N.Y. Const. art. XVIII, § 7
- Constitution
- Constitution of New York
- Text as of
- October 2026
What does this section say?
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.
The text is copied from the official source: legislation.nysenate.gov. This is the stored text for research. It is not legal advice; check the official source before you rely on it.