§ 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.