§ 66-d. Annual ceiling on certificates of participation. 1. The
governor shall include in the bills which he submits in connection with
the executive budget his recommendation as to the total maximum amount
of certificates of participation to be issued for purchases of personal
property by state departments, agencies, and the city university of New
York pursuant to this article during the upcoming fiscal year, exclusive
of refunding and, in addition, a list of real property projects of state
departments, agencies and the city university of New York contemplated
to be financed through the use of certificates of participation.

2. The maximum amount of certificates of participation or similar
instruments representing periodic payments due from the state of New
York issued for state departments, agencies and the city university of
New York within a fiscal year shall not exceed the maximum principal
amount authorized in the budget enacted into law for such fiscal year,
or in any other law as amended from time to time.

3. Certificates of participation issued to refund or advance refund
prior issues of certificates of participation or similar instruments
including certificates of participation issued pursuant to section
sixty-six-b of this article and certificates of participation issued
before July twenty-fourth, nineteen hundred eighty-six, representing the
right to receive a proportionate share in lease, installment or other
periodic payments to be made by any state department, agency or unit of
the state university or the city university of New York shall not count
against the above ceilings, provided that the state comptroller
determines that there will be a savings to the state on total periodic
payments on a present value basis as a result of the refunding
transaction.