N.Y. STF Law § 66-D

§ 66-d. Annual ceiling on certificates of participation. 1. The\ngovernor shall include in the bills which he submits in connection with\nthe executive budget his recommendation as to the total maximum amount\nof certificates of participation to be issued for purchases of personal\nproperty by state departments, agencies, and the city university of New\nYork pursuant to this article during the upcoming fiscal year, exclusive\nof refunding and, in addition, a list of real property projects of state\ndepartments, agencies and the city university of New York contemplated\nto be financed through the use of certificates of participation.\n 2. The maximum amount of certificates of participation or similar\ninstruments representing periodic payments due from the state of New\nYork issued for state departments, agencies and the city university of\nNew York within a fiscal year shall not exceed the maximum principal\namount authorized in the budget enacted into law for such fiscal year,\nor in any other law as amended from time to time.\n 3. Certificates of participation issued to refund or advance refund\nprior issues of certificates of participation or similar instruments\nincluding certificates of participation issued pursuant to section\nsixty-six-b of this article and certificates of participation issued\nbefore July twenty-fourth, nineteen hundred eighty-six, representing the\nright to receive a proportionate share in lease, installment or other\nperiodic payments to be made by any state department, agency or unit of\nthe state university or the city university of New York shall not count\nagainst the above ceilings, provided that the state comptroller\ndetermines that there will be a savings to the state on total periodic\npayments on a present value basis as a result of the refunding\ntransaction.\n