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This entry was published on 2014-09-22
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SECTION 69-B
Limitation on amount of variable rate debt instruments
State Finance (STF) CHAPTER 56, ARTICLE 5-D
§ 69-b. Limitation on amount of variable rate debt instruments. As of
the initial date of each issuance of variable rate bonds or the date of
entering into any other variable rate debt instruments, or for debt
issued on or before July first, two thousand five upon conversion of any
state-supported debt to variable rate debt instruments, the total of the
principal and notional amounts of such variable rate debt instruments
outstanding and in effect shall not exceed an amount equal to fifteen
percent of the total principal amount of state-supported debt
outstanding.