{ title: 'The Patchogue advance. (Patchogue, N.Y.) 1885-1961, September 11, 1952, Page 17, Image 17', download_links: [ { link: 'http://www.loc.gov/rss/ndnp/ndnp.xml', label: 'application/rss+xml', meta: 'News about NYS Historic Newspapers - RSS Feed', }, { link: '/lccn/sn86071739/1952-09-11/ed-1/seq-17/png/', label: 'image/png', meta: '', }, { link: '/lccn/sn86071739/1952-09-11/ed-1/seq-17.pdf', label: 'application/pdf', meta: '', }, { link: '/lccn/sn86071739/1952-09-11/ed-1/seq-17/ocr.xml', label: 'application/xml', meta: '', }, { link: '/lccn/sn86071739/1952-09-11/ed-1/seq-17/ocr.txt', label: 'text/plain', meta: '', }, ] }
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M ejucation purposes ,] tw< \\ !i: . -hool district which is *> X or paitly wilhin , or 5CU v !a ' c^ havmR less than *! * Vwnty five thousand in- tircd I to the latest federal ° i C „d one-quarter per con- > t Sii. levied for R£f dSct for its first 4 wlrninp on or after July ^thundfed forty-seven , were *' f ow -and one-quarter per \ L ^ creator than one and ^ cX, then for such Jrict the limitation shall be f. c ,U per centum; or if st i in cUs of one and * Ir centum but not greater t d three-quarters per centum [ TrJ vcar , then for such LricTthe limitation shall be See-quarters per centum; or £ wie in excess of one . and S rttrs rcr centum for such fiscal ff such school district the r shall be two per centum. The herein imposed for any such L' rt mav be increased by the i vote of sixty per centum or the duly qualified voters of such ¦strict voting on a proposition submitted at a general or lection. Any such proposition ,,-ide only for an additional jtr of one pc r centum in excess limitation app licable to _ such tenet at the time of submission , proposition. , When such a Son has been submitted and i by the voters of thc school ai herein provided , no prop- { cr i further increase in such B shall be submitted for a per- live years] one yea r computed t date of submission of the ap- proposition[.], p rovided that j ppMitiori f or an increase is ti ir,i approved at a genera l i or sn annual school election , prion for a fu rther increase may (ittrd at the corresponding elec- ' >},i follou-ing year . The Icgis- tai prescribe by law thc quali- fier voting at any such election. event any such school district I consolidated with any one or [tool distlicts , the legislature Hcribe a limitation , not exceed- I per centum , for such con- } district Thereafter , such Jimi- uy be increased as provided in ¦piragraph (t) In no event shall isS ' ra for any school district or fled school district described jiib-pardjrrdpri (e) exceed two km. o event shall the limitation for W district or consolidated district described in the sub- file) eicccd two per centum.] iwrrage full valuation of taxable lie of such county, city, village J district shall be determined by lie assessed valuations of taxable « on the last completed assess* pi ind the four preceding rolls county, city, village or school ltd applying thereto thc ratio nth assessed valuation on each w ' ili beirs to thc full valuation , Siaed by the state tax commis- br such other state officer or « tie legislature shall by law Be lenslatnre shall prescribe l«r by which such ratio shall is iiwd b y the state tax com- |« by suc h other state office r or t* contained in this section dittoed to restrict the powers to the legislature by other pro- M this constitution to further « poweri of any county, city, ¦\ft or school district to levy teal estate. Rtsolved (if the Assembly con- at section ten-a of article eight twatjon be amended to read B. ' 1 [The] For the purpose of \« We amount of taxes which w«l on real f«t a , e purs uant to n «/ tliu article , the icvcnues » « tth fi Ka l year h £[' l 0Wn } cr vllIa E« from a t!T nt or P art th «e°f . or 2f , w «ndered by such *H. town] or village for ¦*« « P i„l notes arc issued W first , nineteen hundred J * Whed [solely] f i rs t to to s /'' \?• of ore sit ion . MU ZF 1 \ t,iercof - and Si \> «h fiscal year to ^«on and the amort,tat. ' on ^2 of indebtedness con- KS« , Tr vcment or « ih» r • [A, 7 \venues * i2r i?< P ' , y,ng ' uch s quire- *' Weft* £C ' , ' ° ,, S ' ,<, \\ ot j J ^f ' «tyf, town] or M j respectively], J T he fc toan.-fr\' 0 ' 1 » I '»« not be SBf c 'Pf 1 ' 0 jmprovement or K^ U r Cted to P^ide for fc^ ' ^ Af^Wy con. ^ Sti^T\ °f arucle ^^wwjtuuon be amended to » »1» B |4 r \ . b V >»w to pay ^ uK^ . ^t of ca^ ^ » »nv «-?i bu<J B e 'aO' ap- ^*« f«, r otll<,r evidence iC ^f\\\! honds of * tt *oy f ? t ?jT m L nii,tur ' t y of jf theW* 0 \j. redeemed ^ ytan , mmcd,atc, y •«*• M c7mfieI, for the rcden 'P' \• •tide n c ed nv scc, 'on ^ «o re aL^'S 1 ' evcnt the * «J f,??? ed 'or ,uch ap- Wicates J ft ademption of * * * he . d M med »o he ^\•nner .. ? \ , ,ent and JftSieed . , i '\ 5 ! lch amount Wi t in « u l ! , , rou R h indebted- t o, ' *4 2SLf/ . lhe pfob » b| « N b/W ^ 1 . '\npro vement , L^ »^ dVJ ;J hcl 'f cal 0 «-cer ^ todtSS™ lne the «nount S and tu d , \ e( ' Pursu ant to sr '' it aSlT ' ,,Ch dct \' L^w rf u J ,vr , A \y E * °' inv «T be deemed in- W etel .^. PtHer \wrdeace ^ti th. y ovisions of this section as in force and effect prior to January first , nine- teen hundred fiftytwo , shall not be deemed to be indebtedness on and after such date. (b) Whenever any county, city other than the city of New York , vil- lage or sclinol district which is [coter- minous with , or partly within , or wholly within , a city having less than one hundred twenty-five thousand inhabi- tants according to the latest federal census] subject to the provisions of section ten of this article provides by direct budgetary appropriation for any fiscal year for the payment in such fiscal year or in any future fiscal year or years of all or any part of the cost of an object or purpose for which a period of probable usefulness has been deter- min ed by law , the taxes required for such appropriation shall be excluded from the tax limitation [prescribed b y section ten of this article] unlcs the legislature otherwise provide § 8. Resolved (if the Assembl y con- cur). That a new section be added to article ei ght of the constitution to fol- low sectio n eleven , to be section elcven- a , to read as follows: §IJ-a. In any citv , other than the city of H ew TorJ f. /raving one hundred twenty-five thousand or more inhabi- tants according to the latest federal census , a proposition may he submitted to the voters providing that the city and the school district , independentl y of each other , shall impose taxes ar .d contract indebtedness subject to the limitations on taxing and debt contract- ing powers pr ovided in or pu rsuant to this constitution . The proposition may provi d e for an elective or an appointiv e governing body for the school district . It mav he submitted at an election held on ' any day, other than the day of a general election in an even-numbered yea r , upon the adoption of concurrent resol- utions providing therefor by the elective governing body of the citx and bv the governing body of the school districf , or pursuant to the petition of thc people in the city made and filed in the man- ner provided by law . Unless the p rop - osition o+ approved otherwise p rovides , the governing body of the school dis- trict shall continue to he elective , if it was elective p rior to the submission of the proposition , or appointive , if it was appointive prior to such submission. If the prop osition is appr oved , the Separate limitations on taxing and debt contracting powers shall become effec- tive at the time or times prescribed by or pursuant to law , and the member ' s of the governing bod y of the school district shall continue in office until their successors are elected or ' appointerj and have qualified si.s provided by law. After the pro position becomes effec- t i ve , a proposition may he submitted providing for either an elective or an appointive governing body for the school district . The proposition may be submitted at an election held on anv day, other than the day of a general election in an even-number ed vear , upon the adoption of a resolution providing therefor b y the ge i ermng body of the school district or pursuant to a petition of the pe op le in the jehno! district made and filed in the mjnner prescribed b y Jau' . If the proposition is approved , the member? of the governing body of the school district shall continue m office until their .\UeVessorj are elected or appointed and have qualified as pro- vided b\ law. city of New York and each portion of any such indebtedness from time to time so contracted for the suppl y of vvntcr , including thc acquisition of land in connection with such purpose , may be financed cither by serial bonds with a maximum maturity of fifty years , in which case such indebtedness shall be paid in annua! installments as hereinbefore provided , or by sinking fund bonds with a maximum maturity of fifty years , which shall be redeemed through annual contributions to sink- ing funds established and maintained for the purpose of amortising the in- debtedness for which such bonds are issued . Notwithstanding the foregoing provisions , inde b tedness hereafter con- tracted b y thc city of New York and each portion of any such indebtedness from time to time so contracted for (a) thc acquisition , construction or equi pment of rapid transit railroads , or (b) the construction of docks , in- cluding the acquisition of land in con- nection with any of such purposes , may be financed cither b y serial bonds with a maximum maturity of forty years , in w-hieh case such indebtedness shall be paid in annual installments as herein- before provided , or by sinking fund bonds with a maximum maturity of forty ycais , which shall be redeemed through annual contributions to sink- ing funds established and maintained for thc purpose of amortising the in- debtedness for which such bonds are issued. Provision shall be made annually by appropriation by every county, city, town , village and school district for thc payment of interest on all indebted- ness and for thc amounts required for (a) tb.e amortisation and redemption of term bonds , sinking fund bonds and serial bonds , (b) thc redemption, of certificates or other evidence of in- dcbtedness[,] (except those issued in anticipation of the collection of taxes or other revenues , or renewals thereof, and which are described in paragrap h A of section five of this article and those issued in antici pation of thc receipt of thc proceeds of the sale of bonds theretofore authoriied[,] ) contracted to be paid in such year out of the tax levy or other revenues ap- p licable to a reduction thereof , and (c) the icdemption of certificates or other evidence of indebtedness issued in an- tici pation of the collection of taxes or other revenues , or renewals thereof , which are not retired within five years after their date of original issue . If at any time thc respective appropriating authorities shall fail to make such ap- propriations , a sufficient sum shall be set apait from thc first revenues there- after received and shall be app lied to 6ueh purpose 1 ! . The fiscal officer of any county, city, town , village or school district may be required to set apart and app ly such revenues as aforesaid at the suit of any holder of obligations issued for such indebtedness. The leg islature .shall enact lau s ap- propriate for earning into effect the provisions of this section. § 9. Resolved (if the Assembly con- cur). That the foregoing amendments be referred to thc fir s t regular legis- lative session convening after the next succeeding genera! election of the mem- bers of assembly, ar.d , in conformity with section one of article nineteen of thc constitution , be published for three months previous to the time of such election. § 2. Resolved (if thc Assembly con- cur), That paragraph A of section five of article eight of the constitution be amended to read as follows r A. Certificates or other evidences of indebtedness (except serial bonds of an issue having a maximum maturity of more than two years) issued for pur- p oses other than the financing of capital improvements and contracted to be re- deemed in one of the two f i scal years immediatel y succeeding the yea r of t heir issue, and certificates or other evidences of indebtedness issued in any fiscal year in anticipation of (a) thc collection of tave s on real estate for amounts there- tofore actuall y levied and uncollected or to be levied in such year and pay- abl e out of such taxes , (b) moneys receivable from thc state which have theretofore been apportioned by the state or which arc to be so apportioned within one year after their issue and (c) the collection of any other taxes due and payable or to become due and payable within one year or of other revenues to be received within one year after their issue: excepting any such certificates or other evidences of in- debtedness or renewals thereof which are not retired within five years after their date of ori ginal issue. § 3 . Resolved (if the Assembly con- cur ) , That section seven of article eight of thc constitution be amended to read as follows: § 7. In ascertaining the power of the city of New York to contract in- debtednes s , ir. addition to the indebted- ness excluded by section five of this anisic , there shall be excluded: PROPOSED AMENDMENT NUMBER SIXTEEN CONCURRENT RE S OLUTION OF THE SENATE AND ASSEMBLY Proposin g' amendmenln to article ei ght of thc constitution , in r ela- tio n to the power of counties , ci t ies , towns, villages and certain •school districts to contract in- debtedne s s and to rai s e tax e s u pon real estate Section 1. ^ Resolved (if the .Assembly concur). That section two of aiiicl e ei ght of the constitution be amended to read as follows: [A. Indebtedness (except for capital improvements ) not exceeding one-tenth ot one rer centum of the average as- s cs-e 'J valuation of teal estate subject to :.nation determined as prescribed in section four of this article , for which hive been is »ued certificates or other es.lei .e s of indebtedness to be te» deemed out of thc tax levy for the yc.ii next succeeding the year of their § 2. No county, citv , town , vuuge or school district shall contract any indebtedness except for county, city, town , village or schosil district pur- poses , respectively. No indebtedness shall be contracted for lon ger than the period of probable usefulness of lhe object or purpose for which such in- debtedness is to be contiactcd , to be determined by or pursuant to gcr er.il or special law« , which determinati o n shall be conclusive , and in no event tor longer than forty >cat « . No indebted - ness hereafter contracted or any portion thereof shall be refunded beyond sucji period computed from the date <uch indebtedness was contracted. Indebted- ness heretofore contracted may be tc- funded only with the appio\ al of and on terms and conditions prescribed by the state comptroller , but in no event for a period exceeding twenty years from the date of such icfundi ng. Is-oe j [Bj A. Indebtedness contracted prior to t ' .e fust day ot January, nine- Hen hin.dtcei ten , lor dock purposes '¦ ¦ • . , .p ..:! i -l atel y lo the extent to which the e 'lrie nt net ie\ei ;UC5 received by thc e ' ::v :.. •;. -tIo:n shall meet the interest i n a-oi ti.e annual lcquiremcnt* for th- . - amortisation of such indebtedness. Tie le gislature * shall prescribe thc ••' ,, -: ' >! hv which and tne terms and c -- jit:. ¦ ¦!- , « under which the amount of a- .v 'uch irde ' \!e -d r.e -ss to he so excluded .in;; he determined , ar.d r. <> such in- debted :.c- » sh- 1 '! he excluded except in a ¦ . - . -• d i -c - with, such detcimin.ition. 1, . ' , -• .. ' itiiro m.iv confer appropnate ,, . : , , ;:,:; - i,:. the appellate divi'ion \ ; \ c -upie rr.c cm: in the first judicial ,;, ..- . — , •¦ ¦• fir lhe purpose of deter- , • ' ¦ , - a-i. iiur. t of ar.v such in- No ln.i i-hti-dn.-ss H I IH II I\' i-c.ntri.i -t- \ ! I •• Hny county, city, town , W II. IKI ' \i • -' ' ¦ district unless such county, city , town , village or school district shall h un - pledged its faith and credit l-T the payment of the principal there of arid the interest thereon , vExcept for in- j i . . . ¦ - , : , • . to be \I excluded. : i ' ¦ /! 'lie acgieit-.te ol indebted- P( . . ' . ,, • ; , 'iv eo: f i.is te -J I ' lo -n time to , ' ,.. , . ., -:. -¦ | ' ,i ' i iai y tir-t . nineteen bun- ,jVe i I¦ . . .. •! :v i -ig i\ . f-' r the coi' . stiuclinn m <¦ i:;i p --i, -t. : . \i both , of new rapid fa r. -it : i: i: ' il- . not exceeding the f , ,., ' , .; ' I ' -iee hundred million dol' at« . -V - . - i J. -b'edi ess thereafter contracted \.. \ , .\ , •- o: 'c' . -li sum for such purposes , - ., , ' •; ' . - ' • ; r s , excluded , but this pro- debtedness contracted in anticip ation of the collection of taxes actuall y levied and uncollected or to be levied for the year when such indebtedness i« c \i\ traded and indebtedness contracted to be paid in one of the two fiscal >can immediately succeeding the fi-eal year in ' which such indebtedness was con- tracted , all such indebtedness and ea- h portion thereof from time to dmc con- t rac t ed , including any refunding here- of , shall be paid in annua! mifail - menti , the first of which , except m the case of refunding of indc bteir.e -s hcretofoic contracted , shall be paid r/'t more than two ycais after sin b i' - ' debtedness or portion thereof sha.l have been contracted , and no irist.ol. 'j f'' .! , except in the case of tefundin g ol ^ in- debtedness heretofore contracted , son.! be more than fifty prr centum in cxcc. s of the smallest prior msullnirnt. Motwithstif-dirg the f-eg~ ifs P'^ viaioof. mdebtedfltcti contracted by toe , , .! , ' .- ; ' -sr cu. -ftued to prevent . , c . ' , !¦;• .lo i: \f .v v of thc indebted- ,. , . . r , :, : !r.i hereunder. ;[i ' ( ; The aggregate of indebted- ' . ,,. ,( , , v. , T trot c -d from tunc to ,,. . . ' , -' . •• hi' ': ' \ ¦ h' -t. nineteen bun- c- i - ' ' i t:' . , for t ' - .c cui.stiucti oii , recon- , , ' . ' ' . . ' \ ' .,- ..i c.i i.ipnici.t of city bo'- \ ' ., , ' , ¦- , , -r in g fire sum of one ! .; ; ' ;.: , ,] j,,,, m, :h,, r. dollars . Any in- ,!, . • ¦¦. r.j. - i-- li' . cir.iit c- r eontrad ed in ex- , . .. , . Mich . -urn for sin-Ji pui po«cs , ' . n \- ul . ,. . .ir ' i- ii 'dr.f's contracted to \'! . , - •• ¦ : c ' \teri i c - rvlndrd puisuant to tr-i r»«e'«r:- hall net be so «- § 4. Resolved (if the Assembly con- cur). That section ten of article eight of the constitution be amended to read as follows: § 10 . He reafter , in any county, city, village or school district described in this section , the. amount to be raised by tax on real estate in any fiscal year, in addition to providing lor thc interest on and the principal of all indebtedness , shall not exceed an amount equal to the following percentages of the average full valuation of taxable real estate of such county, city, village or school dis- trict , less the [taxes levied in] amount to be raised by tax on real estate in such year for the payment of thc in- terest on and redemption of certificates or other evidence of indebtedness des- cribed in paragraphs A and D of sec- tion five of this articl e , or renewals thcreoff, and certificates or other evi- dence of indebtedness (except serial bonds of an issue having a maximum maturity of more than two years) issued for purposes other than the financing of capital improvements and contracted to be redeemed in one of the two fiscal years immediately succeeding the year of their issue] : (a) any county, for county purposes , one and one-half per centum; provided , however , that the legislature may pre- scribe a method by which such limi- tation may be increased to not to exceed two per centum; (b) any city of one hundre d twenty- five thousand or more inhabitants ac- cording to thc latest federal census, for city purposes , two per centum; (c) any city [of] having less than one hundred twenty-five thousand in- habitants according to thc latest federal census , for city purposes , [excluding education purposes ,] two per centum; (d) any village , for village purposes , [excluding education purposes ,] two per centum; (e) any school district which is coterminous with , or partly within , or wholly within , a city having less than one hundred twenty-five thousand in- habitants according to the latest federal census , for [education] school district purpose s , one and one-quarter per centum; provided , however , that if thc taxes subject to this limitation levied for any such school district for its first fiscal year beginning on or after July first , nineteen hundred forty-seven , were in excess of one and one-quarter per centum but not greater than one and one-half per centum , then for such school district the limitation shall be one and one-half per centum; or if such taxes were in excess of one and one-half per centum but not greater than one and three-quarters per centum for such fiscal year , then for such school district the limitation shall be one and three-quarters per centum; or if such taxes were in excess of ore and three-quarters per centum for such fiscal year , then tor such school districts the limitation shall be two per centum. The limitation herein imposed for any such school district may be increased by the approving vote of sixty per centum or more of the duly qualified voters ot such school district voting on a proposition therefor submitted at a general or special election. Any such proposition shall provide onl y for an additional one-quarter of one per centum in cxce«s of thc limitation applicable to such school district at the time of submission of such proposition. When such a proposition has been submitted and approved by thc voters of thc school district as herein provided , no prop- osition for a further increase in such limitation shall be submitted for a period of [five years] one year com- puted fiom the date of submission of thc approved proposition[.], provided that u here a pr oposition for an increase is submitted and dpproved at a general election or an annual school election , a proposition for a further increase may be submitted at the corresponding elec- tion in lhe folloirnig year . The legis- lature shall prescribe by law the quali- fications for voting at any such election . In thc event any such school distwct shall be consolidated with any one or more school district- , the legislatuic <h.ili piescribc a limitati on , r.ot exceed- ing two per centum , tor such con- solidated distiict. Thcictfte -r , such limitation may be incicased as piovided in this sub paragrap h (c ). In no event slijll lire hinitalinn for any school du- trict or consolidated School district des- cribed in this sub p aragraph (e) exceed eluded. i [E .] D. Thc aggregate of indebted- ness initially contracted from time to time after January first , nineteen hun- dred fi fty-two , for thc construction and equi pment of new rapid transit rail- roads , including extensions of and in- terconnections with and between exist- ing rapid transit railroads or portions thereof , and reconstruction and equi p- ment of existing rapid transit railroads , not exceeding thc sum of five hun- dred million dollars. Any indebtedness thereafter contracted in excess of such sum for such purposes , other than in- debtedness contracted to refund in- debtedness excluded pursuant to this paragrap h , shall not be so excluded. [F.] E . Indebtedness contracted for school purposes , evidenced by bonds , to thc extent to which state aid for com- mon schools , not exceeding two million five hundred thousand dollars , shall meet thc interest and the annual re- quirements for thc amortization and payment of part or all of one or more issues of such bonds . Such exclusion shall be effective only during a fiscal year of the city in which its expense bud get provides for the payment of such debt service from such state aid. The legislature shall prescribe by law the manner by which the amount of any such exclusion shcill be determined and such indebtedness shall not be ex- cluded hereunder except in accordance with the determination so prescribed. .Such law may provide that any such determination shall be conclusive if made or approved by the state comp- troller. tu'O per centum . [In no event shall the limitation for any school district or consolidated school district described in thi - sub- paragraph (c) exceed two per centum.] The average full valuation of taxable real estate of such county, citv , village or school district shall be deiei mined by taking tire as-r--eii valu ation * of taxable real elate on the last e omp lelrd assessment rolls and the four piec -ding rolls of such county, s.1 1> . village or school di'triet , and app l ying (hereto (he ratio which such a»s r \ed valuation on each of such rolls htats to (he fin! valuation , as deteimined by (he state tax comreiuirrn or by su b otht-r state officer or agency u the legu^ture stuij by law direct. The legislature shall prescribe tire manner by which such ratio shall be determined by the state tax commission or by such other state officer or agency. Nothing containco in this section shall be deemed to restrict thc powers granted to tb.e leg islature b y other pro- visions of this constitution to further restrict the powers of any county, city, town , village or school district to levy taxes on real estate. § 5. Resolved (if the Assembly con- cur), That section tcn-a of article eight of thc constitution be amended to read as follows: § 10-a. [Thc] For the purpose of determining die amount of taxes ivhich may be raised on real estate pursuant to section ten of this article , the revenues received in each fiscal year by any county, city[, town] or village from a public improvement or part thereof , or service , owned or rendered by such county, city f, town] or village for which bonds or capita! notes arc issued after January first , nineteen hundred fifty, shall be applied [solely] f i rst to thc payment of all costs of operation , maintenance and repairs thereof , and then [applied] to thc payment of the amounts required in such fiscal year to pay the interest on and thc amortization of , or payment of , indebtedness con- tracted for such public improvement or part thereof , or service. [Any revenues remaining after paying such require- ments for such fiscal year may be used] The provisions of this section shall not prohibit the use of excess revenues (or any lawful county, city[, town] or village purpose [, respectivel y ]. The provisions of this section shail not be applicable to a public improvement or part thereof constructed to provide for thc suppl y of water , § 6. Resolved (if the Assembly con- cur), That thc foregoing amendments be referre d to thc first regular legislative session convening after thc next suc- ceeding general election of the mem- bers of assembl y, and , in conformity with section one of article nineteen of thc constitution , be published for three months previous to the time of such elec t i o n. PROPO S ED AMENDMENT NUMBER SEVENTEEN CONCURRENT RESOLUTION OF THE SENATE AND ASSEMBLY Pro posing amendments fo article ei g ht of the constitution , in rela- tion to the power of counties, cities , towns , villa ges and certain school districts to contract in- debtedness and to raise taxes u pon real estate Section 1. Resolved (if the As- sembly concur). That section two of article eight of the constitution be amended to read as follows : § 2. No county, city- , town , village or school district shall contract any indebtedness except for county, city, town , village or school district purposes; respectively. No indebtedness shall be contracted for longer than the period of probable usefulness of the object or purpose for which such indebtedness is to be contracted , to be determined by or pursuant to general or special laws , which determinatio n shall be conclusive , and in no event for longer than forty years . No indebtedness hereafter con- tracte d or #ny portion thereof shall be refunded beyond such period computed from thc date such indebtedness was contracted. Indebtedness heretofore con- tracted may be refunded only with the approval of and on terms and con- ditions prescribed b y thc state comp- troller , but in no event for a period ex- ceeding twenty years from the date of such refunding. No indebtedness shall be contracted by any county, city, town , village or school district unless such county, city, town , village or school district shall have p ledged its faith and credit for the payment of tb.e principal thereof and the interest thereon. Except for indebtedness contracted in anticipation of the collection of taxes actually levied and uncollected or to be levied\ for the year when such indebtedness is con- tracted and indebtedness contracted to be paid in one of thc two fiscal years immediately succeeding thc fiscal year in whrch such indebtedness was con- tracted , all such indebtedness and each portion thereof from time to time con- tracted , including any refunding thereof , shall be paid ir. annua! installments , the fir. -t of which , except in the ca«e of refunding of indebtedness heretofore conttacted , shall be paid not more than two years after such indebtedness or portion thereo f ^hrr 11 base b- - . -n • tiacted , and no installment , excep t in tb.e case of refunding ol indehteur.es- heretofore contracted , shall be more than fifty per centum in excess f the smallest prior installment. Notwithstanding the foregoing pro- visions , indebtedness contracted by the city uf New York and each portion of any such indebtedness from lime to time so contracted for the supply of water , including the acauisition of land in connection with such purpose , may be financed eilher b y serial bonds with a maximum maturity of fi fty years , in which case such ir.dcbtedne-« shall be paid in annual installments as herein- before provided , or by sinking fund bonds with a maximum maturity of fifty years , which shall be redeemed through annual contributions to sinking funds established and marntamed for thc purpose of amortizing thc indebted- ness for which such bonds are i'-ued. Notwithstandin g the loicgmiig pro- visions , indebtedness herealt ci con- tracted by the city of New York and each portion of any such indebtedness from tun e to time so contracted for (a) thc acquisition , coi, s iiii c . -tiMi' or equi pment of r.ipid tiar. -it railroad s , or (b) the construction of docks , including the acquisition of land in cnr. r ection with any of such purposes may be financed eilher b y serial bonds with a maximum maturity of fmty yr.n- . in which case such indebtedness shall be paid in annua! installment s a- i.creir - before provided , or b y si,.king fund bonds with a maximum tn.itui ity ol forty years , which s!, H ;] be ieJc- er ;i c<! through annual eoi.tni - nti c.i s to finking funds established and ni.iii .t.iiin - ii b<i thc purpose of ameirttzirg the irdchted - ness for which such, bonds are i- - -'ird Provision shrill he made ai.nuili y b y appropriation b y e\ety .ooif. . si!;. , town , village and . , hool di tint loi the payment of intcic-t on all indebted - ne«s and for lhe amount- rc ^ uiri - d for (a) the amoilizafi ciii ar. d redemption ''I term bonds , MI.ISIII K fund bonds anil setia! bonds , (b) (he redemption ol certi ficates or other . -• .:i~- - ..r nf in debtedneti[,J (except tuose utucd in anticipation of the collection of taxes or other revenues , or renettals thereof, and tehich are described in paragraph A of section five of this article and those issued in anticipation of the receipt of the proceeds ot the sale of bonds theretofore authorized[.]) con- tracted to be paid in such year out of the tax levy or other revenues applic- able to a reduction thereof , and (c) the redemption of certificates or other evi- dence of indebtedness issued in antici- pation of thc collection of taxes or other revenues , or renewals thereof , which arc not retired within five years afte r their date of original issue. If at any time thc respective appropriating authorities shall fail to make such ap- propriations , a sufficient sum shall be set apart fro m the fi rs t revenues there- after received and shall be applied to such purposes. The fiscal officer of any county, city, town , village or school district may be required to set apart and app ly such revenues as aforesaid at thc suit of any holder of obligations issued for any such indebtedness . § 2. Resolved (if thc Assembl y con- cur), That section four of article ei g ht of thc constitution be amended to read as follows: § 4 . Except as otherwise provided in this constitution , no county, city, town , village or school district described in this section shall be allowed to con- tract indebtedness for any purpose or in any manner which , including existing indebtedness , shall exceed an amount equal to the following percentages of the average full valuation of taxable real estate of such county, city, town , village or sch ool district: (a) the county of Nassau , for county purposes , ten per centum; (b) any county, other than the coun- ty of Nassau , for county purposes , seven per centum; (c) the city of New York , fo r city purposes , ten per centum; (d) any city, other than the city of New York , having one hundred twenty- five thousand or more inhabitants ac- cording to the latest federal census , for city purposes , nine per centum; provid- ed , houiever , that if a p roposition in re- lation fo taxin g and debt contra cting pourerj pursuant to section elevcn-a of this article is approved , such percentage shall be divided as follours : I. the city, for city purposes , s ix per centum. 2. the school district in the city, for , school district purposes , thre e per cen- ' turn; (e) any city having less than one hundre d twenty-five thousand inhabi- tants according to the latest federal censu s , for city purposes , [excluding educa t ion p u rp ose s ,) seven per centum; (f) any town , for town purposes , 1 se v en pe r cen t um ; (g) any village , for village purpose* , seven per centum; and < (h) any school district which is co- terminous with , or partly within , or wholly within , a city having less than one hundred twenty-five thousand in- habitants according to the latest federal census , for [education] school district purposes , (we per centum; provided , however , that indebtedness may be con- tracted in excess of such limitation [may be increased in relation to indebtedness] .for specified objects or purposes with '(1) the approving vote of sixty per (centum or more of the duly qualified voters of such school district voting on a proposition therefor submitted at a general or special election , (2) the con- sent of the regents of the university of the state of New York and (3) thc consent of the state comptroller. The legislature shall prescribe b y law the qualifications for voting at any such election. Except as otherwise piovided in this constitution , any indebtedness contracted in excess of thc respective limitations prescribed in this section shall be void. In ascertaining the power of any city- having less than one hundred twenty- five thousand inhabitants according to the latest federal census to contract in- debtedness, indebtedness [heretofore] contracted by such city for [education] school purposes prior fo January firs t , nineteen hundred f ifty-two , shall be ex- cluded. Such indebtedness so excluded shall be included in ascertaining the power of a school district which is co- terminous with , or partly within , or wholl y within , such city to contract in- debtedness The legislature shall pre- scribe by !.stf the manner by which the amount of such indebtedness shall be determined and allocated among such school district* . Such law may provide that such deterinii.. - itions and allocations shall be conclusive if made or approved by the state comptroller. In anv city having one hundred tu'enfy-fit'e thousand or more inhabitants according lo the latest fede ra l census , in which a proposition in relation to tj.ving and debt contracting powers pu r- suant lo section elei en-a of this article n approved , and after separate limita- tions on debt contracting p owers become effective , indebtedness contracted b y such filv for school pu rp oses shall be excluded in ascertaining the power of the city lo contract indebtedness . Such indebtedness so excluded shall be in- cluded iti ascertaining the power of the school district in the city to contract indebfednes' . The leg islature shall p r e- scribe by law the manner by u-hicb the amount of such indebtedness sh all be determined and allocated to the school district . Siii h law may p rovide that such deternnnafions and allocations shall be i -ooiilusnr if made or approved by t/ie stale comptroller . In ascertaining the power of a school district described in tins sectioi. to con- tra. .! indebtedness , certificates or other evidences of indebtedness des cribed in parag rap h A of section five of this aiticl e - shall be excluded. The average full valuation of taxable real c-tate of any such i nu.ty, city, [own , ullage or school district shall be determined in the manner pres cribed in section ten of this article. Nutning contained in this section shall be deemed to restrict the powers granted lo the legislature by other pro- visions of this constitution to further ie s tiie _t thc powers of any counly, city, I )7.n , \illage or school district to con- tract indebtedness § 1* IvesoKcd (if th. e Assembly con- em I, T1i.it paragrap h A of section five of ailn. ' e eight of the constitution be .ruendej I¦ > iead as follows: A. Ottlfieafes or other evidences of i - .debtedness (except serial bonds of an !s ¦ tic Imt nig a maximum matuniy uf ¦r . uir rliii.r inn \rar-i iss ued tor pur- Ecscj other than the financing of catttal fWpTovernents and contracted to be re- deemed in one of the two fiscal years immed i a te l y succeeding the yea r of their is s ue , and certificates or other evidences of indebtedness issued in any fiscal year in anticipation of (a) thc collection of taxes on real estate for amounts thereto- fore actually levied and uncollected or to be levied in such year and payable out of such taxes , (b) moneys receiv- able from the state which have thereto- fore been apportioned by the state or which are to be so apportioned within one year after their issue and (c) the collection of any other taxes due and payable or to become due and payable within one year or of other revenues to be received within one year alter their issue; excepting any such certificates or other evidences of indebtedness or re- newals tbeieof which arc not retired within five years after their date of original issue. § 4. Resolved (if thc Assembly con- cur), That section seven of article ei g ht of the constitution be amended to read as follows: § 7 . In ascertaining the power of thc city of New York to contract in- debtedness , in addition to the indebted- ness excluded b y section 5 of this article , there shall be excluded : [A. Indebtedness (except for cap ital improvements) not exceeding one-tenth of one per centum of the average as- sessed valuation of real estate subject to taxation determined as prescribed in section four of this article , for which have been issued certificates or other evidences of indebtedness to be re- deemed out of thc tax levy for thc year next succeeding thc year of their issue.] [B] A . Indebtedness contracted prior to the first clay of January, nineteen hundred ten , for dock purpose's propor- tionatel y to thc extent to which the current net revenues received by the city therefrom shall meet the interest on and thc annual requirements for the amortization of such indebtedness . The legislature shall prescribe the method b y which and the terms and condrtions un- der which the amount of any such in- debtedness to be so excluded shall be determined , and no such indebtedness shall be excluded except in accordance with such determination. Thc legisla- ture may co n fe r appropriate jurisdiction on the appcilate division of the supreme court in the first judicial department for the purpose of determining the amount of any such indebtedness to be so ex- cluded. [C] B. The aggregate of indebted- ness initiall y contracted from time to time after January first , nineteen hun- dre d twenty-eight , for the construction or equipment , or both , of new rapid transit railroads , not exceeding thc sum of three hundred million dollars . Any indebtedness thereafter contracted in excess of such sum for such purposes shall not be so excluded , but this pro- vision shall not be construed to prevent the refunding of any of the indebted* ness excluded hereunder. I [D.] C. The aggregate of indebted- • ness initially contracted from time to time after January first , nineteen hun- dred fifty, for thc construction , recon- struction and equipment of city hospi- Ual s , not exceeding thc sum of one hun- dred fifty million dollars . Any indebt- edness thereafter contracted in excess ' of such sum for such purposes , other than indebtedness contracted to refund indebtedness excluded pursuant to this paragrap h , shall not be so excluded. [E.] D. Thc aggregate of indebted- ness initially contracted from time to time after January first , nineteen hun- dred fi fty-two, for the construction and equipment of new rapid transit rail- roads , including extensions of and inter- connections with and between existing repid transit railroads or portions there- of , and reconstruction and equipment of existing rapid transit railroads , not exceeding thc sum of five hundred mil- lion dollars. Any indebtedness there- after contracted in excess of such sum for such purposes , other than indebted- ness contracted to refund indebtedness excluded pursuant to this paragraph , shall not be so excluded. [P.] E . Indebtedness contracted for school purposes , evidenced by bonds , to the extent lo which state aid for com- mon schof/K not exceeding two million five hundicd thousand dollars , shall meet the interest and the annual re- quircmefnts for the amortization and payment of part or all of one or more issues of such bunds . Such exclusion shall be effective or.ly during a fiscal year of thc city in which its expense budget piovides for thc payment of such debt seisice from such stale aid. The leg islature shall prescribe by law the manner b y which the amount of any such exclusion shall be determined and sucl) indebtedness shall not be excluded hereunder except in accordance- with the determination so pre«ciibcd . Suc h law may provide that any such determina- tion shall be conclusive if made or ap- proved by the state comptroller . § 5. Resolved (if the Assembl y con- cur). That section ten of article eight of thc constitution be amended to read SJ follows: 5 10, Hereafter , in any county, city, village or school district described in this section , thc amount to be laiscd by tax on real estate in any fiscal year , in addition to pioviding tor the ..ltcrcst on and thc principal of all indebtcdr. . . - -- , shall not exceed an amount equal to the followin g percentages oi the avciag. \ fuil valuation of taxable real e-t.ite • >f such county, city, village or sJmal dis- trict , less the [laics levied in j amount I D be rj.ie . eif b y 'six on rej ! estate in \icii year for the payment ot the n.teic-: <u. atiel redemption ol ceitifi-ad - or other evidence of indebtedness d. 'cu! ed in paragrap hs A and D nl seet: r, t:\e - of ibis aiticle , or rcr.ew.il. there-:;, and certificates or other ecidei.se . - .! indebt- edness (except serial hut:.!- oi i>n is-ue having a maximum maturity of ni\ie than two years) i««ued bi piiipo-e. other than the finuncii.g of capital im- provements and centra .el to be ic- dcemed in one of the iw i fis cal years immediately succeeding the year of then issue]: (a) any county, for : ' : iv puipo-rs , one and one-half per e - nturri. provided , however , that the le gi- -s '- .r tc may pic- scribe a method by v i .- . ' . sudi Im.na - tion may be . incica s ed to not to exceed two per centum; (b) any city [of] h.o • • ¦ ...: \ , i- « - hun- dred twenty-tisc thcji i-ai ¦ ¦ -; .., - rimie in- habitants acc ' oieling to the lalct federal census , for city rurporc- , tv. .i per cen- i urn; provided , houever , thul i; ' p-I 'usiiion, in relation to icuing and debt coniract- '¦'{f!3U ''l i-.jr'UJ'-t f - ' ' . \ - 'V t \O* of tnu article « appro ved, iuch percent- age shall be divided as folloa's: J. the city, for city purposes , one and one-tenth per centum , 2. the school di.s f rict in thc city, for school district purposes , nine tcntiis of one per centum: (c) any city [of] having less than one hundred twenty-five thousand in- habitants according to thc latest federal census , for city purposes , [excluding education purposes ,] two per centum , (d) any village , for village purposes , [excluding education purposes .] two per centum; (el any school district which is co- terminous with , or partl y within , or wholly within , a city having less than one hundred twvrrty-tivc thousand in- habitants according to the latest federal census , for [education] .school district purposes , one and one-quarter per cen- tum; provided , however , th.it if the taxes subject to this limitation levied for any such school district for its first fiscal year beginning or: or after Jul y first , nineteen hundred forty-seven , were in excess of one and one-quarter per cen- tum but not greater than one and one: half per centum , then for such school district the limitation shall be one and one-half per centum; or if such taxes were in excess of one and one-half per centum but not greater than one and three-quarters per centum for such fiscal vcar , the :i for such school di-trict the limitation shall be one and three-quar- ters per centum; or if such taxes were in excess of one and three-quarters per centum for such fiscal year , then for such school district the limitation shall be two per centum. Thc limitation herein imposed for any such school dis- trict may be increased by thc approving vote of sixty per centum or more of the duly qualified voters of such school dis- trict voting on a proposition therefo r submitted at a general or special elec- tion. Any such proposition shall provide onl y for an additional one-quarter of one per centum in excess of the limita- tion applicable to such school district at the time of submission of such proposi- tion. When such a proposition has been submitted and approved by the voters of thc school district as herein provided , no proposition for a further increase in such limitation shall be submitted for a period of [five years] one year com- puted fro m thc date of submission of thc approved proposition^], provided that where a proposition for an increase is submitted and approved at a genera! election or an annual school election , a hroposition for a further increase may] be .submitted at the corresponding elec t tion in the following year. Thc legisia-l ture shall prescribe by law thc qualifi-j cations for voting at any such election . In the event any such school district ' shall be consolidated with any one or more school districts , the legislature^ shall prescribe a limitation , not exceed- ing two per centum , for such consoli- dated district . Thereafter , such limita» tion may be increased as provided in this sub-paragraph (c). In no event shall the limitation for any school dis ' trict or consolidated school district de» scribed in this sub-paragraph (e) exceed two per centum. [In no event shall the limitation for any school distiict or consolidated school district described in this sub-paragraph (c) exceed two per centum.] Thc average full valuation of taxable real estate of such county, city, villagc i or school district shall be determined by taking thc assessed valuations of taxable! real estate on thc last completed assess- ' ment rolls and the four preceding rolls; of such county, city, village or school ! district , and app l y ing thereto the ratio ¦ ¦ which such :,sscsscd valuation on each ! of such rolls bears to the full valuation , ' as determined by thc state tax commis- ' fion or by such other state officer or! agency as the legislature shall by law direct . Thc leg islature shall prescribe thc manner b y which such ratio shall ' be determined b y the state tax commis- ' r-ion or by such other state officer or : agency. Nothing contained in this section ! shall be deemed to restrict thc powers ) granted to the legislatuic by other pro- ] visions of this constitution to further re» I strict thc powers of any county, city, town , village or school district to levy ! taxes on real estate . ; § 6. Resolved (if the Assembly con» cur). That section ten-a of article eight ' of the constitution be amended to read ' as follow s : § 10-a. [The] For the purpose of determining the amount of taxes whic h may be raised on real estate pursuant to lection ten of tins articl e , the revenues' received in each fiscal year b y any county, oty[, town] or village from a public nnpiovement or part , thereof , or service , owned or icndered b y such county, city[. town] or village for which bonds or capita! notes are issued after January fir-t , nineteen hundred fi ft y, shall be app li ed [solel y] first to the pay- ment of all co-ts of operation , main- tenance and repairs thereof , and then [app lied] to the payment of the amounts required m MK ! I fiscal year to pay the intere s t on ar. d th. e amortization of , or payment of , indebtedness con- tracted tor su,h public nnpi j vement or part thereof , or 'crv i .e . [Any icvcnues remaining niter paying such require' incuts for si K ], fi. ^., ' year may be used] The proviuiiss s c>| tins sc ifrou shall not pi oh- .hit the ue n ei.i -iv icvcnues f or .my law. in! county, eite f , town] or vil« la ;y purpo„ - f , t>-pectisel y j. Th.e pio- \i-:oi s ,)f this s, . , . .,, .. ,;. ,;; n ., t he ap- p h.. hie Ii a public - impiov ,r>i cnt or part thereof eo! - . . -ii. .tc -d to provide for the supp lv if w.it. :. 8 7. Rc -oK ed (,: tie Asscmi l y c n- ciii I , 'Il.at s . .\ .t:ori ele- .e i. oj article eig ht of ti. e c.n 'iiti.ti rr be a:;.ended to read Ss U How.: SJ ! . ( , l W ' her , - .., ti e citv of N' ecv ' loik I- ie oii. ' e - i! b y hr.v to piv f r .ill or any p,o: oj tl .: o-t of e ipiu : mi- p- o - o :-ir:it. hv d:- .et hi; ice ' ...: y appro- priatioi, in a: v ii ...I wr o: bv the l -« U.ii .¦ • o! c'C: title jfC - oi o'i.cr e- . idcncc of i::i:e''t- -di' .. • ¦• ¦ (c, cc: - t s , -:i.i ' i b j. - .dj of an. i i.o h.r. ;:.g ,i •:,. avi p ru - i maturity of in.i: c than t\s o yt- .ii s) to re ic.lecincd in ¦ • . . ¦ -> i ti.e two i:i,:i.e.::.e:. - ' ;. succeeding I: . •! 1- cii- , taxi- K.;..iied for su. ii ap- pi o piiati-ni or for the icie-nptioi - . of \isli leitilic.ite - - oi o ' 1 ¦ '• r- .i deiic.: .if in- debted! e»- iii.i - . Iv i -v. l- .dcj in whole or in put by >>* ' ¦ s ity ti- .- 'i th. e tav lim- itation pie-, r' . ' i .i b\ section ten o( this j! ti,!c \ , in \s ' : i ... oo • (he t- 't.i l naiOiint -I tequited f' i -oh j ppr . ptution and lor (he icdc -mptn :. oi s- . .li ceititicates or other evidence ol indebtedness shall be dsici' . ' .cd !•• he n del it-Jne ss to the same cxter t and ;r. the sjn.e manner as if - uch a -r. urt Ivi been financed : -i - rrch ! . --v ' \ .: :- t- « pav a ' -!-; in equal annual instaliser.ts o\tt the period of
