NY Const, art XVIII, § 7 · Article XVIII. Housing
Liability arising from guarantees to be deemed indebtedness; method of computing
Text — Law content up to date as of June 5, 2026, as published by the New York State Senate (Open Legislation)
§ 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.
Source of truth
- Edition
- Law content up to date as of June 5, 2026, as published by the New York State Senate (Open Legislation)
- Official file
- https://legislation.nysenate.gov/pdf/laws/CNSA18S7
- Text hash
- sha256 b3fbafcd28f2abad7634eddc1b8d2b21df3f67813a66ae57d0744a1701bb9426
- Composed by
- gen_ny_statutes.py 2026-11-10: the Senate's Open Legislation law tree (GET /api/3/laws/<ID>?full=true) read in document order; the Senate's PDF of the whole law (GET /pdf/laws/<ID>?full=true), read with PDFium, prints the same words in the same order
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