N.Y. Comp. Codes R. & Regs. tit. 2 § 62.4

Current through Register Vol. 46, No. 36, September 4, 2024

Section 62.4 - Contents of application

(a) The application shall state whether it is made by the chief fiscal officer in his discretion or upon direction of the finance board. It shall contain a brief description of the facilities for the construction or reconstruction of which the indebtedness has been or is proposed to be incurred and a statement that such facilities are for the conveyance, treatment and disposal of sewage. If any part of such facilities are for a purpose other than the conveyance, treatment and disposal of sewage, the application shall state the nature of such other purpose and the amount of indebtedness contracted or proposed to be contracted therefor. In the case of an application relating to proposed indebtedness to be excluded, the application shall state the approximate date or dates when such indebtedness, or portions thereof, are proposed to be contracted and whether such indebtedness is to be in the form of a contract for construction or in the form of obligations, or in both such forms. It shall also contain a reference to the law pursuant to which such facilities are or will be owned and a statement of the actual date or, if that is not known, the approximate date when the facilities were or are to be placed in operation.

(b) In the case of indebtedness contracted or proposed to be contracted by a county or town on behalf of an improvement district the application shall state the date on which such improvement district was created or established, the date of any extension thereof, a reference to the statutes pursuant to which it was created, established or extended and a reference to the statutes pursuant to which it operates. It shall also state the dates of the commencement and termination of the fiscal year in which the application is filed.

(c) A verified itemized statement, prepared by the chief fiscal officer in his discretion or on the direction of the finance board, of the indebtedness of the municipality contracted or proposed to be contracted for such facilities on or after January 1, 1962 and prior to January 1, 1973 shall be attached to the application. Such statement shall describe each issue of bonds, bond anticipation notes, capital notes or other obligations issued or proposed or contract indebtedness incurred or proposed to be incurred within such period. It shall state the date of such issuance or incurrence, the amount of such obligations originally issued and the amount outstanding as of the date of the application.

(d) In the case of outstanding contract indebtedness such statement shall set forth the name of each party to the contract or contracts and an itemization of the amount of indebtedness originally incurred under each such contract or contracts and the amount owing as of the date of the application.

(e) Such application shall also state that, in the event that the State Comptroller shall grant the exclusion sought, the revenues, if any, of such facility, during the period for which the exclusion is effective shall be applied and actually used for the payment of all costs of operation, maintenance and repairs and payment of the amounts required for the interest on and amortization of or redemption of the indebtedness sought to be excluded, or that such revenues will be deposited in a special fund to be used solely for such payments.

(f) In the case of bond indebtedness, a maturity schedule for the bond issue shall also be appended to the application and a statement shall be included setting forth the manner in which the payment of debt service on such bonds is to be paid (e.g., sewer rents, taxes, assessments, etc.).

(g) In the event that the State Comptroller shall have issued pursuant to section 123.00 of the Local Finance Law a certificate excluding all or part of the indebtedness sought to be excluded pursuant to section 124.10 of the Local Finance Law, the application shall state the date of such certificate and the amount and nature of such indebtedness for which such exclusion was granted.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 62.4