New York Laws
Title 4 - New York Local Government Assistance Coporation
3241-A - Limitation on Issuance of Tax and Revenue Anticipation Notes by the State.

(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.