2016 New York Laws
LFN - Local Finance
Article 2 - LOCAL INDEBTEDNESS
Title 1 - (10.00 - 11.00) POWER TO CONTRACT INDEBTEDNESS AND PERIODS OF PROBABLE USEFULNESS
10.00 - Power of municipalities, school districts and district corporations to contract indebtedness.

  10.00  Power  of  municipalities,  school  districts  and  district
  corporations to contract indebtedness.  In  addition  to  the  power  to
  contract  indebtedness  pursuant  to sections 24.00, 25.00, 25.10, 29.00
  and 29.20 of this article, a municipality, school district  or  district
  corporation  shall  have the power to contract indebtedness respectively
  for any municipal, school district or  district  corporation  object  or
  purpose  set forth in paragraph a of section 11.00 of this title, or for
  a class of such objects or purposes when authorized under the provisions
  of section 31.00 of this article, if it is authorized by law  to  expend
  money  for  or  to accomplish such object or purpose; provided, however,
  that it shall not be able to contract indebtedness to a  greater  extent
  than  it  is authorized by law to spend money for such object or purpose
  or class of such objects or purposes and provided also that this section
  shall not relieve any such unit of government of any duty imposed by law
  to include in its annual budget or tax levy or  otherwise  to  pay  from
  current  funds  all or part of any expenditure that it may make for such
  object or purpose or class of such objects or purposes.