N.Y. State Fin. Law § 69-b

§ 69-b. Limitation on amount of variable rate debt instruments. As of\nthe initial date of each issuance of variable rate bonds or the date of\nentering into any other variable rate debt instruments, or for debt\nissued on or before July first, two thousand five upon conversion of any\nstate-supported debt to variable rate debt instruments, the total of the\nprincipal and notional amounts of such variable rate debt instruments\noutstanding and in effect shall not exceed an amount equal to fifteen\npercent of the total principal amount of state-supported debt\noutstanding.\n