§ 7. Liability of state for payment of obligations of port of New York authority for purchase of railroad passenger equipment.

250 words·~1 min read·/ny/constitution/corporations/7

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§ 7. Notwithstanding any provision of this or any other article of

this constitution, the legislature may by law, which shall take effect

without submission to the people, make or authorize making the state

liable for the payment of the principal of and interest on obligations

of the port of New York authority issued pursuant to legislation

heretofore or hereafter enacted, to purchase or refinance the purchase

of, or to repay advances from this state made for the purpose of

purchasing, railroad passenger cars, including self-propelled cars, and

locomotives and other rolling stock used in passenger transportation,

for the purpose of leasing such cars to any railroad transporting

passengers between municipalities in the portion of the port of New York

district within the state, the majority of the trackage of which within

the port of New York district utilized for the transportation of

passengers shall be in the state; provided, however, that the total

amount of obligations with respect to which the state may be made liable

shall not exceed one hundred million dollars at any time, and that all

of such obligations shall be due not later than thirty-five years after

the effective date of this section.

To the extent payment is not otherwise made or provided for, the

provisions of section sixteen of article seven shall apply to the

liability of the state incurred pursuant to this section, but the powers

conferred by this section shall not be subject to the limitations of

this or any other article.