N.Y. General Municipal Law § 980-k: Tax and debt limitations

§ 980-k. Tax and debt limitations. (a) The aggregate amount of

outstanding indebtedness that is incurred to provide funds for capital

improvements pursuant to this article shall be chargeable against the

municipality's constitutional debt limit and may not exceed ten percent

of the amount allowable under that limit. The aggregate amount of

outstanding indebtedness that is incurred to provide funds for capital

improvements pursuant to this article and that is chargeable against the

property within the district may not exceed seven percent of the average

full valuation of taxable real property in the district.

(b) The district charge, exclusive of debt service, levied in a given

year against real property in a district may not exceed twenty percent

of the total general municipal taxes levied in that year against the

taxable real property in the district. The district charge so levied

shall be included in the total amount, if any, that the municipality is

permitted by law to raise in that year by a tax on real property.