New York Const. art. XVIII, § 7

New York Constitution

Article XVIII, § 7 — Liability arising from guarantees to be deemed indebtedness; method of computing

New York Const. art. XVIII, § 7 (Liability arising from guarantees to be deemed indebtedness; method of computing) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

JurisdictionNew York DocumentConstitution

ArticleXVIII

Section§ 7

CitationNew York Const. art. XVIII, § 7

Bluebook

N.Y. Const. art. XVIII, § 7.

Full Text

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.

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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.