§ 104.00 Limitation on amount of local indebtedness which may be\ncontracted. a. The term "indebtedness", as used in this section, shall\nmean in relation to a county, city, town, village, school district or\nfire district, any indebtedness other than an indebtedness which would\nbe excluded, pursuant to law, in ascertaining the power of such county,\ncity, town, village, school district or fire district to contract\nindebtedness. For purposes of any debt limitation contained in this\ntitle and title nine of this article, when obligations are sold by a\ncounty, city, town, village, school district or fire district at a\ndiscount, the term indebtedness shall only include the original amount\nof money actually received by such county, city, town, village, school\ndistrict or fire district, irrespective of the face amount of the\nobligations at maturity.\n * b. No county, city, town, village or school district in a city shall\ncontract indebtedness for any purpose or in any manner which, including\nexisting indebtedness, shall exceed an amount equal to the following\npercentages of the average full valuation of such county, city, town,\nvillage or school district:\n 1. The county of Nassau, for county purposes, ten per centum;\n 2. Any county, other than the county of Nassau, for county purposes,\nseven per centum;\n 3. The city of New York, for city purposes, ten per centum;\n 4. Any city, other than the city of New York, having one hundred\ntwenty-five thousand or more inhabitants according to the latest federal\ncensus, for city purposes; nine per centum;\n 5. Any city having less than one hundred twenty-five thousand\ninhabitants according to the latest federal census, for city purposes,\nexcluding education purposes, seven per centum;\n 6. Any town, for town purposes, seven per centum;\n 7. Any village, for village purposes, seven per centum; and\n 8. Any school district in a city, for education purposes, five per\ncentum.\n * NB Effective until approval of a concurrent resolution proposing an\namendment to section 4 of article 8 of the constitution at the 2023\ngeneral election\n * b. No county, city, town or village shall contract indebtedness for\nany purpose or in any manner which, including existing indebtedness,\nshall exceed an amount equal to the following percentages of the average\nfull valuation of such county, city, town or village:\n 1. The county of Nassau, for county purposes, ten per centum;\n 2. Any county, other than the county of Nassau, for county purposes,\nseven per centum;\n 3. The city of New York, for city purposes, ten per centum;\n 4. Any city, other than the city of New York, having one hundred\ntwenty-five thousand or more inhabitants according to the latest federal\ncensus, for city purposes, nine per centum;\n 5. Any city having less than one hundred twenty-five thousand\ninhabitants according to the latest federal census, for city purposes,\nseven per centum;\n 6. Any town, for town purposes, seven per centum; and\n 7. Any village, for village purposes, seven per centum.\n * NB Effective upon approval of a concurrent resolution proposing an\namendment to section 4 of article 8 of the constitution at the 2023\ngeneral election\n * c. Notwithstanding the provisions of paragraph b of this section any\nschool district in a city may issue bonds, bond anticipation notes or\ncapital notes for a specific object or purpose, and, where authorized by\nthis chapter, for a class of objects or purposes, in an amount which,\nincluding existing indebtedness, shall exceed an amount equal to five\nper centum of the average full valuation of such school district,\nprovided:\n 1. The tax voted to be collected in installments in relation thereto,\nor the proposition for the approval of a bond resolution or capital note\nresolution in relation thereto, shall have been voted or approved, as\nthe case may be, by at least a sixty per centum vote of the qualified\nvoters voting thereon in person at
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