N.Y. State Finance Law § 66-d: Annual ceiling on certificates of participation

§ 66-d. Annual ceiling on certificates of participation. 1. The

governor shall include in the bills which he submits in connection with

the executive budget his recommendation as to the total maximum amount

of certificates of participation to be issued for purchases of personal

property by state departments, agencies, and the city university of New

York pursuant to this article during the upcoming fiscal year, exclusive

of refunding and, in addition, a list of real property projects of state

departments, agencies and the city university of New York contemplated

to be financed through the use of certificates of participation.

2. The maximum amount of certificates of participation or similar

instruments representing periodic payments due from the state of New

York issued for state departments, agencies and the city university of

New York within a fiscal year shall not exceed the maximum principal

amount authorized in the budget enacted into law for such fiscal year,

or in any other law as amended from time to time.

3. Certificates of participation issued to refund or advance refund

prior issues of certificates of participation or similar instruments

including certificates of participation issued pursuant to section

sixty-six-b of this article and certificates of participation issued

before July twenty-fourth, nineteen hundred eighty-six, representing the

right to receive a proportionate share in lease, installment or other

periodic payments to be made by any state department, agency or unit of

the state university or the city university of New York shall not count

against the above ceilings, provided that the state comptroller

determines that there will be a savings to the state on total periodic

payments on a present value basis as a result of the refunding

transaction.