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

This bill amends the New York State Constitution to prohibit certain borrowing arrangements and outlines the authorization for the contracting of debt. It specifies that no debt shall be contracted unless authorized by law, secured by a pledge of specific revenues or the full faith and credit of the state. The bill also details the manner by which payments are appropriated and paid, including restrictions on using state funds for debt payments. It sets limits on the amount of debt that can be contracted in a fiscal year and provides conditions under which these limits can be adjusted.

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

This bill amends the New York State Constitution to prohibit certain borrowing arrangements and outlines the authorization for the contracting of debt. It specifies that no debt shall be contracted unless authorized by law, secured by a pledge of specific revenues or the full faith and credit of the state. The bill also details the manner by which payments are appropriated and paid, including restrictions on using state funds for debt payments. It sets limits on the amount of debt that can be contracted in a fiscal year and provides conditions under which these limits can be adjusted.