2006 New York Code - Debt Statement To Show Debt-contracting Margin.

 
    §  140.00 Debt statement to show debt-contracting margin.  a. The debt
  statement of a municipality, school district in a city or fire  district
  shall  show  the total amount of indebtedness which may be contracted by
  such municipality, school district or fire district pursuant to  section
  104.00 of this chapter. In addition there shall be included:
    1.  A  statement  of  the  net  margin of debt-contracting power. Such
  margin shall be ascertained by  deducting  from  such  total  amount  of
  indebtedness  which  it  may contract pursuant to section 104.00 of this
  chapter the total net indebtedness of such municipality, school district
  or fire district.
    2. A statement of the percentage of the debt-contracting power of such
  municipality, school district or fire district which has been exhausted.
  Such percentage shall be obtained by dividing the total net indebtedness
  of such municipality, school district or  fire  district  by  the  total
  amount  of indebtedness which it may contract pursuant to section 104.00
  of this chapter.
    b. The debt statement of  a  school  district,  other  than  a  school
  district  in  a city, shall show the amount of bonded indebtedness which
  may be contracted by such school district. Such amount shall be shown as
  an amount equal to ten per centum of the  full  valuation  of  the  real
  property  subject  to taxation by the school district. In addition there
  shall be set forth the margin between the amount of bonded  indebtedness
  which  such  school district may contract and the bonded indebtedness of
  such school district as shown in such debt statement. The  term  "bonded
  indebtedness",  as  used  in  this paragraph, shall include indebtedness
  evidenced by bond anticipation notes.