NY S06549

Removes city school districts from the local debt limit restrictions that apply to counties, cities, towns, and villages under section 104.00 of the local finance law.

Eliminates the five percent debt limit previously applicable to school districts in cities and removes the exception allowing them to exceed this limit with specific voter approval and state consent.

Modifies language to apply debt limit provisions to school districts generally (other than those in cities) rather than creating separate rules for city-based school districts.

Takes effect on the same date as a concurrent resolution proposing a constitutional amendment (S.5025 and A.1771-A) regarding limitations on local indebtedness.