Prohibits certain borrowing arrangements and relates to the authorization for the contracting of debt.

This bill amends the New York State Constitution to prohibit certain borrowing arrangements and to regulate the authorization for the contracting of debt. It specifies that no debt may be contracted to finance payments for interest, principal, sinking funds, or related obligations on indebtedness issued by any state agency. The state may contract debt to finance capital works or purposes, but not to make payments for debt issued by other entities. The bill also sets limits on the amount of debt that can be contracted in a fiscal year, adjusting these limits based on state revenue changes.

Prohibits certain borrowing arrangements and relates to the authorization for the contracting of debt.

This bill amends the New York State Constitution to prohibit certain borrowing arrangements and to regulate the authorization for the contracting of debt. It specifies that no debt may be contracted to finance payments for interest, principal, sinking funds, or related obligations on indebtedness issued by any state agency. The state may contract debt to finance capital works or purposes, but not to make payments for debt issued by other entities. The bill also sets limits on the amount of debt that can be contracted in a fiscal year, adjusting these limits based on state revenue changes.