§ 124.10 Exclusion of certain indebtedness for sewage facilities in\nascertaining the power of a municipality to contract indebtedness. * a.\nIn ascertaining the power of a municipality to contract indebtedness,\nthere may be excluded any outstanding indebtedness contracted by such\nmunicipality on or after January first, nineteen hundred sixty-two, and\nprior to January first, two thousand twenty-four, for the construction\nor reconstruction of facilities for the conveyance, treatment and\ndisposal of sewage.\n * NB Effective until the effective date of constitutional amendments\nproposed in S.4597/A.3776\n * a. In ascertaining the power of a municipality to contract\nindebtedness, there may be excluded any outstanding indebtedness\ncontracted by such municipality on or after January first, nineteen\nhundred sixty-two, and prior to January first, two thousand thirty-four,\nfor the construction or reconstruction of facilities for the conveyance,\ntreatment and disposal of sewage.\n * NB Effective upon the effective date of constitutional amendments\nproposed in S.4597/A.3776\n b. The date of contracting any such indebtedness for a particular\nfacility shall be deemed to be the date of the first contract for the\nconstruction or reconstruction of such facility or the date of the first\nobligation issued to finance such construction or reconstruction,\nwhichever date is the earlier.\n * c. The term indebtedness, as used in this section, shall include\nindebtedness evidenced by obligations issued on or after January first,\ntwo thousand twenty-four for the purpose of financing any indebtedness\ncontracted for the purposes and within the period specified in paragraph\na of this section.\n * NB Effective until the effective date of constitutional amendments\nproposed in S.4597/A.3776\n * c. The term indebtedness, as used in this section, shall include\nindebtedness evidenced by obligations issued on or after January first,\ntwo thousand thirty-four for the purpose of financing any indebtedness\ncontracted for the purposes and within the period specified in paragraph\na of this section.\n * NB Effective upon the effective date of constitutional amendments\nproposed in S.4597/A.3776\n d. The provisions of this section shall not be deemed to prevent the\nexclusion of any refunded indebtedness if the indebtedness refunded was\nexcludable pursuant to this section.\n e. Where indebtedness has been excluded pursuant to this section, the\nrevenues, if any, of the facility constructed or reconstructed, during\nthe period for which the exclusion is effective, shall be applied to and\nactually used for the payment of all costs of operation, maintenance and\nrepairs for such period, and payment of the amounts required in such\nperiod for the interest on and amortization of or redemption of the\nindebtedness excluded, or such revenues shall be deposited in a special\nfund to be used solely for such payments. The application and use of\nsuch payments or the deposits required therefor shall not prohibit a\nmunicipality from using any such revenues, in excess of such payments or\ndeposits, for any lawful purpose of the municipality for which such\nrevenues may be used.\n f. The chief fiscal officer of a municipality in his discretion may\nprepare, or on the direction of the finance board shall prepare, a\nverified itemized statement of outstanding or proposed indebtedness of\nthe municipality contracted or to be contracted for the purposes and\nwithin the period specified in paragraph a of this section. Such chief\nfiscal officer in his discretion may file, or on the direction of the\nfinance board shall file, with the state comptroller a verified\napplication on behalf of the municipality for the purpose of obtaining a\ncertification of the several amounts of such indebtedness to be excluded\npursuant to this section. Such itemized statement shall be attached to\nand form a part of the application. The itemized statement and\napplicati
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