§ 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\nby the state. 1. Except as otherwise provided in subdivision two of this\nsection, the aggregate principal amount of tax and revenue anticipation\nnotes issued pursuant to section nine of article seven of the\nconstitution in any fiscal year by the state and maturing in such fiscal\nyear shall not exceed the amount of four billion seven hundred million\ndollars, less the aggregate principal amount of bonds and notes\ntheretofore issued by the corporation exclusive of any bonds or notes\nreferred to in subparagraph (i) or (iii) of paragraph (a) of subdivision\neight of section thirty-two hundred thirty-six of this title, or\nexcluded by paragraph (b) of such subdivision.\n 2. The state may issue in any fiscal year tax and revenue anticipation\nnotes in an aggregate principal amount in excess of the limit on\nissuance set forth in subdivision one of this section, if and only if\nthere shall have first been executed in such fiscal year a written\ncertificate signed by the governor, the temporary president of the\nsenate and the speaker of the assembly, which shall set forth:\n (a) the emergency or extraordinary factors or factors unanticipated at\nthe time of adoption of the budget for the fiscal year in which such\nborrowing is to be made that gave rise to the need for the issuance of\ntax and revenue anticipation notes in excess of such limit, and\n (b) the amount of tax and revenue anticipation notes projected to be\nissued in each of the three fiscal years commencing subsequent to the\nfiscal year in which such limit was originally exceeded, which will\nresult in the elimination of such excess as soon as practicable but in\nno event later than by the end of the third fiscal year commencing\nsubsequent to the fiscal year in which such limit was originally\nexceeded.\n 3. The need for the issuance referred to in paragraph (a) of\nsubdivision two of this section shall be in the conclusive, final and\nbinding discretion of the signatories to the written certificate\ndescribed in subdivision two of this section and not subject to judicial\nchallenge or review.\n 4. In no event shall a written certificate referred to in subdivision\ntwo of this section be issued in more than four consecutive fiscal\nyears.\n 5. In the event of any inconsistency between this section and any\namendment to the constitution relating to the issuance of tax and\nrevenue anticipation notes, the provisions of such constitutional\namendment shall control.\n 6. Nothing contained in this section shall be deemed to relieve the\nstate of its obligation to repay tax and revenue anticipation notes\nwithin one year from the date of issuance thereof.\n