§ 107.00 Down payment. a. As used in this section the term "current\nfunds" shall include:\n 1. Budgetary appropriations for capital improvements or equipment,\nwhich appropriations have not lapsed.\n 2. The proceeds of capital notes issued for the payment of the cost of\ncapital improvements or equipment.\n 3. Revenues other than real estate taxes or assessments, which have\nbeen collected or received during a fiscal year in excess of the total\namount of such revenues as estimated for such fiscal year, and surplus\nfunds and unexpended balances, which are available to be applied toward\nthe payment of the cost of capital improvements or equipment.\n 4. Capital reserve funds established pursuant to section six-c of the\ngeneral municipal law.\n 5. The trade-in allowance received for any equipment traded in as part\nof the cost of equipment being purchased.\n Nothing herein contained shall be construed to permit the diversion of\nthe proceeds of budgetary appropriations, capital notes, or capital\nreserve funds to a purpose other than that for which such\nappropriations, capital notes, or capital reserve funds, respectively,\nwere made, issued or established.\n b. No municipality shall:\n 1. Issue bonds or bond anticipation notes for a specific capital\nimprovement or items of equipment or several specific capital\nimprovements or items of equipment or a combination thereof, or\n 2. Make expenditures for a specific capital improvement from the\nproceeds of bonds or bond anticipation notes issued for a class or\nclasses of capital improvements or from a fund into which the proceeds\nof bonds or bond anticipation notes are paid\nunless it shall have first provided from current funds a sum of money\nsufficient to pay at least five per centum of the estimated cost of each\nsuch capital improvement or such equipment. The term "estimated cost",\nas used in this paragraph, shall not include (a) the portion of the cost\nof any capital improvement which is to be paid by the United States or\nthe state of New York or which is to be paid from funds, other than\nloans, granted to such municipality therefor by the United States or the\nstate of New York, or (b) the portion of the cost of any capital\nimprovement which is to be paid by assessments upon benefited real\nproperty in an area less than the area of the municipality.\n c. 1. During the first fiscal year of a city commencing on or after\nJuly first, nineteen hundred forty-four, in which its debt-contracting\npower has been exhausted by more than fifty per centum and in which its\nnet indebtedness is in excess of one hundred twenty-five million\ndollars, such minimum percentage to be provided by such city from\ncurrent funds, as prescribed in paragraph b of this section, shall be\nincreased by nine per centum. Thereafter, during each succeeding fiscal\nyear such minimum percentage to be provided from current funds shall be\nincreased by two per centum over and above the minimum percentage\nrequired for the preceding fiscal year, notwithstanding any increase in\nthe amount of the debt-contracting power of any such city during such\nsucceeding fiscal years. For the purposes of this subdivision the term\n"current funds" shall include only budgetary appropriations for capital\nimprovements or equipment which appropriations have not lapsed, or the\nproceeds of capital notes issued for the payment of the cost of capital\nimprovements or equipment.\n 2. The term "net indebtedness" used in this paragraph shall mean the\ntotal net indebtedness as ascertained pursuant to section 138.00 of this\nchapter. The percentage of debt-contracting power exhausted shall be\ncomputed pursuant to the provisions of subdivision two of paragraph a of\nsection 140.00 of this chapter.\n d. The provisions of this section shall not apply to:\n 1. Bonds to be issued to redeem bond anticipation notes previously\nissued.\n 2. Judgments, other than for capital improvements.\n 3. The following capital
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