2006 New York Code - Debt-incurring power of New York city; certain additional indebtedness to be excluded.

 
    §  7.  In  ascertaining  the power of the city of New York to contract
  indebtedness, in addition to the indebtedness excluded by  section  five
  of this article, there shall be excluded:
    A. Indebtedness contracted prior to the first day of January, nineteen
  hundred  ten,  for  dock purposes proportionately to the extent to which
  the current net revenues received by the city therefrom shall  meet  the
  interest  on  and  the  annual requirements for the amortization of such
  indebtedness. The legislature shall prescribe the method  by  which  and
  the terms and conditions under which the amount of any such indebtedness
  to be so excluded shall be determined, and no such indebtedness shall be
  excluded  except  in accordance with such determination. The legislature
  may confer appropriate jurisdiction on the  appellate  division  of  the
  supreme  court  in  the  first  judicial  department  for the purpose of
  determining the amount of any such indebtedness to be so excluded.
    B. The aggregate of indebtedness initially  contracted  from  time  to
  time  after  January  first,  nineteen  hundred  twenty-eight,  for  the
  construction or equipment, or both, of new rapid transit railroads,  not
  exceeding  the  sum  of  three hundred million dollars. Any indebtedness
  thereafter contracted in excess of such sum for such purposes shall  not
  be so excluded, but this provision shall not be construed to prevent the
  refunding of any of the indebtedness excluded hereunder.
    C.  The  aggregate  of  indebtedness initially contracted from time to
  time after January first, nineteen hundred fifty, for the  construction,
  reconstruction and equipment of city hospitals, not exceeding the sum of
  one   hundred   fifty   million  dollars.  Any  indebtedness  thereafter
  contracted  in  excess  of  such  sum  for  such  purposes,  other  than
  indebtedness contracted to refund indebtedness excluded pursuant to this
  paragraph, shall not be so excluded.
    D.  The  aggregate  of  indebtedness initially contracted from time to
  time  after  January  first,  nineteen  hundred   fifty-two,   for   the
  construction  and  equipment  of  new rapid transit railroads, including
  extensions of and  interconnections  with  and  between  existing  rapid
  transit  railroads or portions thereof, and reconstruction and equipment
  of existing rapid transit railroads,  not  exceeding  the  sum  of  five
  hundred  million  dollars.  Any  indebtedness  thereafter  contracted in
  excess of such sum for such purposes, other than indebtedness contracted
  to refund indebtedness excluded pursuant to this paragraph, shall not be
  so excluded.
    E. Indebtedness contracted for school purposes, evidenced by bonds, to
  the extent to which state aid for  common  schools,  not  exceeding  two
  million  five  hundred thousand dollars, shall meet the interest and the
  annual requirements for the amortization and payment of part or  all  of
  one or more issues of such bonds. Such exclusion shall be effective only
  during  a  fiscal  year of the city in which its expense budget provides
  for  the  payment  of  such  debt  service  from  such  state  aid.  The
  legislature shall prescribe by law the manner by which the amount of any
  such  exclusion  shall  be determined and such indebtedness shall not be
  excluded hereunder  except  in  accordance  with  the  determination  so
  prescribed.  Such  law  may provide that any such determination shall be
  conclusive if made or approved by the state comptroller.