2006 New York Code - Limitation On Amount Of Local Indebtedness Which May Be Contracted.

 
    §  104.00  Limitation  on  amount  of  local indebtedness which may be
  contracted. a. The term "indebtedness", as used in this  section,  shall
  mean  in  relation  to a county, city, town, village, school district or
  fire district, any indebtedness other than an indebtedness  which  would
  be  excluded, pursuant to law, in ascertaining the power of such county,
  city, town, village,  school  district  or  fire  district  to  contract
  indebtedness.  For  purposes  of  any  debt limitation contained in this
  title and title nine of this article, when obligations  are  sold  by  a
  county,  city,  town,  village,  school  district  or fire district at a
  discount, the term indebtedness shall only include the  original  amount
  of  money  actually received by such county, city, town, village, school
  district or fire district,  irrespective  of  the  face  amount  of  the
  obligations at maturity.
    b.  No  county, city, town, village or school district in a city shall
  contract indebtedness for any purpose or in any manner which,  including
  existing  indebtedness,  shall  exceed  an amount equal to the following
  percentages of the average full valuation of such  county,  city,  town,
  village or school district:
    1. The county of Nassau, for county purposes, ten per centum;
    2.  Any  county, other than the county of Nassau, for county purposes,
  seven per centum;
    3. The city of New York, for city purposes, ten per centum;
    4. Any city, other than the city  of  New  York,  having  one  hundred
  twenty-five thousand or more inhabitants according to the latest federal
  census, for city purposes; nine per centum;
    5.  Any  city  having  less  than  one  hundred  twenty-five  thousand
  inhabitants according to the latest federal census, for  city  purposes,
  excluding education purposes, seven per centum;
    6. Any town, for town purposes, seven per centum;
    7. Any village, for village purposes, seven per centum; and
    8.  Any  school  district  in a city, for education purposes, five per
  centum.
    c. Notwithstanding the provisions of paragraph b of this  section  any
  school  district  in  a city may issue bonds, bond anticipation notes or
  capital notes for a specific object or purpose, and, where authorized by
  this chapter, for a class of objects or purposes, in  an  amount  which,
  including  existing  indebtedness,  shall exceed an amount equal to five
  per centum of the  average  full  valuation  of  such  school  district,
  provided:
    1.  The tax voted to be collected in installments in relation thereto,
  or the proposition for the approval of a bond resolution or capital note
  resolution in relation thereto, shall have been voted  or  approved,  as
  the  case  may  be, by at least a sixty per centum vote of the qualified
  voters voting thereon in person at the meeting or  election  called  for
  such purpose;
    2.   The   proposition  to  authorize  the  tax  to  be  collected  in
  installments in relation thereto, or the proposition for the approval of
  a bond resolution  or  capital  note  resolution  in  relation  thereto,
  contained  a  statement  to the effect that the obligations to be issued
  may be issued in excess of the constitutional  debt  limitation  of  the
  school district; and
    3.  The  board  of  regents  and the state comptroller severally shall
  consent thereto.
    d. A school district, other than a school district in a  city,  having
  an  aggregate assessed valuation of taxable real property of one hundred
  thousand dollars or over,  except  for  the  payment  of  judgments,  or
  compromised  or settled claims against the school district, or awards or
  sums payable by the school district pursuant to  a  determination  by  a
  court,  or  an  officer,  body  or agency acting in an administrative or
  quasi-judicial capacity, shall not  issue  bonds  or  bond  anticipation
  notes, if the indebtedness of the school district determined pursuant to
  section  137.00  of  this chapter will exceed ten per centum of the full
  valuation of the  real  property  subject  to  taxation  by  the  school
  district, unless:
    1.  The tax voted to be collected in installments in relation thereto,
  or the proposition for the approval of a  bond  resolution  in  relation
  thereto,  shall  have been voted or approved, as the case may be, before
  July first, nineteen hundred sixty-three, by at least a two thirds vote,
  or on and after July first, nineteen hundred sixty-three, by at least  a
  sixty  per centum vote, of the qualified voters voting thereon in person
  at the meeting or election called for such purpose;
    2. The board of regents shall consent thereto; and
    3. In a school district located wholly or  partly  in  the  Adirondack
  park  which  has  within its boundaries state lands subject to taxation,
  the full valuation of which is more than thirty per centum of  the  full
  valuation  of  the  real  property  subject  to  taxation  by the school
  district, the state comptroller, on behalf  of  the  state,  also  shall
  consent thereto.
    e.  No  fire district shall contract idebtedness for any purpose or in
  any manner to an amount which, including  existing  indebtedness,  shall
  exceed  three  per  centum  of  the  full  valuation of the taxable real
  property of such fire district, except that a fire district may contract
  indebtedness to an amount which, including existing indebtedness,  shall
  not  exceed  five  per  centum of the full valuation of the taxable real
  property of the fire district if the proposition, when required, for the
  approval  of  the  resolution  authorizing  the  contracting   of   such
  indebtedness  shall  have  been  approved  by  a  two-thirds vote of the
  qualified voters of the fire district voting thereon in  person  at  the
  election  called  for  that  purpose  and the state comptroller consents
  thereto. Before any such consent is granted, the state comptroller shall
  find and determine that it is in the public interest that the limitation
  of three per centum should be exceeded.