N.Y. Comp. Codes R. & Regs. tit. 9 § 1804.1

Current through Register Vol. 46, No. 50, December 11, 2024

Section 1804.1 - Prerequisites

(a) Prior to the original issuance of urban renewal notes (as defined in Local Finance Law, section 25.10) for the financing of program activities and undertakings a municipality shall transmit and file with the commissioner the following not less than 15 nor more than 20 days prior to sale:

(1) A transmittal letter signed by the chief fiscal officer of the municipality which includes a statement with respect to each of the following:

(i) that such notes represent an original or refunding issue,

(ii) that the notes are not being issued for a period in excess of one year giving both the date of issue and the maturity date;

(iii) date of federal capital grant contract;

(iv) date of State capital grant contract;

(v) that original of form AC896 (Supplemental Statement of Housing and Urban Renewal Indebtedness) has been filed with the State Comptroller in accordance with his regulations.

(2) Certificate of chief fiscal officer. New York State Comptroller's form AC877 (1961) and Exhibit A in triplicate (including one original), each signed by the chief fiscal officer.

(3) Supplemental Statement of Housing and Urban Renewal Indebtedness. New York State Comptroller's form AC896 (1961) in duplicate, certified copies of each signed by the chief fiscal officer.

(4) Certified copy of the resolution delegating or authorizing the issuance of urban renewal notes together with certificate mentioned in or required by such resolution.

(5) No-litigation certificate (copy with seal of municipality).

(6) Evidence of filing of Certificate of Chief Fiscal Officer with municipal clerk.

(b) Before urban renewal notes may be issued and sold by a municipality, the chief fiscal officer of the municipality must first receive verification from the State Comptroller that the original of the Supplemental Statement of Housing and Urban Renewal Indebtedness (Form AC896) has been filed with the State Comptroller and the original of the Certificate of the Chief Fiscal Officer (Form AC877) approved by the commissioner has likewise been filed with the State Comptroller. Both (Forms AC896 and AC877) must be filed with the State Comptroller not less than three nor more than 15 days prior to date of sale.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 1804.1