§ 3240 — Payments to the corporation

New York § 3240

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 4: New York Local Government Assistance Corporation
• Art. 10-B: Title

Text

§ 3240. Payments to the corporation. 1. * Not less than one hundred\ntwenty days before the beginning of each fiscal year of the corporation\n(but not later than October first, nineteen hundred ninety, for the\nfiscal year ending March thirty-first, nineteen hundred ninety-one) the\nchairperson of the corporation shall certify to the state comptroller\nand to the governor a schedule of cash requirements for such fiscal\nyear. The total amount so certified for such fiscal year shall be equal\nto the total amount of the debt service then due on the bonds and notes\nof the corporation, including payments of interest and principal\n(including sinking fund payments) including payments required to be made\npursuant to section thirty-two hundred thirty-eight-a of this title,\ntogether with:\n * NB Effective until July 1, 2034\n * Not less than one hundred twenty days before the beginning of each\nfiscal year of the corporation (but not later than October first,\nnineteen hundred ninety, for the fiscal year ending March thirty-first,\nnineteen hundred ninety-one) the chairperson of the corporation shall\ncertify to the state comptroller and to the governor a schedule of cash\nrequirements for such fiscal year. The total amount so certified for\nsuch fiscal year shall be equal to the total amount of the debt service\nthen due on the bonds and notes of the corporation, including payments\nof interest and principal (including sinking fund payments), together\nwith:\n * NB Effective July 1, 2034\n (a) the amount, if any, due to any provider of any bond or note\nfacility, representing payments made by it as provided in the applicable\nresolution or trust indenture as a result of any previous failure of the\nstate to make any payment provided for in this section, including any\nrelated reasonable interest, fees or charges so provided,\n (b) the amount, if any, required to restore the capital reserve fund\nto the capital reserve fund requirement to the extent any deficiency\ntherein has resulted directly or indirectly from failure by the state to\nmake any payment provided for in this section,\n (c) the amount, if any, required to be rebated to the United States to\nprovide for continued federal tax exemption for bonds and notes of the\ncorporation, and\n (d) the expenses of the establishment and continued operating expenses\nof the corporation, but not in excess of one hundred thousand dollars,\nexclusive of trustees' fees, fees payable to providers of bond or note\nfacilities, fees for issuing and paying agents, remarketing agents and\ndealers, counsels, financial advisors, independent auditors, providers\nof interest rate exchange agreements, rating agencies, transfer or\ninformation agents, the publication of advertisements and notices,\nsurety arrangements, and printers; fees or charges incurred by the\ncorporation to comply with applicable federal and state securities or\ntax laws; and any other costs of issuance in excess of the amount\nprovided therefor in the proceeds of the sale of bonds or notes of the\ncorporation, to the extent that any of the foregoing amounts or expenses\nare not to be paid from other resources available to the corporation for\nsuch purpose.\n 1-a. The chairperson of the corporation may revise such certification\nat such times as shall be determined by the chairperson, provided,\nhowever, that the chairperson of the corporation shall revise such\ncertification not later than thirty days after the issuance of any bonds\nor notes of the corporation including refunding bonds, and the adoption\nof any interest rate exchange or other financial arrangement affecting\nthe cash requirements of the corporation.\n 2. The schedule accompanying such certification shall provide for\npayments on such dates as the corporation deems appropriate to ensure\nthat sufficient funds will be available from the sources identified in\nthis section to enable it to meet its current obligations as they become\ndue.\n 3. Upon receipt of such certification, or any revision thereof, the\ncomptroller shall pay such amount to the corporation for payment or\ndeposit in accordance with such certification, from the local government\nassistance tax fund established by section ninety-two-r of the state\nfinance law or from any other amount appropriated for such purpose to\nthe extent that moneys in such fund are insufficient for such purpose.\nAny such payment shall be made within thirty days of the receipt of the\ncertification or at the time specified within the certification,\nwhichever is later, provided that any such amounts shall have been first\nappropriated by the state.\n * 4. In any year in which the state appropriates money out of any\nother funds available to it directly for the payment of debt service of\nthe corporation or for any other corporate purposes for which payments\nout of the local government assistance fund may be made, except any\nappropriated amount in respect of a deficiency in such fund, the amount\ncertified by the chairperson of the corporation shall be reduced by the\namount of such direct state payments. Provided however, this subdivision\nshall not apply for payments made pursuant to section thirty-two hundred\nthirty-eight-a of this title.\n * NB Effective until July 1, 2034\n * 4. In any year in which the state appropriates money out of any\nother funds available to it directly for the payment of debt service of\nthe corporation or for any other corporate purposes for which payments\nout of the local government assistance fund may be made, except any\nappropriated amount in respect of a deficiency in such fund, the amount\ncertified by the chairperson of the corporation shall be reduced by the\namount of such direct state payments.\n * NB Effective July 1, 2034\n * 5. The agreement of the state contained in this section shall be\ndeemed executory only to the extent of appropriations available for\npayments under this section and no liability on account of any such\npayment shall be incurred by the state beyond such appropriations. The\nstate, acting through the director of the budget, and the corporation\nmay enter into, amend, modify, or rescind one or more agreements\nproviding for the specific manner, timing, and amount of payments to be\nmade under this section, but only in conformity with this section.\nProvided however, this subdivision shall not apply for payments made\npursuant to section thirty-two hundred thirty-eight-a of this title.\n * NB Effective until July 1, 2034\n * 5. The agreement of the state contained in this section shall be\ndeemed executory only to the extent of appropriations available for\npayments under this section and no liability on account of any such\npayment shall be incurred by the state beyond such appropriations. The\nstate, acting through the director of the budget, and the corporation\nmay enter into, amend, modify, or rescind one or more agreements\nproviding for the specific manner, timing, and amount of payments to be\nmade under this section, but only in conformity with this section.\n * NB Effective July 1, 2034\n 6. Nothing contained in this title shall be deemed to restrict the\nright of the state to amend, repeal, modify or otherwise alter statutes\nimposing or relating to the taxes imposed pursuant to sections eleven\nhundred five and eleven hundred ten of the tax law. The corporation\nshall not include within any resolution, contract or agreement with\nholders of the bonds or notes issued under this title any provision\nwhich provides that a default occurs as a result of the state exercising\nits right to amend, repeal, modify or otherwise alter the taxes imposed\npursuant to sections eleven hundred five and eleven hundred ten of the\ntax law.\n