§ 54-b. Personal income tax notes. 1. Findings and declaration of
need. (a) The state of New York finds and determines that shortfalls in
the state's financial plan arising from adverse economic and fiscal
events and risks, disasters and emergencies, including but not limited
to, public health emergencies, may occur or develop, and that the
financial impact of such events, risks, disasters and emergencies could
be prudently mitigated by certain fiscal management authorization
measures being legislatively authorized and established.

(b) Notwithstanding any other provision of law to the contrary,
including, specifically, the provisions of chapter 59 of the laws of
2000 and section sixty-seven-b of the state finance law, the dormitory
authority of the state of New York and the corporation are hereby
authorized to issue personal income tax revenue anticipation notes with
a maturity no later than March 31, 2024, in one or more series in an
aggregate principal amount for each fiscal year not to exceed three
billion dollars, and to pay costs of issuance of such notes, for the
purpose of temporarily financing budgetary needs of the state. Such
purpose shall constitute an authorized purpose under subdivision two of
section sixty-eight-a of the state finance law for all purposes of
article five-C of the state finance law with respect to the notes
authorized by this paragraph. Such notes shall not be renewed, extended
or refunded. For so long as any notes authorized by this paragraph shall
be outstanding, the restrictions, limitations and requirements contained
in article five-B of the state finance law shall not apply.

(c) Such notes of the dormitory authority and the corporation shall
not be a debt of the state, and the state shall not be liable thereon,
nor shall they be payable out of any funds other than those appropriated
by the state to the dormitory authority and the corporation for debt
service and related expenses pursuant to any financing agreement
described in paragraph (d) of this subdivision, and such notes shall
contain on the face thereof a statement to such effect. Such notes shall
be issued on a subordinate basis and shall be secured by subordinate
payments from the revenue bond tax fund established pursuant to section
ninety-two-z of the state finance law. Except for purposes of complying
with the internal revenue code, any interest income earned on note
proceeds shall only be used to pay debt service on such notes. All of
the provisions of the state finance law, the dormitory authority act and
this act relating to notes and bonds which are not inconsistent with the
provisions of this section shall apply to notes authorized by paragraph
(b) of this subdivision, including but not limited to the power to
establish adequate reserves therefor, subject to the final maturity
limitation for such notes set forth in paragraph (b) of this
subdivision. The issuance of any notes authorized by paragraph (b) of
this subdivision shall further be subject to the approval of the
director of the division of the budget.

(d) Notwithstanding any other law, rule or regulation to the contrary
but subject to the limitations contained in paragraph (b) of this
subdivision, in order to assist the dormitory authority and the
corporation in undertaking the administration and financing of such
notes, the director of the budget is hereby authorized to supplement any
existing financing agreement with the dormitory authority and/or the
corporation, or to enter into a new financing agreement with the
dormitory authority and/or the corporation, upon such terms and
conditions as the director of the budget and the dormitory authority and
the corporation shall agree, so as to provide to the dormitory authority
and the corporation, a sum not to exceed the debt service payments and
related expenses required for any notes issued pursuant to paragraph (b)
of this subdivision. Any financing agreement supplemented or entered
into pursuant to this section shall provide that the obligation of the
state to pay the amount therein provided shall not constitute a debt of
the state within the meaning of any constitutional or statutory
provision and shall be deemed executory only to the extent of monies
available and that no liability shall be incurred by the state beyond
the monies available for such purposes, subject to annual appropriation
by the legislature. Any such financing agreement or any payments made or
to be made thereunder may be assigned or pledged by the dormitory
authority and the corporation as security for the notes authorized by
paragraph (b) of this subdivision.

(e) Notwithstanding any other provision of law to the contrary,
including specifically the provisions of subdivision 3 of section 67-b
of the state finance law, no capital work or purpose shall be required
for any issuance of personal income tax revenue anticipation notes
issued by the dormitory authority and the corporation pursuant to
paragraph (b) of this subdivision.

(f) Notwithstanding any other law, rule, or regulation to the
contrary, the comptroller is hereby authorized and directed to deposit
to the credit of the general fund, all proceeds of personal income tax
revenue anticipation notes issued by the dormitory authority and the New
York state urban development corporation pursuant to paragraph (b) of
this subdivision.

2. Effect of inconsistent provisions. Insofar as the provisions of
this section are inconsistent with the provisions of any other law,
general, special, or local, the provisions of this section shall be
controlling.

3. Severability; construction. The provisions of this section shall be
severable, and if the application of any clause, sentence, paragraph,
subdivision, section or part of this section to any person or
circumstance shall be adjudged by any court of competent jurisdiction to
be invalid, such judgment shall not necessarily affect, impair or
invalidate the application of any such clause, sentence, paragraph,
subdivision, section, part of this section or remainder thereof, as the
case may be, to any other person or circumstance, but shall be confined
in its operation to the clause, sentence, paragraph, subdivision,
section or part thereof directly involved in the controversy in which
such judgment shall have been rendered.