article eight of the constitution, as in force and eff…
N.Y. Local Finance Law § 15.10 Allocation of indebtedness
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§ 15.10 Allocation of indebtedness. a. Several indebtedness and joint\nindebtedness contracted or incurred for a joint service or a joint\nwater, sewage or drainage project shall be included as gross\nindebtedness in the debt statement of the municipal corporation or\nmunicipali…
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\ncertain indebtedness. a. The provisions of section 104.00 of this\nchapter shall be applicable in relation to the powers of counties,\ncities, towns, villages and school districts in cities to contract\nindebted…
N.Y. Local Finance Law § 15.30 Debt statements
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§ 15.30 Debt statements. a. The state comptroller, in the performance\nof his duties pursuant to section 141.00 of this chapter, shall cause\ndebt statements of municipal corporations and municipalities to be\nprepared in such manner as will reflect (1) the gross amounts of any\…
N.Y. Local Finance Law § 15.40 Additional limitations
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§ 15.40 Additional limitations. a. Indebtedness shall not be\ncontracted or incurred pursuant to this title for any object or purpose\nwhich is intended to effectuate any of the purposes of article eighteen\nof the state constitution as implemented by the public housing law or\n…
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\nindebtedness. a. To effectuate any of the purposes of article eighteen\nof the state constitution as implemented by the public housing law and\nany other laws, any city, town or village may contract indebtedness to…
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\nindebtedness. a. If there remains unpaid any indebtedness contracted by\na city, town or village to effectuate any of the purposes of article\neighteen of the state constitution, as implemented by the public housing\nl…
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\nin this section:\n 1. The term "authority" shall mean a housing authority owning or\noperating a project or projects aided by (a) a guarantee or guarantees\nof the city representing indebtedness which the cit…
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\npledge its mortgage interest. Any municipality shall be authorized to\nassign for collateral or pledge as security for any of its bonds, notes\nor other obligations its mortgage interest in a project constructe…
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\ncertain mortgages. a. Notwithstanding any general, special or local law\nto the contrary, upon the modification or satisfaction by the city of\nNew York or the New York city housing development corporation, pur…
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\nfinance board is empowered or required to act, and no proportion of\nvoting strength for such action is prescribed, such action shall be\ntaken by at least a majority vote of the voting strength of such finance\nboa…