Section 66-A. Restriction on issuance of certificates of participation

1.
  No person, partnership, corporation or other legal entity nor any  state
  officer,  employee, agency, department, the city university of New York,
  the  legislature  or  the  judiciary   shall   issue   certificates   of
  participation or similar instruments representing the right to receive a
  proportionate  share in lease, installment or other periodic payments to
  be made by any state department, agency or the city  university  of  New
  York  except  in accordance with the provisions of this article and with
  the express written approval of the state comptroller. The provisions of
  this section are hereby made a part of every purchase  contract  entered
  into by such a state entity providing for periodic payments by any state
  department,  agency  or  the  city  university  of  New York. Every such
  contract shall contain a clause expressly  reciting  the  provisions  of
  this  subdivision, provided, however, that the absence of such clause in
  such a contract shall not obviate the duty of  all  parties  thereto  to
  comply  with the provisions of this subdivision. Neither this provision,
  nor any other provision of this article shall be  construed  to  prevent
  such  state  entities  from  entering into installment purchase or lease
  purchase  agreements  funded  without  the  use   of   certificates   of
  participation or similar instruments.
    2.  For the purposes of this article, "state departments and agencies"
  shall not include the legislature or the judiciary, and  the  provisions
  of  this  article,  unless  otherwise  specified,  shall  not  apply  to
  installment purchase or lease purchase contracts  entered  into  by  the
  legislature or the judiciary financed by the issuance of certificates of
  participation or similar instruments representing the right to receive a
  proportionate  share in lease, installment or other periodic payments to
  be made by the legislature or judiciary.
    3.  No  state  officer,  employee,  department,  agency  or  the  city
  university of New York shall enter into any agreement in connection with
  the issuance of certificates of participation which requires any payment
  by  the state to the trustee, on behalf of holders of such certificates,
  during the month of April of any year.