§ 2540 — Payments to the corporation

§ 2540. Payments to the corporation. (a) Since the corporation's\ncontinued discharge of its public and governmental purpose is of benefit\nto the city, the city shall pay, within the appropriations available\ntherefor, the expenses of the establishment and continued operation of\nthe corporation.\n (b) In the event of the failure or inability of the city to pay over\nto the corporation, in full, on or before the first day of December, the\namount required to be paid by section twenty-five hundred thirty-seven\nof this title, the chairman of the corporation shall forthwith certify\nto the state comptroller the amount remaining unpaid and thereupon the\nstate comptroller shall pay such amount to the corporation out of the\nfirst monies available for the next succeeding payments to the city from\nthe stock transfer tax fund established by section ninety-two-b of the\nstate finance law.\n (c) In the event that the amount paid by the comptroller pursuant to\nsubdivision (b) of this section is inadequate to restore the capital\nreserve fund to the capital reserve fund requirement, the state\ncomptroller shall pay to the corporation, out of the first monies\navailable for the next succeeding payments of (i) state aid apportioned\nto the city of New York as per capita aid for the support of local\ngovernment pursuant to section fifty-four of the state finance law or\n(ii) such other aid or assistance payable by the state to the city and\nnot otherwise allocated as shall supersede or supplement such state per\ncapita aid, including federal monies apportioned to the city by the\nstate, such amount remaining unpaid, after giving written notice to the\ndirector of management and budget of each amount to be paid out of such\naid, until the amount in the capital reserve fund is restored to the\ncapital reserve fund requirement; except, however, that prior to any\ndeductions from any such aid or assistance, state aid monies, if any,\npayable, pursuant to the provisions of any law the effective date of\nwhich is prior to the effective date of this title, to a public benefit\ncorporation shall be paid in full to such corporation. Any amount so\npaid over to the corporation shall be deducted from the corresponding\napportionment of such per capita state aid otherwise payable to the city\nof New York, and shall not obligate the state to make nor entitle the\ncity to receive any additional apportionment or payment of per capita\nstate aid.\n