The Text

Except as otherwise provided in this article, no county, city, town or village shall be allowed to contract indebtedness for any purpose or in any manner to an amount which, including existing indebtedness, shall exceed ten per centum of the average assessed valuation of the real estate of such county, city, town or village subject to taxation, as determined by the last completed assessment rolls and the four preceding rolls of such county, city, town or village for county, city, town or village taxes prior to the contracting of such indebtedness; and no county, other than the county of Nassau, and no town or village shall be allowed to contract indebtedness on and after January first, nineteen hundred forty-four, to an amount which, including then existing indebtedness, shall exceed nine per centum of such assessed valuation of real estate, and on and after January first, nineteen hundred forty-nine, to an amount which, including then existing indebtedness, shall exceed eight per centum thereof. No city, other than the city of New York, shall be allowed to contract indebtedness on and after January first, nineteen hundred forty-four, to an amount which, including then existing indebtedness, shall exceed nine and one-half per centum of such assessed valuation of real estate, and after January first, nineteen hundred forty-nine, to an amount which, including then existing indebtedness, shall exceed nine per centum thereof.
The indebtedness of a school district part of which is now without and part of which is now within or coterminous with a city and the indebtedness of a union free school district now wholly within but not coterminous with a city shall not be included in ascertaining the power of such city to contract indebtedness. This provision shall apply to a city, the incorporation of which has been heretofore provided for by law to become effective hereafter.
Any indebtedness, except as provided in sections 5, 6 and 7 of this article, contracted in excess of the respective limitations prescribed in this section, shall be absolutely void.