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The Laws of New York
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CHAPTER
Constitution
ARTICLE XVIII
Housing
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SECTION 6
Loans and subsidies; restrictions on and preference in occupancy of projects
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ARTICLE XVIII
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SECTION 8
Excess condemnation
This entry was published on 2014-09-22
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SECTION 7
Liability arising from guarantees to be deemed indebtedness; method of computing
Constitution (CNS) CHAPTER , ARTICLE XVIII
§ 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.