ARTICLE VIII

Local Finances

Sec.

1. Gift or loan or credit of local subdivisions prohibited;

exceptions for enumerated purposes.

2. Restrictions on indebtedness of local subdivisions;

contracting and payment of local indebtedness; exceptions.

2-a. Local indebtedness for water supply, sewage disposal and

drainage facilities and purposes; allocations and

exclusions of indebtedness.

3. Restrictions on creation and indebtedness of certain

corporations.

4. Limitations on local indebtedness.

5. Ascertainment of debt-incurring power of counties, cities,

towns and villages; certain indebtedness to be excluded.

6. Debt-incurring power of Buffalo, Rochester and Syracuse;

certain additional indebtedness to be excluded.

7. Debt-incurring power of New York city; certain additional

indebtedness to be excluded.

7-a. Debt-incurring power of New York city; certain indebtedness

for railroads and transit purposes to be excluded.

8. Indebtedness not to be invalidated by operation of this

article.

9. When debt-incurring power of certain counties shall cease.

10. Limitations on amount to be raised by real estate taxes for

local purposes; exceptions.

10-a. Application and use of revenues from certain public

improvements.

11. Taxes for certain capital expenditures to be excluded from

tax limitation.

12. Further limitations on local powers of taxation and

indebtedness.