NY A10414

Amends Local Finance Law sections 121.20, 121.30, and 137.00 to exclude school districts located in cities with 125,000 or more inhabitants from certain debt exclusion provisions.

Allows school districts in smaller cities to exclude outstanding indebtedness for school building purposes when state debt service apportionments will cover interest and annual payment requirements.

Permits school districts in smaller cities to exclude indebtedness for acquiring, constructing, and installing fallout shelters up to fifty dollars multiplied by planned shelter occupancy.

Requires debt statements from school districts in smaller cities to include outstanding bonds, bond anticipation notes, and proposed bond issues, with certain indebtedness deductible under specified conditions.

Takes effect immediately upon enactment.