2006 New York Code - Article VII to apply to state debts under this article, with certain exceptions; amortization of state debts; capital and periodic subsidies.

 
    §  3.  The  provisions  of  article  VII,  not  inconsistent with this
  article, relating to debts  of  the  state  shall  apply  to  all  debts
  contracted by the state for the purpose of providing moneys out of which
  to  make loans pursuant to this article, except (a) that any law or laws
  authorizing the contracting of such debt, not exceeding in the aggregate
  three hundred million dollars, shall take effect without  submission  to
  the  people,  and the contracting of a greater amount of debt may not be
  authorized prior to January first, nineteen hundred forty-two; (b)  that
  any  such debt and each portion thereof, except as hereinafter provided,
  shall be paid in equal annual installments, the first of which shall  be
  payable  not  more  than  three  years,  and  the last of which shall be
  payable not more than fifty years, after such debt  or  portion  thereof
  shall  have  been  contracted;  and  (c)  that  any  law authorizing the
  contracting of such debt may be submitted to the  people  at  a  general
  election,  whether or not any other law or bill shall be submitted to be
  voted for or against at such election.
    Debts contracted by the state for the purpose of providing  money  out
  of  which to make loans to or in aid of corporations regulated by law as
  to rents, profits,  dividends  and  disposition  of  their  property  or
  franchises  and engaged in providing housing facilities pursuant to this
  article may be paid  in  such  manner  that  the  total  annual  charges
  required  for  the  payment  of principal and interest are approximately
  equal and constant for the entire period  in  which  any  of  the  bonds
  issued therefor are outstanding.
    Any  law  authorizing  the making of contracts for capital or periodic
  subsidies to be paid with moneys currently appropriated from the general
  fund of the state shall take effect without submission  to  the  people,
  and  the amount to be paid under such contracts shall not be included in
  ascertaining the amount of indebtedness which may be contracted  by  the
  state  under  this  article;  provided,  however, (a) that such periodic
  subsidies shall not be paid for a period longer than  the  life  of  the
  projects  assisted  thereby,  but  in  any event for not more than sixty
  years; (b) that no contracts for periodic  subsidies  shall  be  entered
  into  in  any  one  year  requiring  payments  aggregating more than one
  million dollars in any one  year;  and  (c)  that  there  shall  not  be
  outstanding  at  any one time contracts for periodic subsidies requiring
  payments exceeding an aggregate of thirty-four million  dollars  in  any
  one  year,  unless a law authorizing contracts in excess of such amounts
  shall have been submitted to and approved by the  people  at  a  general
  election;  and  any such law may be submitted to the people at a general
  election, whether or not any other law or bill shall be submitted to  be
  voted for or against at such election.