Relates to providing legislative oversight on the issuance of short-term liquidity financing

This bill (A 2706) allows New York's Dormitory Authority and the Urban Development Corporation to issue short-term borrowing (personal income tax revenue anticipation notes) up to $3 billion annually to cover unexpected budget gaps during emergencies like disasters or public health crises. It requires a written emergency certification from the governor and top legislative leaders, plus a two-thirds vote in both chambers, before such borrowing can occur. The notes, maturing by March 31, 2025, are secured by specific tax revenue funds and explicitly state they are not state debt, with repayment limited to funds appropriated for debt service. This directly affects how the state manages temporary cash shortages without triggering broader debt restrictions.