NY A09988

Proposes an amendment to Section 4 of Article 8 of the New York Constitution to remove school districts from local indebtedness limitations.

Eliminates the current 5 percent indebtedness limit for school districts coterminous with or within cities having fewer than 125,000 inhabitants, along with requirements for voter approval, Regents consent, and State Comptroller consent.

Removes provisions that excluded education-related indebtedness from city debt calculations and allocated such indebtedness to school districts instead.

Continues to apply indebtedness limitations to counties, cities, towns, and villages (ranging from 7-10 percent depending on entity type and population).

Requires submission of the amendment to voters at the 2023 general election for approval.