N.Y. Local Finance Law § 104.00

§ 104.00 Limitation on amount of local indebtedness which may be\ncontracted. a. The term "indebtedness", as used in this section, shall\nmean in relation to a county, city, town, village, school district or\nfire district, any indebtedness other than an indebtedness which would\nbe excluded, pursuant to law, in ascertaining the power of such county,\ncity, town, village, school district or fire district to contract\nindebtedness. For purposes of any debt limitation contained in this\ntitle and title nine of this article, when obligations are sold by a\ncounty, city, town, village, school district or fire district at a\ndiscount, the term indebtedness shall only include the original amount\nof money actually received by such county, city, town, village, school\ndistrict or fire district, irrespective of the face amount of the\nobligations at maturity.\n * b. No county, city, town, village or school district in a city shall\ncontract indebtedness for any purpose or in any manner which, including\nexisting indebtedness, shall exceed an amount equal to the following\npercentages of the average full valuation of such county, city, town,\nvillage or school district:\n 1. The county of Nassau, for county purposes, ten per centum;\n 2. Any county, other than the county of Nassau, for county purposes,\nseven per centum;\n 3. The city of New York, for city purposes, ten per centum;\n 4. Any city, other than the city of New York, having one hundred\ntwenty-five thousand or more inhabitants according to the latest federal\ncensus, for city purposes; nine per centum;\n 5. Any city having less than one hundred twenty-five thousand\ninhabitants according to the latest federal census, for city purposes,\nexcluding education purposes, seven per centum;\n 6. Any town, for town purposes, seven per centum;\n 7. Any village, for village purposes, seven per centum; and\n 8. Any school district in a city, for education purposes, five per\ncentum.\n * NB Effective until approval of a concurrent resolution proposing an\namendment to section 4 of article 8 of the constitution at the 2023\ngeneral election\n * b. No county, city, town or village shall contract indebtedness for\nany purpose or in any manner which, including existing indebtedness,\nshall exceed an amount equal to the following percentages of the average\nfull valuation of such county, city, town or village:\n 1. The county of Nassau, for county purposes, ten per centum;\n 2. Any county, other than the county of Nassau, for county purposes,\nseven per centum;\n 3. The city of New York, for city purposes, ten per centum;\n 4. Any city, other than the city of New York, having one hundred\ntwenty-five thousand or more inhabitants according to the latest federal\ncensus, for city purposes, nine per centum;\n 5. Any city having less than one hundred twenty-five thousand\ninhabitants according to the latest federal census, for city purposes,\nseven per centum;\n 6. Any town, for town purposes, seven per centum; and\n 7. Any village, for village purposes, seven per centum.\n * NB Effective upon approval of a concurrent resolution proposing an\namendment to section 4 of article 8 of the constitution at the 2023\ngeneral election\n * c. Notwithstanding the provisions of paragraph b of this section any\nschool district in a city may issue bonds, bond anticipation notes or\ncapital notes for a specific object or purpose, and, where authorized by\nthis chapter, for a class of objects or purposes, in an amount which,\nincluding existing indebtedness, shall exceed an amount equal to five\nper centum of the average full valuation of such school district,\nprovided:\n 1. The tax voted to be collected in installments in relation thereto,\nor the proposition for the approval of a bond resolution or capital note\nresolution in relation thereto, shall have been voted or approved, as\nthe case may be, by at least a sixty per centum vote of the qualified\nvoters voting thereon in person at the meeting or election called for\nsuch purpose;\n 2. The proposition to authorize the tax to be collected in\ninstallments in relation thereto, or the proposition for the approval of\na bond resolution or capital note resolution in relation thereto,\ncontained a statement to the effect that the obligations to be issued\nmay be issued in excess of the constitutional debt limitation of the\nschool district; and\n 3. The board of regents and the state comptroller severally shall\nconsent thereto.\n * NB Effective until approval of a concurrent resolution proposing an\namendment to section 4 of article 8 of the constitution at the 2023\ngeneral election\n * c. A school district, except for the payment of judgments, or\ncompromised or settled claims against the school district, or awards or\nsums payable by the school district pursuant to a determination by a\ncourt, or an officer, body or agency acting in an administrative or\nquasi-judicial capacity, shall not issue bonds or bond anticipation\nnotes, if the indebtedness of the school district determined pursuant to\nsection 137.00 of this article will exceed ten per centum of the full\nvaluation of the real property subject to taxation by the school\ndistrict, unless:\n 1. The tax voted to be collected in installments in relation thereto,\nor the proposition for the approval of a bond resolution in relation\nthereto, shall have been voted or approved, as the case may be, before\nJuly first, nineteen hundred sixty-three, by at least a two thirds vote,\nor on and after July first, nineteen hundred sixty-three, by at least a\nsixty per centum vote, of the qualified voters voting thereon in person\nat the meeting or election called for such purpose;\n 2. The board of regents shall consent thereto; and\n 3. In a school district located wholly or partly in the Adirondack\npark which has within its boundaries state lands subject to taxation,\nthe full valuation of which is more than thirty per centum of the full\nvaluation of the real property subject to taxation by the school\ndistrict, the state comptroller, on behalf of the state, also shall\nconsent thereto.\n * NB Effective upon approval of a concurrent resolution proposing an\namendment to section 4 of article 8 of the constitution at the 2023\ngeneral election\n * d. A school district, other than a school district in a city, having\nan aggregate assessed valuation of taxable real property of one hundred\nthousand dollars or over, except for the payment of judgments, or\ncompromised or settled claims against the school district, or awards or\nsums payable by the school district pursuant to a determination by a\ncourt, or an officer, body or agency acting in an administrative or\nquasi-judicial capacity, shall not issue bonds or bond anticipation\nnotes, if the indebtedness of the school district determined pursuant to\nsection 137.00 of this chapter will exceed ten per centum of the full\nvaluation of the real property subject to taxation by the school\ndistrict, unless:\n 1. The tax voted to be collected in installments in relation thereto,\nor the proposition for the approval of a bond resolution in relation\nthereto, shall have been voted or approved, as the case may be, before\nJuly first, nineteen hundred sixty-three, by at least a two thirds vote,\nor on and after July first, nineteen hundred sixty-three, by at least a\nsixty per centum vote, of the qualified voters voting thereon in person\nat the meeting or election called for such purpose;\n 2. The board of regents shall consent thereto; and\n 3. In a school district located wholly or partly in the Adirondack\npark which has within its boundaries state lands subject to taxation,\nthe full valuation of which is more than thirty per centum of the full\nvaluation of the real property subject to taxation by the school\ndistrict, the state comptroller, on behalf of the state, also shall\nconsent thereto.\n * NB Effective until approval of a concurrent resolution proposing an\namendment to section 4 of article 8 of the constitution at the 2023\ngeneral election\n e. No fire district shall contract idebtedness for any purpose or in\nany manner to an amount which, including existing indebtedness, shall\nexceed three per centum of the full valuation of the taxable real\nproperty of such fire district, except that a fire district may contract\nindebtedness to an amount which, including existing indebtedness, shall\nnot exceed five per centum of the full valuation of the taxable real\nproperty of the fire district if the proposition, when required, for the\napproval of the resolution authorizing the contracting of such\nindebtedness shall have been approved by a two-thirds vote of the\nqualified voters of the fire district voting thereon in person at the\nelection called for that purpose and the state comptroller consents\nthereto. Before any such consent is granted, the state comptroller shall\nfind and determine that it is in the public interest that the limitation\nof three per centum should be exceeded.\n