SECTION 1. Notwithstanding any general or special law to the contrary, the state treasurer may borrow at any time during the 2020 fiscal year, in anticipation of receipts to be received by the end of the following fiscal year, such sums of money as may be necessary for the payment of ordinary demands on the treasury, and other legal obligations, including guaranties, of the commonwealth and prior notes issued under section 47 of chapter 29 of the General Laws, and may issue notes therefor. Money so borrowed and notes so issued may be at such rates of interest as shall be found necessary. The state treasurer shall repay any sums borrowed under this section as soon after said receipts are paid as is expedient, but in any event not later than June 30, 2021, as recommended by the governor in a message to the general court dated March 27, 2020.
SECTION 2. (a) All interest and payments on account of principal on notes issued pursuant to this act shall be payable from the General Fund.
(b) Notwithstanding any general or special law to the contrary, notes issued under this act and interest thereon shall be general obligations of the commonwealth and shall not be included in the computation of outstanding bonds for purposes of the limit imposed by the second paragraph of section 60A of chapter 29 of the General Laws, nor shall debt service with respect to these notes be included in the computation of the limit imposed by section 60B of said chapter 29.
SECTION 3. Notwithstanding any general or special law or prior regulation or policy to the contrary, the comptroller shall record as fiscal 2020 statutory revenues receivable income tax payments originally due with final income tax returns, income tax extensions or quarterly income estimated payments in fiscal year 2020, but not received by the commonwealth until fiscal year 2021; provided, that any such revenues deposited by the commonwealth after August 31, 2020 shall not be recorded as fiscal year 2020 statutory revenues receivable.
SECTION 4. This act shall take effect upon its passage.
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