2006 New York Code - Liability arising from guarantees to be deemed indebtedness; method of computing.

 
    §  7. The liability arising from any guarantee of the principal of and
  interest on indebtedness contracted by a  public  corporation  shall  be
  deemed  indebtedness  in  the  amount of the face value of the principal
  thereof remaining unpaid. The liability arising from  any  guarantee  of
  only  the  interest  on  indebtedness contracted by a public corporation
  shall be deemed indebtedness in the amount of the commuted value of  the
  total  interest guaranteed and remaining unpaid, calculated on the basis
  of an annual interest rate of four per centum.