N.Y. Local Finance Law § 10.00: Power of municipalities, school districts and district corporations to contract indebtedness

§ 10.00 Power of municipalities, school districts and district

corporations to contract indebtedness. In addition to the power to

contract indebtedness pursuant to sections 24.00, 25.00, 25.10, 29.00

and 29.20 of this article, a municipality, school district or district

corporation shall have the power to contract indebtedness respectively

for any municipal, school district or district corporation object or

purpose set forth in paragraph a of section 11.00 of this title, or for

a class of such objects or purposes when authorized under the provisions

of section 31.00 of this article, if it is authorized by law to expend

money for or to accomplish such object or purpose; provided, however,

that it shall not be able to contract indebtedness to a greater extent

than it is authorized by law to spend money for such object or purpose

or class of such objects or purposes and provided also that this section

shall not relieve any such unit of government of any duty imposed by law

to include in its annual budget or tax levy or otherwise to pay from

current funds all or part of any expenditure that it may make for such

object or purpose or class of such objects or purposes.