N.Y. Educ. Law § 2530

§ 2530. Power to contract indebtedness. Each city school district\nshall be authorized to expend money for any of the objects or purposes\nwhich it is authorized to accomplish by law and may contract\nindebtedness in its name pursuant to the local finance law. The\nprovisions of section four hundred sixteen of this chapter shall be\napplicable to such districts.\n