N.Y. Local Finance Law § 105.00: Exclusion of indebtedness for certain assessable improvements; Buffalo, Rochester and Syracuse

§ 105.00 Exclusion of indebtedness for certain assessable

improvements; Buffalo, Rochester and Syracuse. In ascertaining the

power of the cities of Buffalo, Rochester and Syracuse to contract

indebtedness, there may be excluded the outstanding indebtedness

contracted by each of such cities for so much of the cost and expense of

any public improvement as may be required by the ordinance or local law

assessing the same to be raised by assessment upon local property or

territory, to the extent that such outstanding indebtedness together

with other indebtedness initially contracted therefor from time to time

after January first, nineteen hundred twenty-eight and since retired,

aggregates, in the case of the cities of Buffalo and Rochester, a sum

not exceeding ten million dollars, and in the case of the city of

Syracuse, a sum not exceeding five million dollars. Any indebtedness

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

be so excluded. Nothing in this section shall be construed to prevent

the exclusion of any refunded indebtedness if the indebtedness refunded

could have been excluded pursuant to this section.