§ 7. In ascertaining the power of the city of New York to contract\nindebtedness, in addition to the indebtedness excluded by section five\nof this article, there shall be excluded:\n A. Indebtedness contracted prior to the first day of January, nineteen\nhundred ten, for dock purposes proportionately to the extent to which\nthe current net revenues received by the city therefrom shall meet the\ninterest on and the annual requirements for the amortization of such\nindebtedness. The legislature shall prescribe the method by which and\nthe terms and conditions under which the amount of any such indebtedness\nto be so excluded shall be determined, and no such indebtedness shall be\nexcluded except in accordance with such determination. The legislature\nmay confer appropriate jurisdiction on the appellate division of the\nsupreme court in the first judicial department for the purpose of\ndetermining the amount of any such indebtedness to be so excluded.\n B. The aggregate of indebtedness initially contracted from time to\ntime after January first, nineteen hundred twenty-eight, for the\nconstruction or equipment, or both, of new rapid transit railroads, not\nexceeding the sum of three hundred million dollars. Any indebtedness\nthereafter contracted in excess of such sum for such purposes shall not\nbe so excluded, but this provision shall not be construed to prevent the\nrefunding of any of the indebtedness excluded hereunder.\n C. The aggregate of indebtedness initially contracted from time to\ntime after January first, nineteen hundred fifty, for the construction,\nreconstruction and equipment of city hospitals, not exceeding the sum of\none hundred fifty million dollars. Any indebtedness thereafter\ncontracted in excess of such sum for such purposes, other than\nindebtedness contracted to refund indebtedness excluded pursuant to this\nparagraph, shall not be so excluded.\n D. The aggregate of indebtedness initially contracted from time to\ntime after January first, nineteen hundred fifty-two, for the\nconstruction and equipment of new rapid transit railroads, including\nextensions of and interconnections with and between existing rapid\ntransit railroads or portions thereof, and reconstruction and equipment\nof existing rapid transit railroads, not exceeding the sum of five\nhundred million dollars. Any indebtedness thereafter contracted in\nexcess of such sum for such purposes, other than indebtedness contracted\nto refund indebtedness excluded pursuant to this paragraph, shall not be\nso excluded.\n E. Indebtedness contracted for school purposes, evidenced by bonds, to\nthe extent to which state aid for common schools, not exceeding two\nmillion five hundred thousand dollars, shall meet the interest and the\nannual requirements for the amortization and payment of part or all of\none or more issues of such bonds. Such exclusion shall be effective only\nduring a fiscal year of the city in which its expense budget provides\nfor the payment of such debt service from such state aid. The\nlegislature shall prescribe by law the manner by which the amount of any\nsuch exclusion shall be determined and such indebtedness shall not be\nexcluded hereunder except in accordance with the determination so\nprescribed. Such law may provide that any such determination shall be\nconclusive if made or approved by the state comptroller.\n
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