N.Y. Local Finance Law 15.30 – Debt statements
§ 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 several indebtedness and joint indebtedness contracted or incurred by a participating municipal corporation or municipality in relation to a joint service or joint water, sewage or drainage project, (2) the amounts of any such several indebtedness, and the amounts of any such joint indebtedness allocated and apportioned to any participating municipal corporation or municipality, which are to be included as gross indebtedness in a debt statement prepared in accordance with the provisions of title ten of article two of this chapter, and (3) the amounts of any such several indebtedness or joint indebtedness which under or pursuant to any provision of this chapter may be excluded in ascertaining the debt-contracting margin of the participating municipal corporation or municipality.
Terms Used In N.Y. Local Finance Law 15.30
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- joint indebtedness: means indebtedness contracted for or in relation to a joint service or a joint water, sewage or drainage project and for which the joint faith and credit of the municipal corporations or municipalities would be pledged for the payment thereof. See N.Y. Local Finance Law 15.00
- joint service: means a municipal facility, service, activity or undertaking described in section one of article eight of the constitution, but shall not include any object or purpose the indebtedness for which would be subject to the limitations of paragraph a of section 150. See N.Y. Local Finance Law 15.00
- municipal corporation: means a county outside the city of New York, a city, a town, a village, or a school district. See N.Y. Local Finance Law 15.00
- municipality: means a county outside the city of New York, a city, a town or a village. See N.Y. Local Finance Law 15.00
- several indebtedness: means indebtedness contracted for or in relation to a joint service or a joint water, sewage or drainage project and for which the faith and credit of a single municipal corporation or municipality would be pledged for the payment thereof. See N.Y. Local Finance Law 15.00
b. The provisions of section 109.00 and of title ten of article two of this chapter which are consistent with the provisions of title one-A of such article shall be applicable in relation to the debt statements of a municipal corporation or municipality which is a participant in a joint service or joint water, sewage or drainage project.