Van Derzee v. City of Long Beach

In our opinion the language of article VIII, section 2, of the New York State Constitution, is to be construed to apply to interest which became due after the effective date of the constitutional provision, irrespective of whether the indebtedness was incurred prior or subsequent to the date it became effective. Moreover, the constitutional provision neither establishes nor affects any substantive right but deals only with a remedy afforded to the creditors of the city on its bonded indebtedness and, therefore, is to be construed as operating retroactively. (City of New York v. Appleby, 219…