The Text

Notwithstanding any of the limitations prescribed by the preceding section, debts may be incurred by the city of New York after January first, nineteen hundred and twenty-eight, for the construction or equipment, or both, of new rapid transit railroads not exceeding the sum of three hundred million dollars, and such debts shall not be included in computing the debt limit of such city for the purpose of ascertaining the power of such city to become otherwise indebted.