New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter II - Municipal Affairs
Subchapter A - Sales Of Bonds And Notes; Debt Statements
Part 27 - Requirements For The Preparation And Filing Of Official Statements
Section 27.10 - Description of debt structure

Universal Citation: 2 NY Comp Codes Rules and Regs ยง 27.10

Current through Register Vol. 46, No. 39, September 25, 2024

The parts of the official statement describing the debt structure of the issuer shall contain at least the following information:

(a) a discussion of the applicable constitutional and statutory requirements concerning the limitations on indebtedness;

(b) in the case of bonds, bond anticipation notes and capital notes, a summary of the issuer's debt contracting power showing the calculation of the issuer's debt limitation, gross indebtedness, net indebtedness and debt contracting margin;

(c) in the case of bonds and bond anticipation notes, a tabular schedule of:

(1) the annual long-term debt service for each of the next five fiscal years with required principal and interest payments on all outstanding indebtedness for each such fiscal year; and

(2) if material, the annual long-term debt service for each subsequent fiscal year with required principal and interest payments on all outstanding indebtedness for each such fiscal year;

(d) a table presenting:

(1) the indebtedness of the issuer by type of obligation;

(2) the indebtedness of underlying or overlapping governmental entities, excpet the State, which have power to tax real property within the boundaries of the issuer, by entity, with both the estimated amount of such indebtedness and the percent applicable within the boundaries of the issuer; and

(3) the indebtedness of underlying or overlapping governmental entities by entity, including without limitation, governmental authorities and public benefit corporations, to the extent that the issuer has financial commitments with respect to such indebtedness; and

(e) an estimate of all borrowings expected to be made by the issuer during the remainder of the current fiscal year, and a statement of proposed debt issuances included in the issuer's currently adopted capital program or forecast in its financial plan.

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