§ 55. Issuance of tax and revenue anticipation notes and bond\nanticipation notes. 1. When used in this section, the following terms\nshall be defined as follows:\n (a) "Tax and revenue anticipation note" shall mean a note issued in\nanticipation of the receipt of taxes and revenues, direct or indirect,\nfor the purposes and within the amounts of appropriations theretofore\nmade.\n (b) "Bond anticipation note" shall mean a note issued in anticipation\nof the receipt of the proceeds of the sale of bonds duly authorized at\nthe time such notes are issued.\n (c) "Flexible note" shall mean a tax and revenue anticipation note or\nbond anticipation note the interest on which is payable at, and on one\nor more dates prior to, maturity.\n (d) "Short-term series note" shall mean a tax and revenue anticipation\nnote or a bond anticipation note which is one of a series of notes\nissued pursuant to a financing program under which it is expected that\neach note will be paid from the proceeds of one or more renewal notes of\nsuch series, and in the case of the final note or notes of such series,\nfrom the taxes and revenues or the proceeds of bonds in anticipation of\nthe receipt of which such note or notes have been issued. The term\n"short-term series note" shall include any note issued pursuant to a\nrevolving credit agreement or other similar liquidity facility for the\npurpose of renewing or paying outstanding short-term series notes on\ntheir stated maturity dates when such short-term series notes are not\nrenewed or paid from the proceeds of one or more other renewal notes of\nsuch series. Such a note issued pursuant to a revolving credit agreement\nor similar liquidity facility shall not be considered a flexible note\nfor the purposes of this section.\n (e) "Financially responsible party or parties" shall mean a person or\npersons determined by the comptroller to have sufficient net worth and\nliquidity to purchase and pay for on a timely basis all of the notes and\nrenewals thereof which may be tendered for repurchase or redemption by\nthe holders thereof.\n 2. (a) (i) The comptroller is authorized to issue tax and revenue\nanticipation notes and renewals thereof including, but not limited to,\nflexible notes and short-term series notes in such form and with such\nterms as the comptroller shall determine. Such notes and renewals\nthereof shall be non-interest bearing or bear interest at such rate or\nrates, which may vary from time to time, as, in the judgment of the\ncomptroller, may be sufficient or necessary to effect the issuance and\nsale or resale thereof in the manner determined by the comptroller.\n (ii) Such notes and renewals thereof may be redeemable from time to\ntime on such date or dates prior to maturity as the comptroller may\ndetermine. Such notes and renewals thereof may provide the holders\nthereof with such rights to require the state or other persons to\npurchase or redeem such notes and renewals thereof from the proceeds of\nthe resale thereof or otherwise from time to time prior to the stated\nmaturity thereof as the comptroller may determine. Notwithstanding the\nforegoing, the holders of such notes and renewals thereof sold pursuant\nto this subparagraph shall not be provided with the right to require the\nstate to repurchase or redeem the notes and renewals thereof prior to\ntheir stated maturity unless the state has entered into one or more\nletter of credit agreements or other liquidity facility agreements\nentered into for the express purposes of such sales and which shall\nrequire a financially responsible party or parties to the agreement or\nagreements, other than the state, to purchase or redeem all or any\nportion of such notes and renewals thereof tendered by the holders\nthereof for repurchase or redemption prior to the stated maturity of\nsuch notes and renewals thereof. Such requirement to purchase or redeem\nsuch notes and renewals thereof shall continue until such time as the\nright of
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