N.Y. Local Finance Law § 105.00

§ 105.00 Exclusion of indebtedness for certain assessable\nimprovements; Buffalo, Rochester and Syracuse. In ascertaining the\npower of the cities of Buffalo, Rochester and Syracuse to contract\nindebtedness, there may be excluded the outstanding indebtedness\ncontracted by each of such cities for so much of the cost and expense of\nany public improvement as may be required by the ordinance or local law\nassessing the same to be raised by assessment upon local property or\nterritory, to the extent that such outstanding indebtedness together\nwith other indebtedness initially contracted therefor from time to time\nafter January first, nineteen hundred twenty-eight and since retired,\naggregates, in the case of the cities of Buffalo and Rochester, a sum\nnot exceeding ten million dollars, and in the case of the city of\nSyracuse, a sum not exceeding five million dollars. Any indebtedness\nthereafter contracted for such purposes in excess of such sums shall not\nbe so excluded. Nothing in this section shall be construed to prevent\nthe exclusion of any refunded indebtedness if the indebtedness refunded\ncould have been excluded pursuant to this section.\n