Section 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 fourteen, 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.
    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.