§ 136.00 Statement of total debt; deductions from gross indebtedness.
The debt statement of a municipality, school district in a city or fire
district setting forth its total net indebtedness may contain the
following items of deduction for the purpose of showing the net
indebtedness of such municipality, school district or fire district:

1. Tax and other revenue anticipation obligations. The amount of
outstanding indebtedness represented by obligations issued in any fiscal
year in anticipation of

(a) The collection of taxes or assessments on real estate for amounts
theretofore actually levied and uncollected or to be levied in such year
and payable out of such taxes or assessments,

(b) Money receivable from the state which has theretofore been
apportioned by the state or which is to be so apportioned within one
year after their issue, and

(c) The collection of any other taxes due and payable or to become due
and payable within one year after their issue or of other revenues,
including the receipt of moneys for any urban renewal project or part
thereof (1) from the sale of real property, or any interest therein,
acquired for or incidental to an urban renewal project; or (2) from the
United States government pursuant to title one of the housing act of
nineteen hundred forty-nine as amended; or (3) from the state of New
York for urban renewal purposes pursuant to the general municipal law,
to be received within one year after their issue;
except any such obligations or renewals thereof, which are not retired
within five years after their date of original issue.

1-a. Obligations issued for other than capital improvements. The
amount of outstanding indebtedness evidenced by obligations (except
serial bonds of an issue having a maximum maturity of more than two
years) issued for objects or purposes other than the financing of
capital improvements and contracted to be redeemed in one of the two
fiscal years immediately succeeding the year of their issue.

2. Water indebtedness. In the case of a municipality or fire district,
the amount of outstanding indebtedness contracted to provide for the
supply of water.

3. Indebtedness contracted for self-liquidating projects. (a) In the
case of a municipality, the amount of outstanding indebtedness,
contracted for a public improvement or part thereof, or service, owned
or rendered by such municipality, which has been excluded pursuant to
section 123.00 of this chapter. (b) In the case of a city, village or
town, the amount of outstanding indebtedness, contracted by a district
corporation, as the term "district corporation" is defined in paragraph
a of section 102.00 of this chapter, if such indebtedness was contracted
for a public improvement or part thereof, or service, owned or rendered
by such district corporation, which has been excluded pursuant to
section 123.00 of this chapter. (c) In the case of a county or town, the
amount of outstanding indebtedness, contracted by any such municipality
on behalf of an improvement district for a public improvement or part
thereof, or service, owned or rendered by such district, which has been
excluded pursuant to section 123.00 of this chapter.

3-a. Indebtedness arising from the amounts to become due pursuant to
contracts for the construction of buildings or other public improvements
entered into by the state commissioner of general services as agent for
a county or a city pursuant to chapter one hundred fifty-two of the laws
of nineteen hundred sixty-four or chapter three hundred fifty-four of
the laws of nineteen hundred sixty-three, if the amounts which are to
become due pursuant to such contracts are payable in the first instance
from appropriations made by the state for such purposes subject to
reimbursement of the state by such county or city from the proceeds of
the sale of obligations issued by such county or city.

3-b. Indebtedness arising from the amounts due or to become due as
rental payments pursuant to a lease or sublease between the New York
state housing finance agency and a municipality, which lease or sublease
provides for the acquisition, construction, reconstruction,
rehabilitation or improvement of a health facility by the health and
mental hygiene facilities improvement corporation and the financing
thereof by the New York state housing finance agency pursuant to the
provisions of the health and mental hygiene facilities improvement act
and section forty-seven-d of the private housing finance law.

3-c. Indebtedness arising from the amounts due or to become due as
rental payments pursuant to a lease or sublease between the New York
state medical care facilities finance agency and a municipality, which
lease or sublease provides for the acquisition, construction,
reconstruction, rehabilitation or improvement of a health facility by
the health and mental hygiene facilities improvement corporation and the
financing thereof by the New York state medical care facilities finance
agency pursuant to the provisions of the health and mental hygiene
facilities improvement act and the New York state medical care
facilities finance agency act.

4. Bonds for pensions. In the case of a municipality, the amount of
outstanding indebtedness represented by bonds issued in accordance with
section 124.00 of this chapter to place a pension or retirement system
or fund on a solvent basis.

* 4-a. Indebtedness for sewage facilities. In the case of a
municipality, the amount of outstanding indebtedness contracted on or
after January first, nineteen hundred sixty-two, and prior to January
first, two thousand twenty-four, for the construction or reconstruction
of facilities for the conveyance, treatment and disposal of sewage. The
amount of such indebtedness to be deducted shall be ascertained pursuant
to section 124.10 of this chapter.

* NB Effective until the effective date of constitutional amendments
proposed in S.4597/A.3776

* 4-a. Indebtedness for sewage facilities. In the case of a
municipality, the amount of outstanding indebtedness contracted on or
after January first, nineteen hundred sixty-two, and prior to January
first, two thousand thirty-four, for the construction or reconstruction
of facilities for the conveyance, treatment and disposal of sewage. The
amount of such indebtedness to be deducted shall be ascertained pursuant
to section 124.10 of this chapter.

* NB Effective upon the effective date of constitutional amendments
proposed in S.4597/A.3776

5. Assessable improvements. The amount of outstanding indebtedness
contracted by the cities of Buffalo, Rochester and Syracuse for so much
of the cost and expense of any public improvement, as may be required by
the ordinance or local law assessing the same to be raised by assessment
upon local property or territory, to the extent that such outstanding
indebtedness, together with other indebtedness initially contracted
therefor from time to time after January first, nineteen hundred
twenty-eight, and since retired aggregates, in the case of the cities of
Buffalo and Rochester, a sum not exceeding ten million dollars and in
the case of the city of Syracuse, a sum not exceeding five million
dollars. Any indebtedness thereafter contracted for such purposes in
excess of such sums shall not be so deducted. Nothing in this
subdivision shall be construed to prevent the deduction of any refunded
indebtedness if the indebtedness refunded was deductible pursuant to
this subdivision.

6. Indebtedness of a county wholly included within or coterminous with
a city. In the case of a city, the amount of outstanding indebtedness of
a county wholly included within such city or which is coterminous with
such city.

7. In the case of the city of New York:

(b) Indebtedness for self-liquidating dock facilities. The amount of
outstanding indebtedness contracted by the city, prior to the first day
of January, nineteen hundred ten, for dock purposes proportionately to
the extent to which the current net revenues received by the city
therefrom shall meet the interest on and the annual requirements for the
amortization of such indebtedness. The amount of such indebtedness to be
deducted shall be ascertained pursuant to section 125.00 of this
chapter.

(c) Indebtedness of the independent subway system. The amount of
outstanding indebtedness contracted after January first, nineteen
hundred twenty-eight, for the construction or equipment, or both, of new
rapid transit railroads provided, however, that when the total of the
indebtedness initially contracted from time to time after such date
finally aggregates the sum of three hundred million dollars, regardless
of whether or not any part thereof has been previously retired, any
indebtedness thereafter contracted for such purposes shall not be
deducted. Nothing in this subdivision shall be construed to prevent the
deduction of any refunded indebtedness if the indebtedness refunded was
deductible pursuant to this subdivision.

(d) Indebtedness for transit unification purposes. The amount of
outstanding indebtedness contracted by the city for the acquisition of
railroads and facilities or properties used in connection therewith or
rights therein or securities of corporations owning such railroads,
facilities or rights, provided, however, that when the total of the
indebtedness initially contracted from time to time by the city for such
purposes finally aggregates the sum of three hundred fifteen million
dollars, regardless of whether or not any part thereof has been
previously retired, any indebtedness thereafter contracted for such
purposes shall not be deducted. Nothing in this subdivision shall be
construed to prevent the deduction of any refunded indebtedness if the
indebtedness refunded was deductible pursuant to this subdivision.

(e) Rapid transit indebtedness excluded prior to nineteen hundred
thirty-nine. The amount of outstanding indebtedness contracted for rapid
transit purposes which indebtedness was excluded in ascertaining the
power of the city to become indebted by order of the appellate division
of the supreme court, first judicial department, prior to January first,
nineteen hundred thirty-nine.

(f) Indebtedness for self-liquidating transit facilities. The amount
of outstanding indebtedness contracted by the city for transit purposes,
and not otherwise deducted, proportionately to the extent to which the
current net revenue received by the city from its transit facilities
shall meet the interest and the annual requirements for the amortization
and payment of such non-deducted indebtedness. The amount of such
indebtedness to be deducted shall be ascertained pursuant to section
125.00 of this chapter.

(g) Indebtedness for hospital purposes. The amount of outstanding
indebtedness contracted after January first, nineteen hundred fifty, for
the construction, reconstruction and equipment of city hospitals,
provided, however, that when the total of the indebtedness initially
contracted from time to time after such date finally aggregates the sum
of one hundred fifty million dollars, regardless of whether or not any
part thereof has been previously retired, any indebtedness thereafter
contracted for such purposes shall not be deducted. Nothing in this
subdivision shall be construed to prevent the deduction of any refunded
indebtedness if the indebtedness refunded was deductible pursuant to
this subdivision.

(h) Indebtedness for rapid transit railroads. The amount of
outstanding indebtedness contracted after January first, nineteen
hundred fifty-two, for the construction and equipment of new rapid
transit railroads, including extensions and interconnections with and
between existing rapid transit railroads or portions thereof, and
reconstruction and equipment of existing rapid transit railroads,
provided, however, that when the total of the indebtedness initially
contracted from time to time after such date finally aggregates the sum
of five hundred million dollars, regardless of whether or not any part
thereof has been previously retired, any indebtedness thereafter
contracted for such purposes shall not be deducted. Nothing in this
subdivision shall be construed to prevent the deduction of any refunded
indebtedness if the indebtedness refunded was deductible pursuant to
this subdivision.

(i) Indebtedness for certain school purposes. The amount of
outstanding indebtedness contracted for school purposes, evidenced by
bonds, to the extent to which state aid for common schools, not
exceeding two million five hundred thousand dollars, shall meet the
interest on and the annual requirements for the amortization and payment
of all or part of one or more issues of such bonds. The amount of such
indebtedness to be deducted in any fiscal year of the city shall be
ascertained pursuant to section 126.00 of this chapter.

8. Indebtedness of a city or a village having a population of five
thousand or more for housing or urban renewal. In the case of a city or
a village having a population of five thousand or more as determined by
the last federal census, the amount of outstanding indebtedness of such
city or village

(a) On account of any contract for capital or periodic subsidies to a
housing authority to be paid subsequent to the then current year.

(b) Arising from a guarantee of the principal of and interest on or
only the interest on indebtedness contracted by a housing authority.

(c) Represented by the unpaid balance of a loan from the state to a
housing authority acting as an instrumentality of such city or village.

(d) Arising from the effectuating of any of the purposes of article
eighteen of the state constitution by any means other than those set
forth in items (a), (b) and (c) of this subdivision.

The amount of indebtedness that may be deducted pursuant to items (a)
and (b) of this subdivision shall be ascertained pursuant to section
143.00 of this chapter.

8-a. The provisions of paragraph (d) of subdivision eight of this
section shall not apply to indebtedness for housing or urban renewal
purposes to which the provisions of sections 150.00 and 151.00 of this
chapter are inapplicable under the terms of paragraph d of section
150.00 and paragraph g of section 151.00 of this chapter.

9. Subsidies or guarantees by a town or a village having a population
of less than five thousand for housing purposes. In the case of a town
or a village having a population of less than five thousand as
determined by the last federal census, the amount of outstanding
indebtedness arising:

(a) From a guarantee of the payment of the principal of and interest
on or only the interest on the indebtedness of a housing authority, or
from the unpaid balance of a loan by the state to a housing authority
acting as an instrumentality of such town or village, or

(b) From a contract for a periodic subsidy to such an authority,
whichever amount is smaller, provided that in the case of a guarantee
and subsidy there is a contractual obligation to apply the sums due
under such subsidy to the payment of all or part of the debt service so
guaranteed and that in the case of a state loan and subsidy there is a
contractual obligation to apply the sums due under such subsidy to the
payment of all or part of the debt service of such loan. The
indebtedness on account of a subsidy and the indebtedness arising from a
guarantee shall be ascertained pursuant to section 143.00 of this
chapter.

10. Assets of sinking funds. Outstanding indebtedness not otherwise
deducted pursuant to this section, to the extent to which there may be
applied against such indebtedness the assets of sinking funds, inclusive
of cash therein and current budgetary appropriations thereto not yet
realized as cash. The securities in such sinking funds shall be valued
at not to exceed par.

10-a. Refunded bonds. Outstanding indebtedness, not otherwise
deducted, evidenced by bonds to be refunded, provided that provision
shall have been made pursuant to section 90.10 of this chapter for the
payment in full, from the proceeds from the sale of refunding bonds or
ascertainable income from investments or both, of all principal of and
interest on such bonds to be refunded, including all redemption
premiums, as the same respectively become due and payable.

10-b. Certain refunding bonds. Outstanding indebtedness, not otherwise
deducted, evidenced by any separate series of refunding bonds issued
pursuant to section 90.10 of this chapter, provided that provision shall
have been made pursuant to such section for the payment in full, from
ascertainable income from investments, of all principal of and interest
on such separate series of refunding bonds, as the same respectively
become due and payable.

11. Cash on hand for debts. Outstanding indebtedness not otherwise
deducted pursuant to this section, to the extent to which there may be
applied against such indebtedness cash on hand, other than in a sinking
fund.

12. Appropriations. Outstanding indebtedness not otherwise deducted
pursuant to this section, to the extent to which there may be applied
against such indebtedness current budgetary appropriations, other than
to a sinking fund, which have not yet been realized as cash.

13. School indebtedness of certain cities. In the case of a city
having less than one hundred twenty-five thousand inhabitants according
to the latest federal census, the several amounts of outstanding city
indebtedness for education purposes allocated to a city school district
by the state comptroller.