Limitations on local indebtedness

§ 4. Except as otherwise provided in this constitution, no county,\ncity, town or village described in this section shall be allowed to\ncontract indebtedness for any purpose or in any manner which, including\nexisting indebtedness, shall exceed an amount equal to the following\npercentages of the average full valuation of taxable real estate of such\ncounty, city, town or village:\n (a) the county of Nassau, for county purposes, ten per centum;\n (b) any county, other than the county of Nassau, for county purposes,\nseven per centum;\n (c) the city of New York, for city purposes, ten per centum;\n (d) any city, other than the city of New York, having one hundred\ntwenty-five thousand or more inhabitants according to the latest federal\ncensus, for city purposes, nine per centum;\n (e) any city having less than one hundred twenty-five thousand\ninhabitants according to the latest federal census, for city purposes,\nseven per centum;\n (f) any town, for town purposes, seven per centum; and\n (g) any village for village purposes, seven per centum.\n Except as otherwise provided in this constitution, any indebtedness\ncontracted in excess of the respective limitations prescribed in this\nsection shall be void.\n The average full valuation of taxable real estate of any such county,\ncity, town or village shall be determined in the manner prescribed in\nsection ten of this article.\n Nothing contained in this section shall be deemed to restrict the\npowers granted to the legislature by other provisions of this\nconstitution to further restrict the powers of any county, city, town or\nvillage to contract indebtedness.\n