§ 55-a. Line of credit facilities; 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\nadopt policies, 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) Definitions. When used in this subdivision "related expenses and\nfees" shall mean interest costs, commitment fees and other costs,\nexpenses and fees incurred in connection with a line of credit facility\nand/or a service contract or other agreement of the state securing such\nline of credit facility that contractually obligates the state to pay\ndebt service subject to an appropriation.\n (c) 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, the dormitory authority\nof the state of New York and the urban development corporation are\nauthorized until March 31, 2022 to: (i) enter into commitments with\nfinancial institutions for the establishment of one or more line of\ncredit facilities and other similar revolving financing arrangements not\nin excess of two billion dollars in aggregate principal amount; (ii)\ndraw, at one or more times at the direction of the director of the\nbudget, upon such line of credit facilities and provide to the state the\namounts so drawn for the purpose of assisting the state to temporarily\nfinance its budgetary needs; provided, however, that the total amount of\nsuch draws shall not exceed two billion dollars; and (iii) secure\nrepayment of such draws under such line of credit facilities, together\nwith related expenses and fees, which payment obligation thereunder\nshall not constitute a debt of the state within the meaning of any\nconstitutional or statutory provision and shall be deemed executory only\nto the extent moneys are available and that no liability shall be\nincurred by the state beyond the moneys available for such purpose, and\nthat such payment obligation is subject to annual appropriation by the\nlegislature. Any line of credit facility agreements entered by the\ndormitory authority of the state of New York and/or the urban\ndevelopment corporation with financial institutions pursuant to this\nsection may contain such provisions that the dormitory authority of the\nstate of New York and/or the urban development corporation deem\nnecessary or desirable for the establishment of such credit facilities.\nThe maximum term of any line of credit facility shall be one year from\nthe date of incurrence; provided however that no draw on any such line\nof credit facility shall occur after March 31, 2022, and provided\nfurther that any such line of credit facility whose term extends beyond\nMarch 31, 2022, shall be supported by sufficient appropriation authority\nenacted by the legislature that provides for the repayment of all\namounts drawn and remaining unpaid as of March 31, 2022, together with\nrelated expenses and fees incurred and to become due and payable by the\ndormitory authority of the state of New York and/or the urban\ndevelopment corporation.\n (d) 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 New York and/or the urban development\ncorporation to the state from draws made on
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