§ 55. 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\nof the outbreak; and (ii) address budgetary pressures to the state\narising from anticipated shortfalls and deferrals in the state's fiscal\n2021 financial plan receipts, thereby requiring that certain fiscal\nmanagement authorization measures 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 67-b of the state finance law, during the state's 2021\nfiscal year, the dormitory authority of the state of New York and the\nurban development corporation are authorized to: (i) enter into\ncommitments with financial institutions for the establishment of one or\nmore line of credit facilities and other similar revolving financing\narrangements not in excess of three billion dollars in aggregate\nprincipal amount outstanding at any one time; (ii) draw, at one or more\ntimes at the direction of the director of the budget, upon such line of\ncredit facilities and provide to the state the amounts so drawn for the\npurpose of assisting the state to temporarily finance its budgetary\nneeds; and (iii) secure repayment of such draws under such line of\ncredit facilities with a service contract of the state, which payment\nobligation thereunder shall not constitute a debt of the state within\nthe meaning of any constitutional or statutory provision and shall be\ndeemed executory only to the extent moneys are available and that no\nliability shall be incurred by the state beyond the moneys available for\nsuch purpose, and that such payment obligation is subject to annual\nappropriation by the legislature. Any line of credit facility agreements\nentered by the dormitory authority of the state of New York and/or the\nurban development corporation with financial institutions pursuant to\nthis section may contain such provisions that the dormitory authority of\nthe state of New York and/or the urban development corporation deem\nnecessary or desirable for the establishment of such credit facilities.\nThe maximum original term of any line of credit facility shall be one\nyear from the date of incurrence; provided however that any such line of\ncredit facility may be extended, renewed or refinanced for up to two\nadditional one year terms. If on or before the maturity date of the\noriginal term of such line of credit facility or any renewal or\nextension term thereof, the director of the division of the budget shall\ndetermine that all or a portion of any outstanding line of credit\nfacility shall be refinanced on a long-term basis, the dormitory\nauthority of the state of New York and/or the urban development\ncorporation are authorized to refinance such line of credit facility\nwith state personal income tax revenue bonds and/or state service\ncontract bonds in one or more series in an aggregate principal amount\nnot to exceed the then outstanding principal amount of such line of\ncredit facility and any accrued interest thereon, plus an amount\nnecessary to finance one or more debt service reserve funds and to pay\ncosts of issuance of such state personal income tax revenue bonds and/or\nstate service contract bonds.\n (c) Notwithstanding any other law, rule, or regulation to the\ncontrary, the comptroller is hereby authorized and directed to deposit\nto the credit of the general fund, all amounts provided by the dormitory\nauthority of the state of
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