(a) The application, if made by a chief fiscal officer of a municipality, shall state whether the application is made by him in his discretion or whether he has been directed by the finance board to make the application. The application shall contain a brief description of the public improvement or part of a public improvement or service, a reference to the law pursuant to which the public improvement or part of a public improvement is owned or the service is rendered and a statement of the actual date, or if that is not known, the approximate date, when the public improvement or part of a public improvement was placed in operation or the service was first rendered. In the case of a district corporation or an improvement district of a county or town, the application shall state the date on which such corporation or improvement district was created or established, the date of any extension thereof, a reference to the statutes pursuant to which it was created, established or extended and a reference to the statutes pursuant to which it operates. It shall state the dates of the commencement and termination of the fiscal year in which the application is filed and the same information for the preceding fiscal year. If such public improvement or a part of a public improvement shall have been in operation or such service shall have been rendered for at least one complete fiscal year of such municipality, district corporation, or improvement district, the application also shall contain the following information with respect to such public improvement, or part of a public improvement or service for the preceding fiscal year:

1. (1) A description of each issue of bonds, bond anticipation notes and capital notes issued therefor and outstanding (i) as of the beginning of such preceding fiscal year, (ii) as of the close of such preceding fiscal year and (iii) as of the date of the application. For each issue of obligations there shall be set forth the amount of such issue outstanding as of the beginning of such preceding fiscal year, as of the close of such preceding fiscal year and as of the date of the application, the date of issue, the date of final maturity, the interest rate, the dates of amortization or payment of principal and of interest, and the amounts required during such preceding fiscal year for the payment of interest on and the amortization or payment of the principal thereof. If any bonds, bond anticipation notes and capital notes were issued therefor during such preceding fiscal year and were paid during such year, other than from the proceeds of bonds, there shall be set forth the details of such borrowing and payment.
2. (2) The gross revenue actually received therefrom during such preceding fiscal year. Such gross revenue shall not include receipts from taxes and assessments for benefit or subsidies by the municipality or district corporation in any form or manner.
3. (3) The amount incurred therefor during such preceding fiscal year for the costs of operation, maintenance and repairs.
4. (4) The net revenue received therefrom during such preceding fiscal year which shall be determined by subtracting the amount of item (3) above from the amount of item (2) above.
5. (5) The amount outstanding at the close of such preceding fiscal year of real property liabilities and contract liabilities incurred for such public improvement, part of a public improvement or service and the amount outstanding at the close of such preceding fiscal year of judgments, claims, awards and determinations attributable to or chargeable against such public improvement, part of a public improvement or service. The definitions of the terms “real property liabilities”, “contract liabilities” and “judgments, claims, awards and determinations”, in subdivisions 2, 3 and 6 of paragraph a of section 135.00 of the Local Finance Law shall apply herein.