NY A02318

Amends the Local Finance Law to change debt exclusion rules for school districts, raising the population threshold from cities of any size to cities with 125,000 or more inhabitants according to the latest federal census

Allows school districts outside large cities (under 125,000 population) to exclude certain indebtedness when calculating their borrowing power, based on estimated state apportionments for debt service on school building purposes

Permits exclusion of bonds and bond anticipation notes for fallout shelter construction, up to $50 multiplied by planned shelter occupancy, for qualifying school districts

Updates debt statement requirements for school districts outside cities with 125,000+ inhabitants, specifying what indebtedness must be reported and what deductions are permitted

Makes technical corrections throughout the affected sections, changing references from "chapter" to "article" and updating gendered language from "him" to "the commissioner"