§ 7. In ascertaining the power of the city of New York to contract
indebtedness, in addition to the indebtedness excluded by section five
of this article, there shall be excluded:

A. Indebtedness contracted prior to the first day of January, nineteen
hundred ten, for dock purposes proportionately to the extent to which
the current net revenues received by the city therefrom shall meet the
interest on and the annual requirements for the amortization of such
indebtedness. The legislature shall prescribe the method by which and
the terms and conditions under which the amount of any such indebtedness
to be so excluded shall be determined, and no such indebtedness shall be
excluded except in accordance with such determination. The legislature
may confer appropriate jurisdiction on the appellate division of the
supreme court in the first judicial department for the purpose of
determining the amount of any such indebtedness to be so excluded.

B. The aggregate of indebtedness initially contracted from time to
time after January first, nineteen hundred twenty-eight, for the
construction or equipment, or both, of new rapid transit railroads, not
exceeding the sum of three hundred million dollars. Any indebtedness
thereafter contracted in excess of such sum for such purposes shall not
be so excluded, but this provision shall not be construed to prevent the
refunding of any of the indebtedness excluded hereunder.

C. The aggregate of indebtedness initially contracted from time to
time after January first, nineteen hundred fifty, for the construction,
reconstruction and equipment of city hospitals, not exceeding the sum of
one hundred fifty million dollars. Any indebtedness thereafter
contracted in excess of such sum for such purposes, other than
indebtedness contracted to refund indebtedness excluded pursuant to this
paragraph, shall not be so excluded.

D. The aggregate of indebtedness initially contracted from time to
time after January first, nineteen hundred fifty-two, for the
construction and equipment of new rapid transit railroads, including
extensions of and interconnections with and between existing rapid
transit railroads or portions thereof, and reconstruction and equipment
of existing rapid transit railroads, not exceeding the sum of five
hundred million dollars. Any indebtedness thereafter contracted in
excess of such sum for such purposes, other than indebtedness contracted
to refund indebtedness excluded pursuant to this paragraph, shall not be
so excluded.

E. Indebtedness contracted for school purposes, evidenced by bonds, to
the extent to which state aid for common schools, not exceeding two
million five hundred thousand dollars, shall meet the interest and the
annual requirements for the amortization and payment of part or all of
one or more issues of such bonds. Such exclusion shall be effective only
during a fiscal year of the city in which its expense budget provides
for the payment of such debt service from such state aid. The
legislature shall prescribe by law the manner by which the amount of any
such exclusion shall be determined and such indebtedness shall not be
excluded hereunder except in accordance with the determination so
prescribed. Such law may provide that any such determination shall be
conclusive if made or approved by the state comptroller.