N.Y. Const. art. XVIII, § 3: Article VII to apply to state debts under this article, with certain exceptions; amortization of state debts; capital and periodic subsidies

§ 3. The provisions of article VII, not inconsistent with this

article, relating to debts of the state shall apply to all debts

contracted by the state for the purpose of providing moneys out of which

to make loans pursuant to this article, except (a) that any law or laws

authorizing the contracting of such debt, not exceeding in the aggregate

three hundred million dollars, shall take effect without submission to

the people, and the contracting of a greater amount of debt may not be

authorized prior to January first, nineteen hundred forty-two; (b) that

any such debt and each portion thereof, except as hereinafter provided,

shall be paid in equal annual installments, the first of which shall be

payable not more than three years, and the last of which shall be

payable not more than fifty years, after such debt or portion thereof

shall have been contracted; and (c) that any law authorizing the

contracting of such debt may be submitted to the people at a general

election, whether or not any other law or bill shall be submitted to be

voted for or against at such election.

Debts contracted by the state for the purpose of providing money out

of which to make loans to or in aid of corporations regulated by law as

to rents, profits, dividends and disposition of their property or

franchises and engaged in providing housing facilities pursuant to this

article may be paid in such manner that the total annual charges

required for the payment of principal and interest are approximately

equal and constant for the entire period in which any of the bonds

issued therefor are outstanding.

Any law authorizing the making of contracts for capital or periodic

subsidies to be paid with moneys currently appropriated from the general

fund of the state shall take effect without submission to the people,

and the amount to be paid under such contracts shall not be included in

ascertaining the amount of indebtedness which may be contracted by the

state under this article; provided, however, (a) that such periodic

subsidies shall not be paid for a period longer than the life of the

projects assisted thereby, but in any event for not more than sixty

years; (b) that no contracts for periodic subsidies shall be entered

into in any one year requiring payments aggregating more than one

million dollars in any one year; and (c) that there shall not be

outstanding at any one time contracts for periodic subsidies requiring

payments exceeding an aggregate of thirty-four million dollars in any

one year, unless a law authorizing contracts in excess of such amounts

shall have been submitted to and approved by the people at a general

election; and any such law may be submitted to the people at a general

election, whether or not any other law or bill shall be submitted to be

voted for or against at such election.