66-C - Certificates of participation not debt. - New York Statutes

§ 66-c. Certificates of participation not debt. Certificates of participation or similar instruments issued pursuant to this article and the underlying installment purchase or lease purchase contracts do not constitute or create debt of the state as defined in article seven of the state constitution, nor a contractual obligation in excess of the amounts appropriated therefor, and the state has no continuing legal or moral obligation to appropriate money for said payments or other obligations due under the installment purchase contracts. In the case of the failure to appropriate, the sole security for any remaining periodic payments shall be the property subject to the installment purchase or lease purchase contract, and debt service reserve funds in the custody of the trustee or any other remaining proceeds, subject to the provisions of section sixty-six-h of this article.