N.Y. Local Finance Law § 121.20: Exclusion of certain indebtedness of school districts other than school districts in a city with one hundred twenty-five thousand inhabit...

§ 121.20 Exclusion of certain indebtedness of school districts other

than school districts in a city with one hundred twenty-five thousand

inhabitants or more according to the latest federal census in

ascertaining their power to contract indebtedness. a. As used in this

section:

1. The term "indebtedness" shall mean indebtedness evidenced by bonds

and bond anticipation notes.

2. The term "school district" shall mean a school district other than

a school district in a city with one hundred twenty-five thousand

inhabitants or more according to the latest federal census.

b. In ascertaining the power of a school district to contract

indebtedness, there may be excluded outstanding indebtedness contracted,

or indebtedness to be contracted, for objects or purposes having periods

of probable usefulness provided in paragraph a of section 11.00 of this

chapter, to the extent to which the commissioner of education, or such

person or persons as may be designated by the commissioner, shall

estimate based upon facts existing on the date of such estimate that

moneys receivable by the school district from the state as an

apportionment for debt service for school building purposes, under laws

existing on the date of such estimate, shall meet the interest on and

the annual requirements for the payment of such indebtedness. Any such

estimate shall describe the indebtedness to which it relates. An

estimate shall be effective only until the June thirtieth next

succeeding the date thereof.

c. The commissioner of education by rule or regulation may prescribe

the manner and form in which a school district shall make application

for any such estimate. The department of education shall furnish to the

school district, without charge, three certified copies of any such

estimate.