Section 104.10. Additional limitations on the power to contract indebtedness

In  addition  to  the  other limitations of this chapter on the power to
  contract indebtedness:
    1. Any municipality, school district or district corporation shall  be
  subject   to  the  limitations  contained  in  any  law  requiring  such
  municipality, school district or district corporation to adopt,  whether
  or  not  as a part of an annual budget, a budget of the capital projects
  which it may undertake, continue, complete or acquire during the  twelve
  months' period for which such budget is adopted.
    2.  Any county operating under an alternative form of government which
  provides for the establishment of a county debt commission may establish
  such a commission for the regulation,  pursuant  to  such  law,  of  the
  contracting  of  indebtedness by such county and the units of government
  within such county.
    3. Any town which
    (a) Is wholly or partly within the Adirondack park, and
    (b) Has within its boundaries state lands subject to taxation assessed
  at more than thirty per centum of the total taxable  assessed  valuation
  of  such  town  as  determined from the assessment rolls of the town, as
  completed  from  time  to  time,  shall  not  issue  its   bonds,   bond
  anticipation  notes,  capital  notes  or budget notes if by doing so the
  amount  of  its  outstanding  indebtedness  evidenced  by  bonds,   bond
  anticipation  notes,  capital  notes,  budget  notes and certificates of
  indebtedness, plus  the  amount  of  the  indebtedness  proposed  to  be
  incurred, shall exceed five percent of such town's revenues for the last
  year the state comptroller has such data or one hundred thousand dollars
  whichever  is  the  lesser;  provided,  however, such obligations may be
  issued originally by any such town upon the duly  verified  petition  of
  the  owners  of  at  least  sixty-five  per  centum  of the taxable real
  property therein, as such real property appears on  the  last  preceding
  completed  assessment-roll  of such town, or upon the certificate of the
  state comptroller consenting, on behalf of the state,  to  the  original
  issuance of such obligations. For the purposes of any such petition, the
  state  comptroller may act on behalf of the state. The state comptroller
  shall annually calculate the dollar amount equal to five percent of such
  town's total revenue for the last year the comptroller has such data  on
  file.  Such  bonds  shall be refunded only pursuant to the provisions of
  section 90.00 or 90.10 of this chapter. Such  bond  anticipation  notes,
  capital  notes  and  budget notes may be renewed as provided in sections
  23.00, 28.00 and 29.00 of this chapter, respectively. The consent of the
  state comptroller shall not be required under this  subdivision  in  any
  such  town  in  connection  with  the  issuance  of  obligations for the
  purposes of an improvement district if they  are  issued  in  accordance
  with the statement of the proposed manner of financing an improvement as
  set  forth  in  an application to the state comptroller made pursuant to
  section one hundred ninety-four of the town law and in  compliance  with
  the  terms  or conditions, if any, of the order of the state comptroller
  made pursuant to such section.  Likewise,  such  consent  shall  not  be
  required  under  this  subdivision  in  connection  with the issuance of
  obligations for the purpose  of  financing  an  expenditure  in  a  town
  improvement  district  where  the  expenditure  has been approved by the
  state comptroller.
    4. Any town which, without first obtaining the permission of the state
  comptroller, shall have established or extended an improvement  district
  prior  to  September  first, nineteen hundred forty-five, or which shall
  establish  or  extend  any  such  district  after  August  thirty-first,
  nineteen   hundred   forty-five,   shall   not  issue  its  bonds,  bond
  anticipation notes or  capital  notes  for  the  purposes  of  any  such

  district  or  extension,  except for improvements undertaken pursuant to
  sections one hundred ninety-nine, two hundred two-b of the town law, and
  section 222.5 of the Nassau county civil divisions act, and except  when
  the  cost  of  the  district or extension to the typical property or, if
  different, the cost to the typical one or two family home is  not  above
  the  average  cost  threshold  as  may be annually computed by the state
  comptroller pursuant to section one hundred ninety-four or  two  hundred
  nine-f  of  the  town  law, unless it secure the permission of the state
  comptroller, granted upon a written application signed and  verified  by
  the supervisor or such other officer of the town as the town board shall
  determine. Any such application shall include:
    (a)  A certified copy of the petition for the creation of the district
  (omitting, however, the signatures and acknowledgments or proofs);
    (b) An itemized statement of the then outstanding indebtedness of  the
  town  for  all  purposes as evidenced by bonds, bond anticipation notes,
  capital notes  and  budget  notes;  the  amount  of  joint  indebtedness
  contracted  or  incurred for a joint service or a joint water, sewage or
  drainage project and the  amount  of  such  indebtedness  allocated  and
  apportioned  to the town, as defined in title one-a of the local finance
  law; the amount of the indebtedness proposed to be  contracted  for  the
  improvement;  the  amount of budgetary appropriations for the payment of
  any such indebtedness, whether or  not  such  appropriations  have  been
  realized  as  cash,  and  the  amounts,  purposes  and probable dates of
  issuance of any bonds, bond anticipation notes, capital notes and budget
  notes which the town has authorized to be issued but which in fact  have
  not been issued on the date of such application;
    (c)  A  statement  of  the  aggregate  assessed  valuation of the real
  property in the district, as such assessed valuations are shown  on  the
  last  completed  assessment  roll  of the town prior to the date of such
  application; and
    (d) A statement of the average full  valuation  of  the  taxable  real
  property of the town. Such average full valuation shall be determined by
  taking  the  assessed valuation of the taxable real property of the town
  as it appears on  the  assessment  roll  of  the  town  which  was  last
  completed  prior  to the date of the application, and such valuations as
  they appear on each of the four preceding rolls; dividing the amount for
  each such roll by the equalization  rate  established  for  it  for  the
  assessment  of  special  franchises  by  the  state  officer  or  agency
  authorized to establish such rates; adding the quotients thus  obtained,
  and dividing the sum thereof by five; and
    (e) A certified copy of the resolution authorizing the issuance of the
  obligations in connection with which the application is made.
    The  state comptroller in his discretion may require the submission of
  additional information  in  such  form  and  detail  as  he  shall  deem
  sufficient,  or  may  cause  an  investigation to be made, to aid him in
  making the determinations herein required. Any such application  may  be
  amended prior to any final determination. If the state comptroller shall
  determine  (1)  that  the  issuance of the obligations will not cause an
  undue burden upon the property of the district, and (2) that  amount  of
  the  indebtedness  of  the  town for all purposes as evidenced by bonds,
  bond anticipation notes, capital notes and budget notes, plus the amount
  of  the  indebtedness  proposed  to  be  incurred  for  the  improvement
  district, less the amount of budgetary appropriations for the payment of
  any  such  indebtedness,  whether  or  not such appropriations have been
  realized as cash, as of the date of the application filed with the state
  comptroller, will not exceed fifteen per  centum  of  the  average  full
  valuation  of  the taxable real property of the town he shall grant such
  application; otherwise, it shall be denied. Such average full  valuation

  shall  be  determined in the manner provided in this subdivision. If any
  such application shall be granted by the state comptroller, it shall not
  be necessary to apply to the state comptroller under the  provisions  of
  subdivision three of this section for his consent to the issuance of the
  obligations   described   in  the  application  made  pursuant  to  this
  subdivision. There shall be excluded from the amount of indebtedness  to
  be  considered by the state comptroller in making such determination any
  indebtedness  allocated  or  apportioned  or   proposed   by   all   the
  participating  municipal  corporations to be allocated or apportioned to
  any municipal corporation other than such town in  accordance  with  the
  provisions of section 15.10 of the local finance law.
    5.  Any  town,  in  any  county  now  or  hereafter operating under an
  optional form of government, shall not let any  contract  or  incur  any
  indebtedness  whatsoever for any capital improvement for any improvement
  district therein for which such town intends to issue obligations unless
  it shall have first secured the consent of the  finance  board  of  such
  county  to  the  issuance  of  such  obligations. Whenever any such town
  intends to issue obligations for such a  purpose,  it  shall  present  a
  petition  to  the  finance  board  of  such  county,  setting  forth the
  improvement proposed and the amounts and type or types of obligations to
  be issued and requesting the approval of such county for the issuance of
  the obligations. The finance board of  such  county  within  sixty  days
  after  the  presentation  of  such petition, by resolution, shall either
  approve or disapprove of the issuance  of  such  obligations  and  shall
  forward  a  certified  copy of such resolution to the town board of such
  town.
    6. Any fire district which is situated in whole or in part in  a  town
  which  is wholly or partly within the Adirondack park and has within the
  town boundaries state lands subject to taxation assessed  at  more  than
  thirty per centum of the total taxable assessed valuation of the town as
  determined from the assessment rolls of the town, as completed from time
  to  time,  shall  not  issue its bonds, bond anticipation notes, capital
  notes or  budget  notes  if  by  doing  so  the  amount  of  outstanding
  indebtedness  evidenced  by bonds, bond anticipation notes, budget notes
  and certificates of indebtedness, plus the amount  of  the  indebtedness
  proposed  to  be  incurred  shall exceed five percent of such district's
  revenues for the last year the comptroller has such data or one  hundred
  thousand  dollars  whichever is the lesser unless the state comptroller,
  on behalf of the state, shall consent thereto.
    7. The total amount of bonds or capital notes which may be  authorized
  in  any  fiscal  year  of  the municipal corporation, school district or
  district corporation to finance advance  planning  pursuant  to  section
  ninety-nine-d  of the general municipal law shall not exceed the maximum
  amount of budget notes which it may  issue  in  such  year  pursuant  to
  subdivision  two  or  three  of  paragraph  a  of  section 29.00 of this
  chapter, as the case may be, provided, however, that for the purposes of
  this subdivision, amounts which are to be paid  in  the  first  instance
  from  improvement  district  assessments  shall be included in computing
  "the amount of the annual budget" of a town or a  county  in  accordance
  with section 29.00 of this chapter.