Appendix 7.  

Form A.C. 877 (1961)

I, (Name) the (Title),

chief fiscal officer, of the (City)(Town)(Village) of _____

New York (hereinafter referred to as the "municipality"), do hereby certify that:

1. Such municipality has duly authorized an urban renewal project pursuant to the provisions of the General Municipal Law.

2. The finance board of such municipality by resolution adopted on the _ day of _____, 19 _ has (authorized the issuance) (delegated the power to authorized the issuance) of urban renewal notes in the aggregate principal amount of $ ___ for the temporary financing of such project.

3. Such municipality intends to issue and sell urban renewal notes within not more than fifteen nor less than three days after the date of the filing of this certificate in the aggregate principal amount of $ ___ pursuant to (such resolution) (a certificate of the undersigned chief fiscal officer) and section 25.10 of the Local Finance Law in anticipation of the receipt of moneys for such project from (the sale of real property or an interest therein acquired for or incidental to such project;) (the United States government pursuant to Title 1 of the Housing Act of 1949, as amended;) (the State of New York pursuant to the General Municipal Law.)*

4. Pertinent data relating to cost of the project and its previous financing, as set forth in the attached Exhibit A, show that the proposed issuance and sale of urban renewal notes does not exceed the urban renewal note borrowing margin of the municipality for the project at this date.

 

This certificate is hereby approved this

_ day of _____,

19_.

 

 

 

 

Return rejected certificates to Chief Fiscal Officer of Municipality.

The purpose of these forms is to determine the total amount of urban renewal notes which a municipality may issue for temporarily financing an urban renewal project in anticipation of the receipt of moneys for the project from (1) the sale of real property acquired for the project; (2) the United States Government; (3) the State of New York; (4) from any or all such sources. At no time may an urban renewal note be issued or renewed in an amount which shall exceed the total receivable from these sources.

Not more than 15 days nor less than 3 days before the sale of urban renewal notes by a municipality, its chief fiscal officer shall file with the State Comptroller a certificate containing the information prescribed by the State Comptroller. The certificate shall also bear the approval of the Commissioner of Housing and Community Renewal (Local Finance Law, Section 25.10(e)). This certificate is required to be filed in addition to the Statement of Housing and Urban Renewal Indebtedness required by Local Finance Law, Section 151.00 (Form A.C. 896 (1960)). No additional certificate is required to be filed in connection with the subsequent renewal of an outstanding urban renewal note.

Indicate by appropriate deletion whether the municipal finance board has authorized issuance of the notes or has delegated the issuing power to the chief fiscal officer.

Make such deletions as are necessary to show whether issuance of the notes will be made pursuant to resolution or to the certificate of the chief fiscal officer, and indicate only the source or sources of moneys in anticipation of which the notes are to be issued.

The total provision for financing project (Line 7) must agree with the total estimated cost of the project (Line 1).

The local share of financing for project (Line 4) must agree with the total cash and non-cash local grants-in-aid (Lines 8 and 9).

The amount to be issued on present urban renewal note certification (Line 17) may not exceed the borrowing margin (Line 16) and should agree with the aggregate principal amount stated in Item 3 on page 1.

Show data on obligations at the date of this certification and for this project only. Exclude obligations, if any, issued to finance the local share of the net project cost.

For the required approval of the Commissioner of Housing and Community Renewal, send the original and one copy of the completed certificate to:

To comply with the time limits fixed by statute (Page 1, Item 3) sufficient time should be allowed for the Division of Housing and Community Renewal to process the certificate and forward it the State Comptroller.