NY S09520

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 existing indebtedness exclusion provisions.

Clarifies that school districts in larger cities (125,000+ inhabitants per latest federal census) cannot exclude outstanding bonds, bond anticipation notes, and indebtedness for school building purposes when calculating their power to contract debt.

Maintains existing exclusions for school districts in smaller cities, allowing them to exclude indebtedness for objects with useful periods and for shelter construction under the New York State Defense Emergency Act.

Requires debt statements for school districts outside large cities to include outstanding bonds, bond anticipation notes, and proposed bond issuances, with options to deduct indebtedness meeting specific criteria.

Takes effect immediately upon enactment.