§ 104.10 Additional limitations on the power to contract indebtedness.\nIn addition to the other limitations of this chapter on the power to\ncontract indebtedness:\n 1. Any municipality, school district or district corporation shall be\nsubject to the limitations contained in any law requiring such\nmunicipality, school district or district corporation to adopt, whether\nor not as a part of an annual budget, a budget of the capital projects\nwhich it may undertake, continue, complete or acquire during the twelve\nmonths' period for which such budget is adopted.\n 2. Any county operating under an alternative form of government which\nprovides for the establishment of a county debt commission may establish\nsuch a commission for the regulation, pursuant to such law, of the\ncontracting of indebtedness by such county and the units of government\nwithin such county.\n 3. Any town which\n (a) Is wholly or partly within the Adirondack park, and\n (b) Has within its boundaries state lands subject to taxation assessed\nat more than thirty per centum of the total taxable assessed valuation\nof such town as determined from the assessment rolls of the town, as\ncompleted from time to time, shall not issue its bonds, bond\nanticipation notes, capital notes or budget notes if by doing so the\namount of its outstanding indebtedness evidenced by bonds, bond\nanticipation notes, capital notes, budget notes and certificates of\nindebtedness, plus the amount of the indebtedness proposed to be\nincurred, shall exceed five percent of such town's revenues for the last\nyear the state comptroller has such data or one hundred thousand dollars\nwhichever is the lesser; provided, however, such obligations may be\nissued originally by any such town upon the duly verified petition of\nthe owners of at least sixty-five per centum of the taxable real\nproperty therein, as such real property appears on the last preceding\ncompleted assessment-roll of such town, or upon the certificate of the\nstate comptroller consenting, on behalf of the state, to the original\nissuance of such obligations. For the purposes of any such petition, the\nstate comptroller may act on behalf of the state. The state comptroller\nshall annually calculate the dollar amount equal to five percent of such\ntown's total revenue for the last year the comptroller has such data on\nfile. Such bonds shall be refunded only pursuant to the provisions of\nsection 90.00 or 90.10 of this chapter. Such bond anticipation notes,\ncapital notes and budget notes may be renewed as provided in sections\n23.00, 28.00 and 29.00 of this chapter, respectively. The consent of the\nstate comptroller shall not be required under this subdivision in any\nsuch town in connection with the issuance of obligations for the\npurposes of an improvement district if they are issued in accordance\nwith the statement of the proposed manner of financing an improvement as\nset forth in an application to the state comptroller made pursuant to\nsection one hundred ninety-four of the town law and in compliance with\nthe terms or conditions, if any, of the order of the state comptroller\nmade pursuant to such section. Likewise, such consent shall not be\nrequired under this subdivision in connection with the issuance of\nobligations for the purpose of financing an expenditure in a town\nimprovement district where the expenditure has been approved by the\nstate comptroller.\n 4. Any town which, without first obtaining the permission of the state\ncomptroller, shall have established or extended an improvement district\nprior to September first, nineteen hundred forty-five, or which shall\nestablish or extend any such district after August thirty-first,\nnineteen hundred forty-five, shall not issue its bonds, bond\nanticipation notes or capital notes for the purposes of any such\ndistrict or extension, except for improvements undertaken pursuant to\nsections one hundred ninety-nine, two hundred two-b of the town law, and\
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