N.Y. Const. art. VIII, § 4: Limitations on local indebtedness

§ 4. Except as otherwise provided in this constitution, no county,

city, town or village described in this section shall be allowed to

contract indebtedness for any purpose or in any manner which, including

existing indebtedness, shall exceed an amount equal to the following

percentages of the average full valuation of taxable real estate of such

county, city, town or village:

(a) the county of Nassau, for county purposes, ten per centum;

(b) any county, other than the county of Nassau, for county purposes,

seven per centum;

(c) the city of New York, for city purposes, ten per centum;

(d) any city, other than the city of New York, having one hundred

twenty-five thousand or more inhabitants according to the latest federal

census, for city purposes, nine per centum;

(e) any city having less than one hundred twenty-five thousand

inhabitants according to the latest federal census, for city purposes,

seven per centum;

(f) any town, for town purposes, seven per centum; and

(g) any village for village purposes, seven per centum.

Except as otherwise provided in this constitution, any indebtedness

contracted in excess of the respective limitations prescribed in this

section shall be void.

The average full valuation of taxable real estate of any such county,

city, town or village shall be determined in the manner prescribed in

section ten of this article.

Nothing contained in this section shall be deemed to restrict the

powers granted to the legislature by other provisions of this

constitution to further restrict the powers of any county, city, town or

village to contract indebtedness.