New-York tribune., 1920-08-07
LAWS OF NEW YORK

the city current net revenue, after making
any necessary allowance for repairs and
maintenance for which the city is liable,
IN excess of the interest on said debt and
of the annual instalments necessary for
us amortization. may be excluded IN as
ccrtatntng the power of Said city to be-
como otherwise indebted, provided that n
sinking fund for its amortization shall
have been est a blished and maintained. and
that the Indebtedness shall not be so ex-
Guided during any period of time when
the revenue aforesaid shall not be suf
fcient to equal the said interest and amor
u@a''on instalments and except further
That any Indebtedness heretofore incurred
by the city OF New York for any rapid
transit or dock Investment may be
eluded proportionately to the extent to
which the current net revenue received BY
said city therefrom shall meet tho interest
and amortization instalments thereof. pro-
Niced that any increase in the debt in
curing power Of the city of New York
which shall result from the exclusion Of
deotS heretofore incurred shall be avail
ahlc only for the acquisition or construc-
ton of properties to be used for rapid
transit or dock purposes. Tho Legislature
shall prescribe the method by which and
The terms and conditions under which the
amount of any debt to ne so excluded
shall be determined, and no such debt
shau au De excluded except in accordance
WIN the determination so prescribed. Tho
legislature may in its discretion confer
appropriate Jurisdiction on the appellate
division of the supreme court in the first
judicial department for the purpose of de
termning the amount Of any debt TO be 40
excluded. No Indebtedness OF a city valid
at the time of its inception shall there
after become invalid by reason of the
operation of any of the provisi lns OF this
section. Whenever the boundaries of any
city are the same as those OF q county or
When any city shall include within its
boundaries more than ono county the
power OF any county wholly included with
In such city to. become indebted shall
cease. hu. the debt of the county, hereto
fore existing, shall not. for rne purnosea
or this section. be rcckoned as a mart of
me city debt. The amount hereafter to
be raised by tax for county or city pur-
poses, eTchtSitc of appropriations for cdu-
cnftoadi purposes in any county contain
ing city Of over one hundred thousand
inhahitants, or any such city of this state
IN addition to providing for the principal
and interest of existing debt. shall moi in
the aggregate exceed in any one year two
pr centum OF the assessed valuation o.
the real and personal estate of ouch county
or city TO be asccrtained as prescribed in
s shls section in respect to county or city
e. Resolved Uf the Senate concur,.
~ nay AZ the I,oTegoing anendment be referred
general election of senator's and in con
iormity with section one Of article fonr-
zen or the Constitution be published for
election '0 - '"UA
STATE or My Ss YORK.
This bill was duly passed. a majority Of
az the mem bers elected to the Assembly
present. N 0V'iiS
BY order of the Assembly,
THADDEUS c. SWEET
STATE OF NEW YORK, 5Rs""''
IN SENATE.
All Thls ,So BIZ was duly passed. majority of
az the senators elected voting in favor
thereof, three ffths being present.
by order of the Senate
HARRY c. WALKER
STATE OF NEW YORK. '''9'"'
Office O 10
nave compared the preceding copy Of
,oaH,l,, romcurTent resoiution with the original
resolution on file in this Office. ana do
hereby certify that the same is a correct
transcript therefrom and Of the whole
Given under my hand and the seal of
IL 81 the city Of Albany. his arst aat. AZ
Of July IN the year ono thousand
nine hundred and twenty.
FRANCIS NJ. HUGO.
Secretary OF State
Explanation-Nlatter in ltalics is new:
mater IN brackets [ ] is old law to be