State Codes and Statutes

Statutes > New-york > Stf > Article-5-a > 66-d

§  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.

State Codes and Statutes

Statutes > New-york > Stf > Article-5-a > 66-d

§  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.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Stf > Article-5-a > 66-d

§  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.