Section 105.00. Exclusion of indebtedness for certain assessable improvements; Buffalo, Rochester and Syracuse

In  ascertaining  the  power  of  the  cities  of  Buffalo,  Rochester and Syracuse to contract
  indebtedness,  there  may  be  excluded  the  outstanding   indebtedness
  contracted by each of such cities for so much of the cost and expense of
  any  public improvement as may be required by the ordinance or local law
  assessing the same to be raised by assessment  upon  local  property  or
  territory,  to  the  extent  that such outstanding indebtedness together
  with other indebtedness initially contracted therefor from time to  time
  after  January  first,  nineteen hundred twenty-eight and since retired,
  aggregates, in the case of the cities of Buffalo and  Rochester,  a  sum
  not  exceeding  ten  million  dollars,  and  in  the case of the city of
  Syracuse, a sum not exceeding five  million  dollars.  Any  indebtedness
  thereafter contracted for such purposes in excess of such sums shall not
  be  so  excluded.  Nothing in this section shall be construed to prevent
  the exclusion of any refunded indebtedness if the indebtedness  refunded
  could have been excluded pursuant to this section.