The local finances article contains complex, detailed restrictions on the debt, borrowing, and taxing powers of local governments, a significant number of exceptions to these restrictions, and a series of special financial provisions applicable to New York City. The limitations on debt take the form of regulations governing the methods, purposes, time periods, conditions, and cumulative amount of indebtedness that can be incurred. These limitations include: restrictions on gifts or loans of money, property, or credit (sec. 1); limits on the total amount of debt...
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