New York Laws
Title 8 - Limitations on the Power to Contract Indebtedness
107.00 - Down Payment.

(a) The acquisition, construction, reconstruction or equipment of or
addition to a water supply or distribution system, whether or not
including land.
(b) A capital improvement which the finance board by resolution
estimates will be self-sustaining.
(c) The acquisition, construction or equipment of or addition to rapid
transit railroads, whether or not including land.
(d) The acquisition, construction, reconstruction or equipment of or
addition to electric light and power or gas plants or systems, whether
or not including land.
(e) The acquisition, construction, reconstruction of or addition to
docks, piers or wharf property, whether or not including land.
(f) The acquisition, construction, reconstruction of or addition to a
bridge or a tunnel and the approaches thereto, whether or not including
land, the cost of which is estimated to exceed ten million dollars.
(g) A capital improvement, the cost of which is estimated to exceed
twenty million dollars.
(h) A capital improvement, the cost of which is estimated to exceed
one million dollars and part of which cost is to be paid by assessments
upon benefited real property in an area less than the area of the
municipality.
(i) A capital improvement, of which at least fifty per centum of the
cost is to be paid by assessments upon benefited real property in an
area less than the area of the municipality, whether or not the cost of
such improvement is estimated to be in excess of one million dollars.
(j) A capital improvement or the acquisition of equipment, when
necessitated by some destructive agency or to prevent the happening of a
calamity. The finance board, shall, by a four-fifths vote of its voting
strength, determine when such an emergency exists. The determination of
the finance board as to the existence of such an emergency shall be
conclusive.
(k) The construction, reconstruction and equipment of city hospitals
and schools, whether or not including land, if the bonds authorized for
any such object or purpose shall have a maximum maturity not to exceed
one-half of the maximum period of probable usefulness for any such
object or purpose prescribed in paragraph a of section 11.00 of this
chapter. Such maximum maturity shall be computed from the date of the
bonds or the date of the first bond anticipation note issued in
anticipation of such bonds, whichever date is the earlier, and shall not
exceed fifteen years in any event.
(l) The acquisition, construction, reconstruction, or equipment of or
addition to facilities for the conveyance, treatment and disposal of
sewage, whether or not including land.
(m) The cost of the preparation, pursuant to section ninety-nine-d of
the general municipal law, of surveys, preliminary plans and detailed
plans, specifications and estimates necessary for planning for a capital
improvement which it is contemplated might be undertaken in the future.
4. The financing by any municipality of any object or purpose, if the
bonds authorized for any such object or purpose shall have a maximum
maturity not to exceed one-half of the maximum period of probable
usefulness. Such maximum maturity shall be computed from the date of the

bonds or the date of the first bond anticipation note issued in
anticipation of such bonds, whichever date is the earlier, and shall not
exceed fifteen years in any event.
5. The financing by any municipality of any object or purpose which
has a period of probable usefulness of five years, or less, as
prescribed in paragraph a of section 11.00 of this chapter.
6. The financing by any municipality of any urban renewal program or
part thereof having a period of probable usefulness determined pursuant
to subdivision forty-one-a of section 11.00 of this chapter.
7. The financing by any municipality of any object or purpose which
has a period of probable usefulness prescribed in subdivision forty-one
or subdivision forty-one-b of paragraph a of section 11.00 of this
chapter.
8. Notwithstanding any other provision of law, the financing by the
city of New York prior to July first, two thousand twenty-four of any
object or purpose which has a period of probable usefulness determined
by law by the issuance of any bonds or notes, including (i) the issuance
of bonds or notes to obtain reimbursement for funds heretofore advanced
for the object or purpose for which the bonds or notes are being issued,
(ii) the issuance of bonds or notes to redeem notes previously issued
for the object or purpose for which the bonds or notes are being issued
or (iii) the issuance of bonds to refund bonds previously issued for the
object or purpose for which bonds are being issued.
9. Notwithstanding any other provision of law, the financing by any
municipality, prior to July fifteenth, two thousand twenty-four, of any
object or purpose which has a period of probable usefulness determined
by law, by the issuance of any bonds and notes, including (i) the
issuance of bonds or notes, to redeem notes previously issued for the
object or purpose for which the bonds or notes are being issued or (ii)
the issuance of bonds to refund bonds previously issued for the object
or purpose for which bonds are being issued.