66-C - Certificates of participation not debt.

§  66-c.  Certificates  of  participation  not  debt.  Certificates of  participation or similar instruments issued pursuant to this article and  the underlying installment purchase or lease purchase contracts  do  not  constitute  or  create  debt of the state as defined in article seven of  the state constitution, nor a contractual obligation in  excess  of  the  amounts  appropriated therefor, and the state has no continuing legal or  moral obligation  to  appropriate  money  for  said  payments  or  other  obligations due under the installment purchase contracts. In the case of  the failure to appropriate, the sole security for any remaining periodic  payments  shall  be  the property subject to the installment purchase or  lease purchase contract, and debt service reserve funds in  the  custody  of  the  trustee  or  any  other  remaining  proceeds,  subject  to  the  provisions of section sixty-six-h of this article.