§ 7. Liability arising from guarantees to be deemed indebtedness; method of computing.
87 words·~1 min read·
/ny/constitution/housing/7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 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.