New York Laws
Title 10 - Statement of Debt-Contracting Power of Municipalities, Fire Districts and Certain School Districts
140.00 - Debt Statement to Show Debt-Contracting Margin.

§ 140.00. Debt statement to show debt-contracting margin. a. The debt
statement of a municipality, school district in a city or fire district
shall show the total amount of indebtedness which may be contracted by
such municipality, school district or fire district pursuant to section
104.00 of this chapter. In addition there shall be included:

1. A statement of the net margin of debt-contracting power. Such
margin shall be ascertained by deducting from such total amount of
indebtedness which it may contract pursuant to section 104.00 of this
chapter the total net indebtedness of such municipality, school district
or fire district.

2. A statement of the percentage of the debt-contracting power of such
municipality, school district or fire district which has been exhausted.
Such percentage shall be obtained by dividing the total net indebtedness
of such municipality, school district or fire district by the total
amount of indebtedness which it may contract pursuant to section 104.00
of this chapter.

b. The debt statement of a school district, other than a school
district in a city, shall show the amount of bonded indebtedness which
may be contracted by such school district. Such amount shall be shown as
an amount equal to ten per centum of the full valuation of the real
property subject to taxation by the school district. In addition there
shall be set forth the margin between the amount of bonded indebtedness
which such school district may contract and the bonded indebtedness of
such school district as shown in such debt statement. The term "bonded
indebtedness", as used in this paragraph, shall include indebtedness
evidenced by bond anticipation notes.