2006 New York Code - Contract 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.