New York § 66-C - 66-CCertificates of participation not debt
Full text of New York New York Consolidated Laws § 66-C — 66-CCertificates of participation not debt, with citation guidance and answers to common questions.
§ 66-C. 66-CCertificates of participation not debt
§ 66-c. Certificates of participation not debt. Certificates of participation or similar instruments issued pursuant to this article and the underlying installment purchase or lease purchase contracts do not constitute or create debt of the state as defined in article seven of the state constitution, nor a contractual obligation in excess of the amounts appropriated therefor, and the state has no continuing legal or moral obligation to appropriate money for said payments or other obligations due under the installment purchase contracts. In the case of the failure to appropriate, the sole security for any remaining periodic payments shall be the property subject to the installment purchase or lease purchase contract, and debt service reserve funds in the custody of the trustee or any other remaining proceeds, subject to the provisions of section sixty-six-h of this article.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 66-C
What does New York Consolidated Laws § 66-C cover?
Section 66-C ("66-CCertificates of participation not debt") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 66-C?
A common citation format is "New York Consolidated Laws § 66-C" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 66-C apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.