N.Y. Local Finance Law § 121.20

§ 121.20 Exclusion of certain indebtedness of school districts other\nthan school districts in a city in ascertaining their power to contract\nindebtedness. a. As used in this section:\n 1. The term "indebtedness" shall mean indebtedness evidenced by bonds\nand bond anticipation notes.\n 2. The term "school district" shall mean a school district other than\na school district in a city.\n b. In ascertaining the power of a school district to contract\nindebtedness, there may be excluded outstanding indebtedness contracted,\nor indebtedness to be contracted, for objects or purposes having periods\nof probable usefulness provided in paragraph a. of section 11.00 of this\nchapter, to the extent to which the commissioner of education, or such\nperson or persons as may be designated by him, shall estimate based upon\nfacts existing on the date of such estimate that moneys receivable by\nthe school district from the state as an apportionment for debt service\nfor school building purposes, under laws existing on the date of such\nestimate, shall meet the interest on and the annual requirements for the\npayment of such indebtedness. Any such estimate shall describe the\nindebtedness to which it relates. An estimate shall be effective only\nuntil the June thirtieth next succeeding the date thereof.\n c. The commissioner of education by rule or regulation may prescribe\nthe manner and form in which a school district shall make application\nfor any such estimate. The department of education shall furnish to the\nschool district, without charge, three certified copies of any such\nestimate.\n