N.Y. State Finance Law § 66-c: Certificates of participation not debt

§ 66-c. Certificates of participation not debt. Certificates of

participation or similar instruments issued pursuant to this article and

the underlying installment purchase or lease purchase contracts do not

constitute or create debt of the state as defined in article seven of

the state constitution, nor a contractual obligation in excess of the

amounts appropriated therefor, and the state has no continuing legal or

moral obligation to appropriate money for said payments or other

obligations due under the installment purchase contracts. In the case of

the failure to appropriate, the sole security for any remaining periodic

payments shall be the property subject to the installment purchase or

lease purchase contract, and debt service reserve funds in the custody

of the trustee or any other remaining proceeds, subject to the

provisions of section sixty-six-h of this article.