N.Y. State Finance Law 66-E – Restrictions on the use of certificates of participation for real property
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§ 66-e. Restrictions on the use of certificates of participation for real property. Certificates of participation or similar instruments shall not be used to finance the acquisition or improvement of real property unless specifically authorized in an appropriation bill or some other law for such real property installment purchase.
Terms Used In N.Y. State Finance Law 66-E
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.