NY State Fin L § 67-B (2021)
2021 New York Laws STF - State Finance Article 5-B - Limitations on State-Supported Debt 67-B - Limitations on the Issuance of State-Supported Debt.

§  67-b.  Limitations on the issuance of state-supported debt.  1. (a) State-supported debt may not be contracted for  unless,  as  of  October thirty-first,  two  thousand  one  and  as  of each October thirty-first thereafter, the total outstanding principal amount of such debt,  as  of the  last day of the immediately preceding fiscal year, is less than the designated percentage of the total personal income of the state. Nothing shall preclude the contracting of state-supported debt prior to  October thirty-first  of  each  year  if,  as of the last day of the immediately preceding fiscal year, the total outstanding principal  amount  of  such debt  was  less  than  the  designated  percentage of the total personal income of the state. The total  outstanding  principal  amount  of  debt shall  include all state-supported debt issued on and after April first, two  thousand.  Such  designated   percentage   shall   be   seven   and one-half-tenths  of  one  percent  for  fiscal  year  two  thousand--two thousand one, and shall increase by five-tenths of one percent in fiscal year two thousand one--two thousand two, by an additional four-tenths of one percent in fiscal year two thousand two--two thousand three, and  by an  additional  one-third of one percent in each of the seven subsequent fiscal years. The designated percentage for  fiscal  year  two  thousand ten--two  thousand  eleven  and for each fiscal year thereafter shall be four percent.  (b) If state-supported debt is issued to refund  or  otherwise  affect the   refunding,   retirement  or  defeasance  of  state-supported  debt originally issued on and after April first, two thousand, provided  such refundings  are conducted in accordance with section thirteen of article VII of the state constitution, the calculation of the total  outstanding principal  amount  of  debt shall exclude such refunding debt, and shall only include the amount of prior refunded debt,  as  if  it  were  still outstanding,  in each year until such refunding debt is finally retired. Notwithstanding the foregoing, the provisions of such  section  thirteen of  article VII of the state constitution relating to the maintenance or management of escrow funds and sinking funds shall only be applicable to state-supported debt issued by the state comptroller. If state-supported debt is issued to refund or otherwise affect the  refunding,  retirement or  defeasance  of state-supported debt issued prior to April first, two thousand, then the amount of such refunding debt shall be excluded  from the  calculation  of  the  total outstanding principal amount of debt in each year until such refunding debt is finally retired. In addition,  if state-supported  debt is retired or defeased with payments in any fiscal year made by the state that are not required by mandatory payments, such debt shall be excluded from the calculation  of  the  total  outstanding principal   amount   of   debt,  including  retirements  or  defeasances accomplished on an economic basis.   2. State-supported debt may  not  be  contracted  for  unless,  as  of October   thirty-first,   two  thousand  one  and  as  of  each  October thirty-first thereafter, the total amount of interest,  installments  of principal,  contributions  to  sinking  funds, and related payments on a cash basis of accounting for state-supported  debt  in  the  immediately preceding  fiscal  year  is less than the designated percentage of total governmental funds receipts for such fiscal year. Nothing shall preclude the contracting of state-supported debt prior to October thirty-first of each year if, in the immediately preceding fiscal year, the total amount of interest, installments of principal, contributions to sinking  funds, and  related  payments  was less than the designated percentage of total governmental funds receipts. This shall  include  the  total  amount  of payments on such debt issued on and after April first, two thousand, but shall  not  include  payments  in  any  fiscal year made by the state to defease or retire debt not required by mandatory payments  nor  payments  made  by  the state for debt issued to refund debt that was issued prior to April first, two thousand. In addition, if  state-supported  debt  is issued  to  refund  or  otherwise  affect  the  refunding, retirement or defeasance  of state-supported debt originally issued on and after April first,  two  thousand,  provided  such  refundings  are   conducted   in accordance   with   section   thirteen  of  article  VII  of  the  state constitution,  the  calculation  of  the  total  amount   of   interest, installments  of  principal, contributions to sinking funds, and related payments shall exclude payments made on such refunding debt,  and  shall only  include  the  payments  on  the prior refunded debt, as if it were still outstanding, in each year until such  refunding  debt  is  finally retired.  Such  designated percentage shall be seven and one-half-tenths of one percent for fiscal year two thousand--two thousand one, and shall increase by five-tenths of one  percent  in  fiscal  year  two  thousand one--two  thousand  two,  by an additional four-tenths of one percent in fiscal year two thousand two--two thousand three, and by  an  additional one-third of one percent in each of the ten subsequent fiscal years. The designated   percentage  for  fiscal  year  two  thousand  thirteen--two thousand fourteen and for each fiscal  year  thereafter  shall  be  five percent.   3.  No  state-supported  debt  shall  be  contracted except to finance capital works or purposes.   4. Notwithstanding any other provision of  law  to  the  contrary,  no state-supported  debt shall be issued with a final maturity of more than thirty years.   5. The provisions of this section shall apply to debt issued  pursuant to  section  nine  of  article VII of the state constitution only to the extent that such notes remain outstanding.