§ 57. Issuance of state bonds. 1. Whenever the legislature, after\nauthorization of a bond issue by the people at a general election, as\nprovided by section eleven of article seven of the state constitution,\nor as provided by section three of article eighteen of the state\nconstitution, shall have authorized, by one or more laws, the creation\nof a state debt or debts, bonds of the state, to the amount of the debt\nor debts so authorized, shall be issued and sold by the state\ncomptroller. Any appropriation from the proceeds of the sale of bonds,\npursuant to this section, shall be deemed to be an authorization for the\ncreation of a state debt or debts to the extent of such appropriation.\nThe state comptroller may issue and sell a single series of bonds\npursuant to one or more such authorizations and for one or more duly\nauthorized works or purposes. As part of the proceedings for each such\nissuance and sale of bonds, the state comptroller shall designate the\nworks or purposes for which they are issued. It shall not be necessary\nfor him to designate the works or purposes for which the bonds are\nissued on the face of the bonds. The proceeds from the sale of bonds for\nmore than one work or purpose shall be separately accounted for\naccording to the works or purposes designated for such sale by the\ncomptroller and the proceeds received for each work or purpose shall be\nexpended only for such work or purpose. The bonds shall bear interest at\nsuch rate or rates as in the judgment of the state comptroller may be\nsufficient or necessary to effect a sale of the bonds, and such interest\nshall be payable at least semi-annually, in the case of bonds with a\nfixed interest rate, and at least annually, in the case of bonds with an\ninterest rate that varies periodically, in the city of New York unless\nannual payments of principal and interest result in substantially level\nor declining debt service payments over the life of an issue of bonds\npursuant to paragraph (b) of subdivision two of this section or unless\naccrued interest is contributed to a sinking fund in accordance with\nsubdivision three of section twelve of article seven of the state\nconstitution, in which case interest shall be paid at such times and at\nsuch places as shall be determined by the state comptroller prior to\nissuance of the bonds.\n 2. Such bonds, or the portion thereof at any time issued, shall be\nmade payable (a) in equal annual principal installments or (b) in annual\ninstallments of principal and interest which result in substantially\nlevel or declining debt service payments, over the life of the bonds,\nthe first of which annual installments shall be payable not more than\none year from the date of issue and the last of which shall be payable\nat such time as the comptroller may determine but not more than forty\nyears or state fiscal years after the date of issue, not more than fifty\nyears after the date of issue in the case of housing bonds, and not more\nthan twenty-five years in the case of urban renewal bonds. Where bonds\nare payable pursuant to paragraph (b) of this subdivision, except for\nthe year or state fiscal year of initial issuance if less than a full\nyear of debt service is to become due in that year or state fiscal year,\neither (i) the greatest aggregate amount of debt service payable in any\nyear or state fiscal year shall not differ from the lowest aggregate\namount of debt service payable in any other year or state fiscal year by\nmore than five percent or (ii) the aggregate amount of debt service in\neach year or state fiscal year shall be less than the aggregate amount\nof debt service in the immediately preceding year or state fiscal year.\nFor purposes of this subdivision, debt service shall include all\nprincipal, redemption price, sinking fund installments or contributions,\nand interest scheduled to become due. For purposes of determining\nwhether debt service is level or declining on bonds issued with a\
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