New York Laws
Title 10 - Statement of Debt-Contracting Power of Municipalities, Fire Districts and Certain School Districts
143.10 - Contract Liabilities; Guarantees of Certain Hospital Indebtedness; Procedure for Ascertaining the Amount of Such Liabilities.

§ 143.10 Contract liabilities; guarantees of certain hospital
indebtedness; procedure for ascertaining the amount of such liabilities.
The amount of the liability of a municipality arising from a guarantee
authorized by law pursuant to section seven of article seventeen of the
state constitution of the principal of and interest on indebtedness
contracted by an eligible corporation or association for the purpose of
providing hospital or other facilities for the prevention, diagnosis or
treatment of human disease, pain, injury, disability, deformity or
physical condition, and for facilities incidental or appurtenant
thereto, shall be deemed indebtedness in the amount of the face value of
the principal thereof remaining unpaid. If only the interest is
guaranteed, then the amount of the liability arising therefrom shall be
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 five per centum.