NY A02155

Prohibits the state from entering financing arrangements where payments would directly or indirectly service debt issued by state agencies, municipalities, or public/private corporations for state purposes, regardless of whether payments are subject to appropriation

Allows the state to contract debt secured by full faith and credit only for single capital works or purposes, requiring voter approval at a general election with a majority vote

Permits the state to contract debt secured by specific state revenues for capital works identified by the legislature, without requiring voter approval

Limits revenue-backed debt to 35% of total capital works per fiscal year, with the cap increasing to 50% during years when state revenues decline by 2% or more (excluding tax rate changes)

Grandfathers existing debt obligations contracted before the amendment's effective date, allowing continued payments and refunding of such obligations under existing rules