Section 265-a. Allocation of authorizations to department of design and construction.

So much of the amount of any obligation authorized as is applicable to the completion of construction projects, acquisition of real property or acquisition of personal property in connection with construction or a capital project by the department of design and construction, including but not limited to the provision of services, utilities or facilities of such department, shall be allotted to the department of design and construction, but shall be considered and accounted for as a part of the cost of the project for which the obligations were authorized.

Editor's note: For related unconsolidated provisions, see Administrative Code Appendix A at L.L. 1995/077.

Section 266. Short term debt.

   a.   Subject to the provisions of subdivisions b through j of this section, the city may issue temporary debt obligations in anticipation of taxes and revenues as authorized by state law. The city shall issue no short-term obligations which shall be inconsistent with the limitations set forth in subdivisions b through j of this section. The limitations on short-term borrowing imposed upon the city by this section shall be in addition to the limitations on short-term borrowing imposed on the city under the state local finance law. The powers, duties, and obligations set forth in this section shall be subject to the powers, duties, and obligations placed upon any state or local officer or agency, including but not limited to the New York state financial control board, by or pursuant to the New York State Financial Emergency Act for the City of New York, while such act remains in effect.

   b.   Revenue or tax anticipation notes shall be issued against a specific tax or revenues receivable which are clearly identified by source and fiscal year.

   c.   If the amount of taxes or revenues receivable against which anticipation notes have been issued becomes equal to the amount of such notes outstanding, the city shall deposit all further funds obtained from such sources into a segregated bank account which may be used only to redeem such debt upon maturity.

   d.   The city shall not issue anticipation notes against taxes or revenues which have been receivable for more than two years.

   e.   No tax anticipation notes shall be issued by the city in anticipation of the collection of taxes or assessments levied for a fiscal year which would cause the principal amount of such issue of tax anticipation notes to exceed an amount equal to ninety per cent of the available tax levy with respect to such issue. For purposes of this subdivision, "available tax levy" with respect to an issue of tax anticipation notes means at any date of computation the total amount of city real estate taxes or assessments projected, consistent with the financial plan then in effect, to be received in cash on or before the fifth day preceding the maturity date of such tax anticipation note issue, less amounts required during the period between the date of computation and the fifth day preceding such maturity date to be paid into a general debt service fund or otherwise required to pay interest payable on other outstanding city bonds and notes, principal (including payments into sinking funds) coming due on outstanding city bonds and principal to be paid from sources other than the proceeds of bonds or renewal notes on other outstanding city notes (exclusive of revenue anticipation notes or renewals thereof issued less than two years prior to the date of computation) but not including payments from sinking funds required by the terms of certain city bonds.

   f.   Tax anticipation notes and renewals thereof shall mature not later than the last day of the fiscal year in which they were issued.

   g.   (1)   No revenue anticipation note shall be issued by the city in anticipation of the collection or receipt of revenue in a fiscal year which would cause the principal amount of revenue anticipation notes outstanding to exceed ninety per cent of the available revenues for such fiscal year. For purposes of this subdivision, "available revenues" shall be the revenues other than real estate taxes and assessments which have been estimated in the financial plan prepared pursuant to section two hundred fifty-eight to be realized in cash during such year, less revenues previously collected, other than revenues on deposit in any special fund or account established pursuant to law for the payment of interest and/or principal of revenue anticipation notes.

      (2)   Each issue of revenue anticipation notes shall be issued only in anticipation of the receipt of a specific type or types of revenue and the amount of revenue, the source of revenue and the anticipated date of payment shall be stated in the proceedings authorizing the issuance of such notes.

      (3)   Revenue anticipation notes shall mature not later than the last day of the fiscal year in which they were issued, and may not be renewed or extended to a date more than ten days after the anticipated date of receipt of such revenue. No such renewal note shall mature after the last day of such fiscal year unless the mayor shall certify that the revenue against which such renewal note is issued has been properly accrued and estimated in the financial plan set forth in section two hundred fifty-eight in effect on the date of issuance of such renewal note; provided that in no event shall any such renewal notes mature later than one year subsequent to the last day of the fiscal year during which such revenue anticipation notes were originally issued.

   h.   (1)   No bond anticipation note shall be issued by the city in any fiscal year which would cause the principal amount of bond anticipation notes outstanding, together with interest due or to become due thereon, to exceed fifty per cent of the principal amount of bonds issued by the city in the twelve months immediately preceding the month in which the note is to be issued.

      (2)   The proceeds of each bond issue shall be (i) held in trust for the payment, at maturity, of the principal of and interest on any bond anticipation notes of the city issued in anticipation of such bonds and outstanding at the time of the issuance of such bonds, (ii) paid into the general fund of the city in repayment of any advance made from such fund pursuant to section 165.10 of the state local finance law, and (iii) any balance shall be expended for the object or purpose for which such bonds were issued.

      (3)   Bond anticipation notes shall mature not later than one year after their date of issuance and may be renewed for a period not to exceed two years, or such longer period as may be permitted for bond anticipation notes of the state, from the date of original issue.

   i.   Budget notes issued pursuant to section 29.00 of the state local finance law may only be issued to fund projected expense budget deficits. No budget notes or renewals thereof shall mature later than sixty days prior to the last day of the fiscal year next succeeding the fiscal year during which such budget notes were originally issued.

   j.   All references to the state local finance law in this section shall be deemed to refer to the provisions of the New York state local finance law as such provisions may be amended over time or any successor provisions thereto.

Section 270. Application.

The provisions of sections two hundred seventy-one through two hundred seventy-nine shall apply to the several sinking funds of the city established prior to July first, nineteen hundred eighty-one.

Section 271. Sinking fund of the city of New York.

There is hereby continued the fund known as the "sinking fund of the city of New York" which shall have for its purpose the amortization and redemption of the principal of the debt of the city of New York incurred on and after the first day of January eighteen hundred ninety-eight, and evidenced by corporate stock of the city of New York, excepting that issued to provide for the supply of water and that issued since the first day of January, nineteen hundred ten, for rapid transit or rapid transit unification purposes and that issued since the first day of July nineteen hundred eighty-one which is redeemable from the general sinking fund or any other sinking fund established pursuant to sections two hundred ninety through two hundred ninety-nine.

Section 272. Water sinking fund of the city of New York.

There is hereby continued the fund known as the "water sinking fund of the city of New York" which shall have for its purpose the amortization and redemption of all corporate stock of the city of New York issued on and after the first day of January, eighteen hundred ninety-eight, to provide for the supply of water, excepting that issued since the first day of July nineteen hundred eighty-one which is redeemable from the general sinking fund or any other sinking fund established pursuant to sections two hundred ninety through two hundred ninety-nine.

Section 273. Rapid transit sinking fund of the city of New York.

There is hereby continued the fund known as the "rapid transit sinking fund of the city of New York" which shall have for its purpose the amortization and redemption of all corporate stock of the city of New York issued on and after the first day of January, nineteen hundred ten, for rapid transit purposes, excepting that issued since the first day of July nineteen hundred eighty-one which is redeemable from the general sinking fund or any other sinking fund established pursuant to sections two hundred ninety through two hundred ninety-nine.

Section 273-a. Transit unification sinking fund of the city of New York.

There is hereby continued the fund known as the "transit unification sinking fund of the city of New York" which shall have for its purpose the amortization and redemption of all corporate stock of the city of New York issued on and after the first day of January, nineteen hundred thirty-nine, for transit unification purposes.