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How to Apply for Exclusion of Sewer Debt from Municipal Debt Limits - osc state ny

How to Apply for Exclusion of Sewer Debt from Municipal Debt Limits - osc state ny 2025

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The document is a guide from the New York State Comptroller's Office detailing the process for municipalities to apply for the exclusion of certain sanitary sewer debt from their constitutional debt limits, as per Section 124.10 of the Local Finance Law. It outlines the application procedure, necessary forms, and instructions for completing the application, including requirements for public notice and verification. The exclusion allows municipalities to manage their fiscal responsibilities effectively by not counting specific sewer-related debts against their overall debt limits.

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What is the statute of limitations on debt in NYC?

New York State Bond Ratings At the end of SFY 2021-22, the States general obligation bond ratings were assigned as follows: AA+ by Fitch Ratings; Aa2 by Moodys Investors Service; and. AA+ by Standard Poors (SP) Rating Services.

What is the debt rating for New York State?

O n January 2, the debt limit was reinstated at $36.1 trillion to accommodate borrowing since its suspension through the Fiscal Responsibility Act of 2023. After a brief decrease in debt mainly due to the redemption of special securities in the Medicare trust funds, the U.S. will reach its debt limit on January 21.

What is the current US debt limit?

For example, in December 2021, Congress raised the debt ceiling from $28.9 trillion to $31.4 trillion, allowing borrowing to proceed until the total government borrowing reached this new limit (which finally happened on January 19, 2023).

What is the debt limit in New York City?

As of June 30, 2023, the Citys debt limit was $127.4 billion, and total indebtedness counted against it was $96.9 billion, leaving remaining debt-incurring power of $30.5 billion.

What is a constitutional debt limit?

The debt limit provisions in the California Constitution require two-thirds voter approval of certain forms of indebtedness and liabilities of certain public agencies so as to limit their ability to incur unfunded, long term obligations.

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What is a municipality debt limit?

Under State law, the City may not issue debt in excess of 15% of the total assessed valuation of taxable property within its boundaries. In ance with California Governmental Code Section 43605, only the Citys general obligation bonds are subject to that legal debt limit.

How to Apply for Exclusion of Sewer Debt from Municipal Debt Limits - osc state ny 2025

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