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New York Short term state debts in anticipation of taxes, revenues and proceeds of sale of authorized bonds.

Legal Research Home > New York Laws > New York Constitution (A#s#) (CNS) > New York Short term state debts in anticipation of taxes, revenues and proceeds of sale of authorized bonds.

 
    §  9.  The  state may contract debts in anticipation of the receipt of
  taxes and revenues, direct or indirect, for the purposes and within  the
  amounts  of  appropriations theretofore made. Notes or other obligations
  for the moneys so borrowed shall be issued as may be  provided  by  law,
  and shall with the interest thereon be paid from such taxes and revenues
  within one year from the date of issue.
    The  state  may  also contract debts in anticipation of the receipt of
  the proceeds of the  sale  of  bonds  theretofore  authorized,  for  the
  purpose  and  within  the  amounts  of the bonds so authorized. Notes or
  obligations for the money so borrowed shall be issued as may be provided
  by law, and shall with the interest thereon be paid from the proceeds of
  the sale of such bonds within two years from the date of  issue,  except
  as to bonds issued or to be issued for any of the purposes authorized by
  article  eighteen  of  this  constitution,  in  which event the notes or
  obligations shall with the interest thereon be paid from the proceeds of
  the sale of such bonds within five years from the date of issue.

Last modified: February 18, 2012