§ 19. State debt for expansion of state university.

169 words·~1 min read·/ny/constitution/state-finances/19

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§ 19. The legislature may authorize by law the creation of a debt or

debts of the state, not exceeding in the aggregate two hundred fifty

million dollars, to provide moneys for the construction, reconstruction,

rehabilitation, improvement and equipment of facilities for the

expansion and development of the program of higher education provided

and to be provided at institutions now or hereafter comprised within the

state university, for acquisition of real property therefor, and for

payment of the state's share of the capital costs of locally sponsored

institutions of higher education approved and regulated by the state

university trustees. The provisions of this article, not inconsistent

with this section, relating to the issuance of bonds for a debt or debts

of the state and the maturity and payment thereof, shall apply to a

state debt or debts created pursuant to this section; except that the

law authorizing the contracting of such debt or debts shall take effect

without submission to the people pursuant to section eleven of this

article.