§ 99-g. Capital program. 1. Any municipal corporation, by resolution
or ordinance of the governing board, may undertake the planning and
execution of a capital program in accordance with the provisions of this
section.

2. A capital program shall be a plan of capital projects proposed to
be undertaken during a six-year period, the estimated cost thereof and
the proposed method of financing.

3. The officer charged with the preparation of the tentative budget
shall annually cause the capital program to be prepared, and shall
submit it to the governing board with the tentative budget. It shall be
arranged in such manner as to indicate the order of priority of each
project, and to state for each project:

(a) a description of the proposed project and the estimated total cost
thereof;

(b) the proposed method of financing, indicating the amount proposed
to be financed by direct budgetary appropriation or duly established
reserve funds; the amount, if any, estimated to be received from the
federal and/or state governments; and the amount to be financed by the
issuance of obligations, showing the proposed type or types of
obligations, together with the period of probable usefulness for which
they are proposed to be issued;

(c) an estimate of the effect, if any, upon operating costs of the
municipal corporation within each of the three fiscal years following
completion of the project.

4. The tentative budget shall include the amount proposed for the
capital program to be financed by direct budgetary appropriation during
the fiscal year to which such tentative budget pertains.

5. There shall be included in the budget message, if any, a general
summary of the financial requirements for the capital program for the
fiscal year to which the budget message relates. Additional comments
and recommendations of any other board, officer or agency may also be
included in the budget message.

6. The governing board shall annually adopt the capital program after
review and revisions, if any. The provisions of any law relating to a
public hearing on the tentative budget, and to the adoption of the
budget, shall apply to the capital program.

7. At any time during the fiscal year for which the capital program
was adopted, the governing board by the affirmative vote of two-thirds
of its total membership, may amend the capital program by adding,
modifying or abandoning the projects, or by modifying the methods of
financing. No capital project shall be authorized or undertaken unless
it is included in the capital program as adopted or amended.

8. The term "capital project" as used in this section shall mean: (a)
any physical betterment or improvement, including furnishings,
machinery, apparatus or equipment for such physical betterment or
improvement when first constructed or acquired, or (b) any preliminary
studies and surveys relating to any physical betterment or improvement,
or (c) land or rights in land, or (d) any combination of (a), (b) and
(c).

9. Nothing in this section shall be construed to authorize a municipal
corporation to incur indebtedness for which obligations may be issued
except as provided by the local finance law.