N.Y. General Municipal Law 410 – Undertakings to be self-supporting
§ 410. Undertakings to be self-supporting. The governing body of a municipality issuing bonds to carry out any of the purposes of this article shall prescribe and collect reasonable rates, fees, tolls or charges for the services, facilities and commodities of such undertaking, and shall revise such rates, fees, tolls or charges from time to time whenever necessary so that such undertaking shall be and always remain self-supporting. The rates, fees, tolls or charges prescribed shall be such as will produce revenue at least sufficient (a) to pay when due all bonds and interest thereon for the payment of which such revenue is or shall have been pledged, charged or otherwise encumbered, including reserves therefor, and (b) to provide for all expenses of operation and maintenance of such undertaking, including reserves therefor.
Terms Used In N.Y. General Municipal Law 410
- governing body: shall mean the board of supervisors of a county, the town board of a town, the board of estimate and apportionment or other board performing similar functions in any city now or hereafter having a population of more than eight hundred thousand, except that in the city of New York the term governing body shall mean the officer or agency vested with power under the charter of such city or by other law, to act pursuant to this chapter; the city council, the common council, the municipal assembly or other legislative body of any other city, and the board of trustees of a village. See N.Y. General Municipal Law 401
- municipality: shall mean a county, town, city or village. See N.Y. General Municipal Law 401
- undertaking: shall include the following revenue-producing undertakings, whether now existing or hereafter acquired or constructed: Causeways, tunnels, viaducts, bridges and other crossings; highways, parkways, airports, docks, piers and wharves; systems, plants, works, instrumentalities and properties used or useful in connection with (i) the obtaining of a water supply and the collection, treatment and disposal of water for public and private uses, (ii) the collection, treatment and disposal of sewage, waste and storm water, and (iii) resource recovery from municipal solid waste through the use of structures, machinery or devices involving the separation, extraction and recovery of useable materials, energy or heat; together with all parts of any such undertaking and all appurtenances thereto including lands, easements, rights of way, contract rights, franchises, approaches, connections, dams, reservoirs, sewage disposal plants, intercepting sewers, trunk, connecting and other sewer and water mains, filtration works, pumping stations and equipment. See N.Y. General Municipal Law 401