§ 54-a. Personal income tax notes; 2022. 1. Findings and declaration\nof need. (a) The state of New York finds and determines that the global\nspread of the COVID-19 pandemic has had and is expected to continue to\nhave a significant adverse impact on the health and welfare of\nindividuals in the state as well as to the financial condition of the\nstate during the state's 2021 and 2022 fiscal years and beyond. The\nanticipated shortfalls and deferrals in the state's financial plan\nreceipts caused by the COVID-19 pandemic has required the state to adopt\npolicies, regulations and procedures that suspend various legal\nrequirements and address state budgetary pressures, some of which\nrequire certain fiscal management authorization measures to be\nlegislatively 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 for the state's 2022 fiscal year, to issue until December 31,\n2021, notes with a maturity no later than March 31, 2022, to be\ndesignated as personal income tax revenue anticipation notes, in one or\nmore series in an aggregate principal amount not to exceed three billion\ndollars, excluding any such notes issued to finance one or more debt\nservice reserve funds, and to pay costs of issuance of such notes, for\nthe purpose of temporarily financing budgetary needs of the state. 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\nauthorized by this paragraph. Such notes shall not be renewed or\nrefunded beyond March 31, 2022. For so long as any notes authorized by\nthis paragraph shall remain outstanding, the restrictions, limitations\nand requirements contained in article five-B of the state finance law\nshall not apply, other than subdivision four of section sixty-seven-b of\nsuch article.\n (c) Such notes of the dormitory authority and the corporation shall\nnot be a debt of the state, and the state shall not be liable thereon,\nnor shall they be payable out of any funds other than those appropriated\nby the state to the dormitory authority and the corporation for debt\nservice and related expenses pursuant to any financing agreement\ndescribed in paragraph (d) of this subdivision, and such notes shall\ncontain on the face thereof a statement to such effect. Such notes shall\nbe issued on a subordinate basis and shall be secured by subordinate\npayments from the revenue bond tax fund established pursuant to section\nninety-two-z of the state finance law. Except for purposes of complying\nwith the internal revenue code, any interest income earned on note\nproceeds shall only be used to pay debt service on such notes. All of\nthe provisions of the state finance law, the dormitory authority act and\nthis act relating to notes and bonds which are not inconsistent with the\nprovisions of this section shall apply to notes authorized by paragraph\n(b) of this subdivision, including but not limited to the power to\nestablish adequate reserves therefor, subject to the final maturity\nlimitation for such notes set forth in paragraph (b) of this\nsubdivision. The issuance of any notes authorized by paragraph (b) of\nthis subdivision shall further be subject to the approval of the\ndirector of the division of the budget.\n (d) Notwithstanding any other law, rule or regulation to the contrary\nbut subject to the limitations contained in paragraph (b) of this\nsubdivision, in order to assist the dormitory authority and the\ncorporation in undertaking the administration and financing of such\nnotes, the director of the budget is hereby authorized to supplement any\nexisting financing agreement with the dormitory
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