N.Y. Local Finance Law § 140.00: Debt statement to show debt-contracting margin

§ 140.00. Debt statement to show debt-contracting margin. a. The debt

statement of a municipality, school district in a city or fire district

shall show the total amount of indebtedness which may be contracted by

such municipality, school district or fire district pursuant to section

104.00 of this chapter. In addition there shall be included:

1. A statement of the net margin of debt-contracting power. Such

margin shall be ascertained by deducting from such total amount of

indebtedness which it may contract pursuant to section 104.00 of this

chapter the total net indebtedness of such municipality, school district

or fire district.

2. A statement of the percentage of the debt-contracting power of such

municipality, school district or fire district which has been exhausted.

Such percentage shall be obtained by dividing the total net indebtedness

of such municipality, school district or fire district by the total

amount of indebtedness which it may contract pursuant to section 104.00

of this chapter.

b. The debt statement of a school district, other than a school

district in a city, shall show the amount of bonded indebtedness which

may be contracted by such school district. Such amount shall be shown as

an amount equal to ten per centum of the full valuation of the real

property subject to taxation by the school district. In addition there

shall be set forth the margin between the amount of bonded indebtedness

which such school district may contract and the bonded indebtedness of

such school district as shown in such debt statement. The term "bonded

indebtedness", as used in this paragraph, shall include indebtedness

evidenced by bond anticipation notes.