N.Y. Local Finance Law § 140.00

§ 140.00. Debt statement to show debt-contracting margin. a. The debt\nstatement of a municipality, school district in a city or fire district\nshall show the total amount of indebtedness which may be contracted by\nsuch municipality, school district or fire district pursuant to section\n104.00 of this chapter. In addition there shall be included:\n 1. A statement of the net margin of debt-contracting power. Such\nmargin shall be ascertained by deducting from such total amount of\nindebtedness which it may contract pursuant to section 104.00 of this\nchapter the total net indebtedness of such municipality, school district\nor fire district.\n 2. A statement of the percentage of the debt-contracting power of such\nmunicipality, school district or fire district which has been exhausted.\nSuch percentage shall be obtained by dividing the total net indebtedness\nof such municipality, school district or fire district by the total\namount of indebtedness which it may contract pursuant to section 104.00\nof this chapter.\n b. The debt statement of a school district, other than a school\ndistrict in a city, shall show the amount of bonded indebtedness which\nmay be contracted by such school district. Such amount shall be shown as\nan amount equal to ten per centum of the full valuation of the real\nproperty subject to taxation by the school district. In addition there\nshall be set forth the margin between the amount of bonded indebtedness\nwhich such school district may contract and the bonded indebtedness of\nsuch school district as shown in such debt statement. The term "bonded\nindebtedness", as used in this paragraph, shall include indebtedness\nevidenced by bond anticipation notes.\n