Final answer:
The statutory authority to incur obligations in anticipation of funds is based on constitutional provisions such as appropriation laws and the 14th Amendment, as well as requirements for revenue estimates set forth for the comptroller, which collectively ensure fiscal responsibility and continuity of government operations.
Step-by-step explanation:
The specific statutory authority to incur obligations in anticipation of receipts or an appropriation refers to the constitutional and legislative rules that allow the government to commit to financial obligations before actually receiving the funds or having a formal appropriation of liquidating cash. This anticipation allows the government to maintain operations and honor commitments, such as paying for pensions and services, even when cash flow is not immediately available.
Appropriation laws are essential in this process. According to the U.S. Constitution: 'No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law; ' This clause emphasizes the requirement for a legal appropriation before the federal government can spend money. Furthermore, Section 4 of the 14th Amendment reinforces the legitimacy of public debt, stating that 'The validity of the public debt of the United States, authorized by law...shall not be questioned.' This underscores the obligation of the government to uphold its financial commitments.
Additionally, the comptroller must present an itemized estimate of anticipated revenues based on existing laws to the governor and the Legislature, ensuring that all appropriations fall within the projected available revenues. Meanwhile, Section 8 Clause 2 of the Constitution empowers Congress to borrow money, further supporting the ability to incur debt responsibly.