§ 11. (a) Whenever the city of New York is required by law to pay for\nall or any part of the cost of capital improvements by direct budgetary\nappropriation in any fiscal year or by the issuance of certificates or\nother evidence of indebtedness (except serial bonds of an issue having a\nmaximum maturity of more than two years) to be redeemed in one of the\ntwo immediately succeeding fiscal years, taxes required for such\nappropriation or for the redemption of such certificates or other\nevidence of indebtedness may be excluded in whole or in part by such\ncity from the tax limitation prescribed by section ten of this article,\nin which event the total amount so required for such appropriation and\nfor the redemption of such certificates or other evidence of\nindebtedness shall be deemed to be indebtedness to the same extent and\nin the same manner as if such amount had been financed through\nindebtedness payable in equal annual installments over the period of the\nprobable usefulness of such capital improvement, as determined by law.\nThe fiscal officer of such city shall determine the amount to be deemed\nindebtedness pursuant to this section, and the legislature, in its\ndiscretion, may provide that such determination, if approved by the\nstate comptroller, shall be conclusive. Any amounts determined to be\ndeemed indebtedness of any county, city, other than the city of New\nYork, village or school district in accordance with the provisions of\nthis section as in force and effect prior to January first, nineteen\nhundred fifty-two, shall not be deemed to be indebtedness on and after\nsuch date.\n (b) Whenever any county, city, other than the city of New York,\nvillage or school district which is coterminous with, or partly within,\nor wholly within, a city having less than one hundred twenty-five\nthousand inhabitants according to the latest federal census provides by\ndirect budgetary appropriation for any fiscal year for the payment in\nsuch fiscal year or in any future fiscal year or years of all or any\npart of the cost of an object or purpose for which a period of probable\nusefulness has been determined by law, the taxes required for such\nappropriation shall be excluded from the tax limitation prescribed by\nsection ten of this article unless the legislature otherwise provides.\n
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