N.Y. New, New York Bond Act § 3
The state comptroller is hereby authorized and empowered to issue and sell bonds of the state to the amount of eight hundred million dollars ($800,000,000) for the purpose of this act, subject to the provisions of article 5 of the state finance law. The aggregate principal amount of such bonds shall not exceed eight hundred million dollars ($800,000,000) excluding bonds issued to refund or otherwise repay bonds theretofore issued for such purpose; provided, however, that upon any such refunding or repayment the total aggregate principal amount of outstanding bonds may be greater than eight hundred million dollars ($800,000,000) only if the present value of the aggregate debt service of the refunding or repayment bonds to be issued shall not exceed the present value of the aggregate debt service of the bonds to be refunded or repaid.
N.Y. New, New York Bond Act Law § 3