New York Laws
Title 10 - Statement of Debt-Contracting Power of Municipalities, Fire Districts and Certain School Districts
143.00 - Contract Liabilities: Housing Guarantees or Subsidies; Procedure for Ascertaining the Amount of Such Liabilities.

§ 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.