New York Proposal 2, Small City School Districts Excluded from Debt Limits (2003)
The New York Constitution sets limits on the amount of debt that city school districts are allowed to contract. Some of the state's city school districts are in cities where the population is less than 125,000.
If Proposal 2 had been approved, it would have entirely eliminated the constitutional limits on the amount of debt that city school districts in cities with a population of less than 125,000 would have been allowed to contract.
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The State Constitution currently provides that these small city school districts are not allowed to contract indebtedness for education purposes that would exceed an amount equal to five percent of the average full valuation of taxable real estate in the school district. This limitation may be exceeded in relation to specified projects with voter approval, and the consent of the Regents of the University of the State of New York and the State Comptroller. Similar constitutional debt limitations are currently provided for counties, cities, towns and villages, but no other school districts. School districts are currently subject to a statutory debt limitation of ten percent of full valuation of taxable real property in the school district. The proposed amendment would eliminate the constitutional debt limitation applicable to small city school districts.
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