Local Finance Law § 143.00 · Title 10. Statement of Debt-contracting Power of Municipalities, Fire Districts and Certain School Districts
Contract liabilities: housing guarantees or subsidies; procedure for ascertaining the amount of such liabilities
Text — Law content up to date as of September 4, 2026, as published by the New York State Senate (Open Legislation)
§ 143.00 Contract liabilities: housing guarantees or subsidies; procedure for ascertaining the amount of such liabilities. a. The amount of the liability of a city, town or village on account of any contract for capital or periodic subsidies to a housing authority to be paid subsequent to the then current year shall be deemed indebtedness in the amount of the commuted value of the total of such subsidies remaining unpaid, calculated on the basis of an annual interest rate of four per centum.
b. The amount of the liability of a city, town or village arising from a guarantee of the principal of and interest on indebtedness contracted by a housing authority shall be deemed indebtedness in the amount of the face value of the principal thereof remaining unpaid. If only interest is guaranteed, then the amount of liability arising therefrom shall be deemed indebtedness in the amount of the commuted value of the total interest guaranteed and remaining unpaid, calculated on the basis of an annual interest rate of four per centum.
Source of truth
- Edition
- Law content up to date as of September 4, 2026, as published by the New York State Senate (Open Legislation)
- Official file
- https://legislation.nysenate.gov/pdf/laws/LFN143.00
- Text hash
- sha256 db24797c4e36df3b373a7fcee065105c9dcbc8189d012be3114857045dc06b44
- Composed by
- gen_ny_statutes.py 2026-11-10: the Senate's Open Legislation law tree (GET /api/3/laws/<ID>?full=true) read in document order; the Senate's PDF of the whole law (GET /pdf/laws/<ID>?full=true), read with PDFium, prints the same words in the same order
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.