§ 8. Liability of state for payment of obligations of public corporation issued to finance new industrial or manufacturing plants in depressed areas.
157 words·~1 min read·
/ny/constitution/corporations/8A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 8. 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 bonds of a
public corporation to be created pursuant to and for the purposes
specified in the last paragraph of section eight of article seven of
this constitution, maturing in not to exceed thirty years after their
respective dates, and for the principal of and interest on notes of such
corporation issued in anticipation of such bonds, which notes and any
renewals thereof shall mature within seven years after the respective
dates of such notes, provided that the aggregate principal amount of
such bonds with respect to which the state shall be so liable shall not
at any one time exceed nine hundred million dollars, excluding bonds
issued to refund outstanding bonds.