Section 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.