NY Loc Fin L § 104.00 (2021)
2021 New York Laws LFN - Local Finance Article 2 - Local Indebtedness Title 8 - Limitations on the Power to Contract Indebtedness 104.00 - 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; and8.  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; and3.  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; and3. 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.