§ 9. Short term state debts in anticipation of taxes, revenues and proceeds of sale of authorized bonds.

196 words·~1 min read·/ny/constitution/state-finances/9

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§ 9. The state may contract debts in anticipation of the receipt of

taxes and revenues, direct or indirect, for the purposes and within the

amounts of appropriations theretofore made. Notes or other obligations

for the moneys so borrowed shall be issued as may be provided by law,

and shall with the interest thereon be paid from such taxes and revenues

within one year from the date of issue.

The state may also contract debts in anticipation of the receipt of

the proceeds of the sale of bonds theretofore authorized, for the

purpose and within the amounts of the bonds so authorized. Notes or

obligations for the money so borrowed shall be issued as may be provided

by law, and shall with the interest thereon be paid from the proceeds of

the sale of such bonds within two years from the date of issue, except

as to bonds issued or to be issued for any of the purposes authorized by

article eighteen of this constitution, in which event the notes or

obligations shall with the interest thereon be paid from the proceeds of

the sale of such bonds within five years from the date of issue.