Section 121.30. Exclusion of certain indebtedness of school districts other than school districts in a city

In ascertaining the power of a  school  district,   other  than  a  school  district  in  a  city,  to  contract
  indebtedness under section 104.00 of this chapter, there may be excluded
  outstanding bonds and bond anticipation notes or  indebtedness  proposed
  to be contracted and to be evidenced by bonds or bond anticipation notes
  to  finance  the acquisition, construction and installation of a shelter
  or  fallout  shelter  by  such  school  district  pursuant  to   section
  twenty-three-a  of the New York state defense emergency act, but only to
  the extent to which such indebtedness, at the time it was contracted  or
  is to be contracted, did not or will not exceed fifty dollars multiplied
  by the planned shelter occupancy of such shelter.