N.Y. State Finance Law § 69-b: Limitation on amount of variable rate debt instruments

§ 69-b. Limitation on amount of variable rate debt instruments. As of

the initial date of each issuance of variable rate bonds or the date of

entering into any other variable rate debt instruments, or for debt

issued on or before July first, two thousand five upon conversion of any

state-supported debt to variable rate debt instruments, the total of the

principal and notional amounts of such variable rate debt instruments

outstanding and in effect shall not exceed an amount equal to fifteen

percent of the total principal amount of state-supported debt

outstanding.