Research

Administrative History

Article 2, Section 151 of the Local Finance Law states: "If a city, town, or village has any unpaid indebtedness which was contracted to effectuate any of the purposes of Article 18 of the New York State Constitution, or implemented by the Public Housing Law, the General Municipal Law or any other general or special law, written 60 days after the close of its fiscal year an annual verified statement of its housing and urban renewal debt-contracting power must be filed with the State Comptroller and the State Commissioner of Housing."

In addition, thereto, "not more than 15 or less 3 days before any such municipality contracts any indebtedness for housing or urban renewal purposes, it shall file with the same officials a verified supplemental statement of its housing and urban renewal debt-contracting power. The supplemental debt statement should indicate any additions to, omissions of or changes in the items or statements contained in its previous annual valuation, housing and urban renewal debt limit, net margin of debt-contracting power of municipality exhausted for housing and urban renewal purpose, proposed housing and renewal debt, and statement of total debt, including inclusion and exclusion."