New York § 2664 Return of moneys to the county of Schenectady

New York Statutes

§ 2664 — Return of moneys to the county of Schenectady

New York § 2664

Law PBAPublic Authorities

Title 28-BSchenectady Metroplex Development Authority

Art. 8Miscellaneous Authorities

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Bluebook

N.Y. Public Authorities § 2664 (2026).

Text

§ 2664. Return of moneys to the county of Schenectady.

1.In the\nevent that the revenues of the authority exceed its current liabilities\nby more than fifty percent at the end of its first fiscal year, or by\nmore than ten percent at the end of its fiscal year of each fiscal year\nafter its first fiscal year, after a lawful deposit in its reserve fund\nof not less than five percent of its revenues, and after a lawful\ndeposit into its construction and development account in the amount\nnecessary to provide payment for the anticipated projects of the next\nfiscal year, then the authority shall return to the county of\nSchenectady seventy-five percent of such surplus amount.\n 2. In the event that the revenues of the authority do not exceed its\ncurrent liabilities by more than fifty pe

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§ 2664. Return of moneys to the county of Schenectady. 1. In the\nevent that the revenues of the authority exceed its current liabilities\nby more than fifty percent at the end of its first fiscal year, or by\nmore than ten percent at the end of its fiscal year of each fiscal year\nafter its first fiscal year, after a lawful deposit in its reserve fund\nof not less than five percent of its revenues, and after a lawful\ndeposit into its construction and development account in the amount\nnecessary to provide payment for the anticipated projects of the next\nfiscal year, then the authority shall return to the county of\nSchenectady seventy-five percent of such surplus amount.\n 2. In the event that the revenues of the authority do not exceed its\ncurrent liabilities by more than fifty percent at the end of its first\nfiscal year, or by more than ten percent at the end of its fiscal year\nof each fiscal year after its first fiscal year, after a lawful deposit\nin its reserve fund of not less than five percent of its revenues and\nafter a lawful deposit into its construction and development account in\nthe amount necessary to provide payment for the anticipated projects of\nthe next fiscal year, or that sufficient funds are not available for the\nauthority to make a lawful deposit in its reserve fund of not less than\nfive percent of its revenues, and a lawful deposit into its construction\nand development account, then the authority shall not be required to\nreturn any funds to the county of Schenectady for that fiscal year.\n 3. The authority shall not return any funds to the county of\nSchenectady that have been received by the authority from sources other\nthan the dedicated one-half of one percent of the sales tax.\n