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New York Public Authorities - Title 4 - § 3241-A Limitation on Issuance of Tax and Revenue Anticipation Notes by the State

Legal Research Home > New York Laws > New York Public Authorities (PBA) > New York Public Authorities - Title 4 - § 3241-A Limitation on Issuance of Tax and Revenue Anticipation Notes by the State

 
    § 3241-a. Limitation on issuance of tax and revenue anticipation notes
  by the state. 1. Except as otherwise provided in subdivision two of this
  section,  the aggregate principal amount of tax and revenue anticipation
  notes  issued  pursuant  to  section  nine  of  article  seven  of   the
  constitution in any fiscal year by the state and maturing in such fiscal
  year  shall  not exceed the amount of four billion seven hundred million
  dollars,  less  the  aggregate  principal  amount  of  bonds  and  notes
  theretofore  issued  by  the corporation exclusive of any bonds or notes
  referred to in subparagraph (i) or (iii) of paragraph (a) of subdivision
  eight of  section  thirty-two  hundred  thirty-six  of  this  title,  or
  excluded by paragraph (b) of such subdivision.
    2. The state may issue in any fiscal year tax and revenue anticipation
  notes  in  an  aggregate  principal  amount  in  excess  of the limit on
  issuance set forth in subdivision one of this section, if  and  only  if
  there  shall  have  first  been  executed  in such fiscal year a written
  certificate signed by the  governor,  the  temporary  president  of  the
  senate and the speaker of the assembly, which shall set forth:
    (a) the emergency or extraordinary factors or factors unanticipated at
  the  time  of  adoption  of the budget for the fiscal year in which such
  borrowing is to be made that gave rise to the need for the  issuance  of
  tax and revenue anticipation notes in excess of such limit, and
    (b)  the  amount of tax and revenue anticipation notes projected to be
  issued in each of the three fiscal years commencing  subsequent  to  the
  fiscal  year  in  which  such  limit was originally exceeded, which will
  result in the elimination of such excess as soon as practicable  but  in
  no  event  later  than  by  the  end of the third fiscal year commencing
  subsequent to the  fiscal  year  in  which  such  limit  was  originally
  exceeded.
    3.  The  need  for  the  issuance  referred  to  in  paragraph  (a) of
  subdivision two of this section shall be in the  conclusive,  final  and
  binding  discretion  of  the  signatories  to  the  written  certificate
  described in subdivision two of this section and not subject to judicial
  challenge or review.
    4. In no event shall a written certificate referred to in  subdivision
  two  of  this  section  be  issued  in more than four consecutive fiscal
  years.
    5. In the event of any inconsistency  between  this  section  and  any
  amendment  to  the  constitution  relating  to  the  issuance of tax and
  revenue  anticipation  notes,  the  provisions  of  such  constitutional
  amendment shall control.
    6.  Nothing  contained  in this section shall be deemed to relieve the
  state of its obligation to repay  tax  and  revenue  anticipation  notes
  within one year from the date of issuance thereof.

Last modified: February 17, 2012