§ 66-d. Annual ceiling on certificates of participation. 1. The governor shall include in the bills which he submits in connection with the executive budget his recommendation as to the total maximum amount of certificates of participation to be issued for purchases of personal property by state departments, agencies, and the city university of New York pursuant to this article during the upcoming fiscal year, exclusive of refunding and, in addition, a list of real property projects of state departments, agencies and the city university of New York contemplated to be financed through the use of certificates of participation.

2. The maximum amount of certificates of participation or similar instruments representing periodic payments due from the state of New York issued for state departments, agencies and the city university of New York within a fiscal year shall not exceed the maximum principal amount authorized in the budget enacted into law for such fiscal year, or in any other law as amended from time to time.

3. Certificates of participation issued to refund or advance refund prior issues of certificates of participation or similar instruments including certificates of participation issued pursuant to section sixty-six-b of this article and certificates of participation issued before July twenty-fourth, nineteen hundred eighty-six, representing the right to receive a proportionate share in lease, installment or other periodic payments to be made by any state department, agency or unit of the state university or the city university of New York shall not count against the above ceilings, provided that the state comptroller determines that there will be a savings to the state on total periodic payments on a present value basis as a result of the refunding transaction.