Section 125.00. Exclusion of indebtedness for self-liquidating dock and transit facilities; New York City

a. As used in this section:    1. The term "dock improvement" shall mean a dock improvement for which
  indebtedness was contracted by the city of New  York  prior  to  January
  first,  nineteen  hundred  ten,  and for which indebtedness a partial or
  complete exclusion is sought in accordance with the provisions  of  this
  section.
    2. The term "transit facilities" shall mean:
    (a)  Railroads  and  facilities  and  properties  used  in  connection
  therewith and rights therein owned by the city of New York, and
    (b) Securities of  corporations  owning  such  railroads,  facilities,
  properties or rights, owned by the city of New York.
    b.  In  ascertaining  the  power  of  the city of New York to contract
  indebtedness, there may be excluded:
    1. Any outstanding indebtedness contracted by the city  prior  to  the
  first  day  of  January,  nineteen  hundred  ten, for a dock improvement
  proportionately to the extent to which the net revenue received  by  the
  city  therefrom  during  the  preceding  fiscal  year shall have met the
  interest on and the annual requirements for  the  amortization  of  such
  indebtedness during such fiscal year.
    2.  Any  outstanding  indebtedness  contracted by the city for transit
  purposes, and not otherwise excluded, proportionately to the  extent  to
  which  the  net revenue received by the city during the preceding fiscal
  year from all its  transit  facilities  less  the  total  of  the  items
  enumerated in paragraph c of this section shall have met the interest on
  and  the  annual  requirements  for the amortization and payment of such
  non-excluded indebtedness during such fiscal year.
    c. In ascertaining the amount of  indebtedness  for  transit  purposes
  that  may be excluded in accordance with the provisions of this section,
  there shall be deducted from the net revenue received by the  city  from
  all its transit facilities during such preceding fiscal year:
    1.  An  amount equal to the interest and amortization requirements for
  such preceding fiscal year on indebtedness contracted for rapid  transit
  purposes  which  indebtedness  was excluded in ascertaining the power of
  the city to contract indebtedness by order of the appellate division  of
  the  supreme  court,  first judicial department, prior to January first,
  nineteen hundred thirty-nine.
    2. An amount equal to (a) the interest for such preceding fiscal  year
  on  that  portion  of the indebtedness contracted for the acquisition of
  transit facilities which is excluded pursuant to paragraph A of  section
  seven-a  of  article eight of the state constitution in ascertaining the
  power of the city to contract indebtedness, and (b) the requirements for
  such preceding fiscal year for amortization on any  sinking  fund  bonds
  and  the  redemption  of  any  serial  bonds  evidencing  such  excluded
  indebtedness.  3. An amount equal to the sum of  all  taxes  and  bridge
  tolls  which  accrued  to  the  city  from transit facilities during the
  fiscal year of the city preceding the fiscal year in which such  transit
  facilities  were  acquired.  The  transit facilities referred to in this
  subdivision are those for the  acquisition  of  which  indebtedness  was
  contracted and all or part of which indebtedness is excluded pursuant to
  paragraph   A   of  section  seven-a  of  article  eight  of  the  state
  constitution  in  ascertaining  the  power  of  the  city  to   contract
  indebtedness.
    4.  The  amount  of net operating revenue derived by the city from the
  independent subway system during the fiscal year of the  city  preceding
  the  fiscal  year in which were acquired the transit facilities referred
  to in subdivision three of paragraph c of this section.

    d. At any time after the close of a fiscal year of the city, the  city
  comptroller  may,  in  his discretion, file with the state comptroller a
  financial statement for such fiscal year of any dock improvement  or  of
  all  the  transit facilities, if in the opinion of the city comptroller,
  the  city has received sufficient net revenue from such dock improvement
  or from such transit facilities, as the case may be, to entitle the city
  to an exclusion, in accordance with the provisions of this  section,  of
  all  or part of the indebtedness contracted for such dock improvement or
  for  such  transit  facilities.  The  city  comptroller  shall,  in  his
  discretion, determine and set forth in such statement the amount of such
  indebtedness which the city seeks to exclude. Such statement shall be in
  such  form  and shall contain such information as shall be prescribed by
  the state comptroller and shall be verified by the city comptroller.
    e. However, prior to the submission of such financial  statement,  the
  city  comptroller  shall  cause to be published at least once a week for
  two weeks in the city  record  a  notice  that  on  the  date  specified
  therein,  which  date  shall  be at least two weeks from the date of the
  first publication of the notice, such financial statement will be  filed
  with  the  state comptroller on the date specified in the notice and the
  financial statement which will be filed by the city comptroller with the
  state comptroller on the date specified in the notice and a copy of  all
  documents,  computations  and  other  data and information which will be
  submitted by the city comptroller to the state comptroller in support of
  such financial statement.
    f. Upon the receipt of  such  a  financial  statement  from  the  city
  comptroller,  the state comptroller forthwith shall review the facts set
  forth therein. The state comptroller shall have the power to examine the
  accounts and records of the city with respect to the dock improvement or
  the transit facilities, as the case may be. He may also require the city
  comptroller and other public officers, boards and  agencies  to  furnish
  such  additional data and information in their possession which he deems
  necessary to enable him to make his determination.
    g. The state comptroller shall issue  a  written  certificate  setting
  forth  his  determination as to whether the amount of indebtedness which
  the city seeks to exclude, or any part thereof, may  be  excluded.  Such
  certificate  shall constitute the authorization for the exclusion of the
  amount of such indebtedness set forth therein, in ascertaining the power
  of the city to contract indebtedness and shall be  effective  until  the
  close  of  the  fiscal year in which such financial statement shall have
  been submitted. If the state comptroller disallows, in whole or in part,
  the claim of the city for the exclusion, he shall set forth  the  reason
  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 duplicate. One of such duplicates
  shall be filed in the department of audit and control and the  other  in
  the  office  of  the  city comptroller. Both of such duplicates shall be
  public records.