§ 152.00 Deductions for self-liquidating housing projects. a. As used
in this section:

1. The term "authority" shall mean a housing authority owning or
operating a project or projects aided by (a) a guarantee or guarantees
of the city representing indebtedness which the city is seeking to
exclude pursuant to this section, or (b) a loan or loans from the city
for which the city contracted indebtedness, which indebtedness the city
is seeking to exclude pursuant to this section.

2. The term "housing company" shall mean a housing company organized
under article two or article four of the private housing finance law, as
amended from time to time, owning or operating a project or projects
aided by a loan or loans from a city for which the city has contracted
indebtedness, which indebtedness it is seeking to exclude pursuant to
this section.

3. The term "project" shall mean that term as defined in section three
of the public housing law and section two of article two of the private
housing finance law as amended from time to time. Such term shall also
include an existing multiple dwelling aided by a loan pursuant to
article eight of the private housing finance law.

4. The term "fiscal year" shall mean the fiscal year of the city.

b. In ascertaining the power of any city to contract indebtedness to
effectuate any of the purposes of article eighteen of the state
constitution, as implemented by the public housing law and any other
laws, there may be excluded any indebtedness contracted by a city for
any project or projects aided by a guarantee or guarantees representing
such indebtedness or by a loan or loans for which such indebtedness was
contracted if such project or projects shall have yielded net revenue
during the preceding fiscal year, provided that in the case of
guarantees, the interest on such indebtedness and the amounts required
in such fiscal year for the payment of such indebtedness shall have been
paid and that in the case of loans, the amount the city shall have been
required to pay in such fiscal year for interest on and principal of
such indebtedness shall have been paid to the city.

c. In determining whether or not a project or projects have yielded
net revenue during the preceding fiscal year:

1. Periodic subsidies shall be included in computing gross revenues.

2. There shall be deducted from the gross revenues received from such
project or projects during such preceding fiscal year an amount equal to
all costs of operation, maintenance, repairs and replacements, and the
interest on such indebtedness and the amounts required in such fiscal
year for the payment of such indebtedness.

d. At any time after the close of the fiscal year of such city, the
chief fiscal officer thereof may, in his discretion, file with the state
comptroller a financial statement of such project or projects for the
purpose of obtaining the exclusion referred to in paragraph b of this
section if

1. In the case of a project or projects aided by a guarantee, or
guarantees, interest on and the amount required for the payment of such
indebtedness in such preceding fiscal year shall have been paid,

2. In the case of a loan or loans, the amount the city was required to
pay in such preceding fiscal year for interest on and principal of such
indebtedness shall have been paid to such city,
and the chief fiscal officer is of the opinion that the project has
yielded net revenue during such preceding fiscal year.

e. The officers, boards and agencies of the authority, housing company
or owner of an existing multiple dwelling aided by a loan pursuant to
article eight of the private housing finance law, as the case may be,
shall furnish to the chief fiscal officer of such city such data and
information in their possession with respect to the project or projects
as he shall require to enable him to determine whether the project or
projects have yielded net revenue. The statement submitted to the state
comptroller by the chief fiscal officer of the city shall be verified by
the chief fiscal officer and shall be in such form and shall contain
such information as shall be prescribed by the state comptroller;
provided, however, that it shall contain a declaration that the payments
required under subdivisions one and two of paragraph d of this section
have been made.

f. However, prior to the submission of such financial statement to the
state comptroller, the chief fiscal officer of such municipality shall
cause to be published a notice that on the date specified therein, which
date shall be at least two weeks subsequent to the date of the
publication of such notice, such financial statement will be filed with
the state comptroller. Such notice shall be published in the official
newspaper or newspapers of the municipality or if there be no such
newspaper or newspapers then the finance board shall designate one or
more newspapers having a general circulation in such municipality for
the publication of such notice. The notice shall also contain a
statement of the amount of indebtedness sought to be excluded and a
brief description of the project or projects. A copy of the financial
statement and of all documents, computations and other data and
information which will be submitted by the chief fiscal officer to the
state comptroller in support of such financial statement shall be filed
in the office of such chief fiscal officer and shall be public records.

g. Upon the receipt of such a financial statement from the chief
fiscal officer of such city, the state comptroller forthwith shall
review the facts set forth therein. The state comptroller shall have
power to examine the accounts and records of the city and of the
authority, housing company or owner of an existing multiple dwelling
aided by a loan pursuant to article eight of the private housing finance
law, as the case may be, with respect to the project or projects. He may
also require the chief fiscal officer and other officers, boards and
agencies of the city and of the authority or housing company, as the
case may be, and any such owner of an existing multiple dwelling, to
furnish such additional data and information in their possession as he
deems necessary to enable him to make his determination.

h. The state comptroller shall issue a written certificate setting
forth his determination as to whether such indebtedness may be excluded.
If the exclusion is allowed by the state comptroller, the certificate
shall constitute the authorization for the exclusion of such
indebtedness in ascertaining the power of such city to contract
indebtedness to effectuate any of the purposes of article eighteen of
the state constitution as implemented by the public housing law and any
other laws. Such authorization shall remain effective until the last day
of the seventh month following the close of the fiscal year in which
such financial statement shall have been submitted. If the state
comptroller disallows the claims of the municipality for the exclusion,
he shall set forth the reasons for such disallowance. The determination
of the state comptroller shall be conclusive. The certificate of the
state comptroller shall be executed under his hand and seal in
triplicate. One of such triplicates shall be filed in the department of
audit and control, one in the office of the state commissioner of
housing and one in the office of the chief fiscal officer of such city.
All such triplicates shall be public records.