2006 New York Code - Tax And Debt Limitations.

 
    §  980-k.  Tax  and  debt  limitations.  (a)  The  aggregate amount of
  outstanding indebtedness that is incurred to provide funds  for  capital
  improvements  pursuant  to  this article shall be chargeable against the
  municipality's constitutional debt limit and may not exceed ten  percent
  of  the  amount  allowable  under  that  limit.  The aggregate amount of
  outstanding indebtedness that is incurred to provide funds  for  capital
  improvements pursuant to this article and that is chargeable against the
  property within the district may not exceed seven percent of the average
  full valuation of taxable real property in the district.
    (b)  The district charge, exclusive of debt service, levied in a given
  year against real property in a district may not exceed  twenty  percent
  of  the  total  general  municipal taxes levied in that year against the
  taxable real property in the district. The  district  charge  so  levied
  shall  be included in the total amount, if any, that the municipality is
  permitted by law to raise in that year by a tax on real property.