N.Y. Const. art. VIII, § 7: Debt-incurring power of New York city; certain additional indebtedness to be excluded

§ 7. In ascertaining the power of the city of New York to contract

indebtedness, in addition to the indebtedness excluded by section five

of this article, there shall be excluded:

A. Indebtedness contracted prior to the first day of January, nineteen

hundred ten, for dock purposes proportionately to the extent to which

the current net revenues received by the city therefrom shall meet the

interest on and the annual requirements for the amortization of such

indebtedness. The legislature shall prescribe the method by which and

the terms and conditions under which the amount of any such indebtedness

to be so excluded shall be determined, and no such indebtedness shall be

excluded except in accordance with such determination. The legislature

may confer appropriate jurisdiction on the appellate division of the

supreme court in the first judicial department for the purpose of

determining the amount of any such indebtedness to be so excluded.

B. The aggregate of indebtedness initially contracted from time to

time after January first, nineteen hundred twenty-eight, for the

construction or equipment, or both, of new rapid transit railroads, not

exceeding the sum of three hundred million dollars. Any indebtedness

thereafter contracted in excess of such sum for such purposes shall not

be so excluded, but this provision shall not be construed to prevent the

refunding of any of the indebtedness excluded hereunder.

C. The aggregate of indebtedness initially contracted from time to

time after January first, nineteen hundred fifty, for the construction,

reconstruction and equipment of city hospitals, not exceeding the sum of

one hundred fifty million dollars. Any indebtedness thereafter

contracted in excess of such sum for such purposes, other than

indebtedness contracted to refund indebtedness excluded pursuant to this

paragraph, shall not be so excluded.

D. The aggregate of indebtedness initially contracted from time to

time after January first, nineteen hundred fifty-two, for the

construction and equipment of new rapid transit railroads, including

extensions of and interconnections with and between existing rapid

transit railroads or portions thereof, and reconstruction and equipment

of existing rapid transit railroads, not exceeding the sum of five

hundred million dollars. Any indebtedness thereafter contracted in

excess of such sum for such purposes, other than indebtedness contracted

to refund indebtedness excluded pursuant to this paragraph, shall not be

so excluded.

E. Indebtedness contracted for school purposes, evidenced by bonds, to

the extent to which state aid for common schools, not exceeding two

million five hundred thousand dollars, shall meet the interest and the

annual requirements for the amortization and payment of part or all of

one or more issues of such bonds. Such exclusion shall be effective only

during a fiscal year of the city in which its expense budget provides

for the payment of such debt service from such state aid. The

legislature shall prescribe by law the manner by which the amount of any

such exclusion shall be determined and such indebtedness shall not be

excluded hereunder except in accordance with the determination so

prescribed. Such law may provide that any such determination shall be

conclusive if made or approved by the state comptroller.