N.Y. Public Authorities Law § 3241-a: Limitation on issuance of tax and revenue anticipation notes by the state

§ 3241-a. Limitation on issuance of tax and revenue anticipation notes

by the state. 1. Except as otherwise provided in subdivision two of this

section, the aggregate principal amount of tax and revenue anticipation

notes issued pursuant to section nine of article seven of the

constitution in any fiscal year by the state and maturing in such fiscal

year shall not exceed the amount of four billion seven hundred million

dollars, less the aggregate principal amount of bonds and notes

theretofore issued by the corporation exclusive of any bonds or notes

referred to in subparagraph (i) or (iii) of paragraph (a) of subdivision

eight of section thirty-two hundred thirty-six of this title, or

excluded by paragraph (b) of such subdivision.

2. The state may issue in any fiscal year tax and revenue anticipation

notes in an aggregate principal amount in excess of the limit on

issuance set forth in subdivision one of this section, if and only if

there shall have first been executed in such fiscal year a written

certificate signed by the governor, the temporary president of the

senate and the speaker of the assembly, which shall set forth:

(a) the emergency or extraordinary factors or factors unanticipated at

the time of adoption of the budget for the fiscal year in which such

borrowing is to be made that gave rise to the need for the issuance of

tax and revenue anticipation notes in excess of such limit, and

(b) the amount of tax and revenue anticipation notes projected to be

issued in each of the three fiscal years commencing subsequent to the

fiscal year in which such limit was originally exceeded, which will

result in the elimination of such excess as soon as practicable but in

no event later than by the end of the third fiscal year commencing

subsequent to the fiscal year in which such limit was originally

exceeded.

3. The need for the issuance referred to in paragraph (a) of

subdivision two of this section shall be in the conclusive, final and

binding discretion of the signatories to the written certificate

described in subdivision two of this section and not subject to judicial

challenge or review.

4. In no event shall a written certificate referred to in subdivision

two of this section be issued in more than four consecutive fiscal

years.

5. In the event of any inconsistency between this section and any

amendment to the constitution relating to the issuance of tax and

revenue anticipation notes, the provisions of such constitutional

amendment shall control.

6. Nothing contained in this section shall be deemed to relieve the

state of its obligation to repay tax and revenue anticipation notes

within one year from the date of issuance thereof.