N.Y. Local Finance Law § 121.30

§ 121.30 Exclusion of certain indebtedness of school districts other\nthan school districts in a city with one hundred twenty-five thousand\ninhabitants or more according to the latest federal census. In\nascertaining the power of a school district, other than a school\ndistrict in a city with one hundred twenty-five thousand inhabitants or\nmore according to the latest federal census, to contract indebtedness\nunder section 104.00 of this article, there may be excluded outstanding\nbonds and bond anticipation notes or indebtedness proposed to be\ncontracted and to be evidenced by bonds or bond anticipation notes to\nfinance the acquisition, construction and installation of a shelter or\nfallout shelter by such school district pursuant to section\ntwenty-three-a of the New York state defense emergency act, but only to\nthe extent to which such indebtedness, at the time it was contracted or\nis to be contracted, did not or will not exceed fifty dollars multiplied\nby the planned shelter occupancy of such shelter.\n