§ 54. 1. Findings and declaration of need. (a) The state of New York\nfinds and determines that the global spread of the COVID-19 coronavirus\ndisease is having and is expected to continue to have a significant\nimpact on the health and welfare of individuals in the state as well as\na significant financial impact on the state. The serious threat posed by\nthe COVID-19 coronavirus disease has caused governments, including the\nstate, to adopt policies, regulations and procedures to suspend various\nlegal requirements in order to (i) respond to and mitigate the impact of\nthe outbreak, and (ii) provide temporary relief to individuals,\nincluding the deferral of the federal income tax payment deadline from\nApril 15, 2020 to a later date in the calendar year. The state of New\nYork further finds and determines that certain fiscal management\nauthorization measures should be authorized and established.\n (b) Notwithstanding any other provision of law to the contrary,\nincluding, specifically, the provisions of chapter 59 of the laws of\n2000 and section sixty-seven-b of the state finance law, the dormitory\nauthority of the state of New York and the corporation are hereby\nauthorized to issue until December 31, 2020, notes with a maturity no\nlater than March 31, 2021, to be designated as personal income tax\nrevenue or bond anticipation notes, in one or more series in an\naggregate principal amount not to exceed eight billion dollars,\nexcluding notes issued to finance one or more debt service reserve\nfunds, to pay costs of issuance of such notes, and notes issued to\nrenew, refund or otherwise repay such notes previously issued, for the\npurpose of temporarily financing budgetary needs of the state following\nthe federal government deferral of the federal income tax payment\ndeadline from April 15, 2020 to a later date in the calendar year. Such\npurpose shall constitute an authorized purpose under subdivision two of\nsection sixty-eight-a of the state finance law for all purposes of\narticle five-C of the state finance law with respect to the notes,\nrenewal notes, refunding notes and any state personal income tax revenue\nbonds issued to refinance any notes, renewal notes, refunding notes\nauthorized by this paragraph. On or before their maturity, such notes\nmay be renewed or refunded once with renewal or refunding notes for an\nadditional period not to exceed one year from the date of renewal or\nrefunding. If on or before the maturity date of such notes or such\nrenewal or refunding notes, the director of the division of the budget\nshall determine that all or a portion of such notes or such renewal or\nrefunding notes shall be refinanced on a long term basis, such notes or\nsuch renewal or refunding notes may be refinanced with state personal\nincome tax revenue bonds in one or more series in an aggregate principal\namount not to exceed the then outstanding principal amount of such notes\nor such renewal or refunding notes plus an amount necessary to finance\none or more debt service reserve funds and to pay costs of issuance of\nsuch refunding bonds, notwithstanding any other provision of law to the\ncontrary, including, specifically, the provisions of chapter fifty-nine\nof the laws of two thousand and section sixty-seven-b of the state\nfinance law. For so long as any notes, renewal or refunding notes or\nsuch refunding bonds authorized by this paragraph shall remain\noutstanding, including any state-supported debt issued to refinance the\nrefunding bonds authorized by this paragraph, the restrictions,\nlimitations and requirements contained in article five-B of the state\nfinance law shall not apply.\n (c) Such notes, renewal or refunding notes and refunding bonds of the\ndormitory authority and the corporation shall not be a debt of the\nstate, and the state shall not be liable thereon, nor shall they be\npayable out of any funds other than those appropriated by the state to\nthe dormitory authority and the corpor
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