New York Const. art. XVIII, § 7

New York Constitution

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

This text of New York Const. art. XVIII, § 7 (Liability arising from guarantees to be deemed indebtedness; method of computing) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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.

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New York Const. art. XVIII, § 7, Counsel Stack Legal Research, https://law.counselstack.com/constitution/ny/XVIII/7.