§ 94. Authorization to make subsidies. A municipality is authorized to\nmake or contract to make capital or periodic subsidies to an authority\noperating within the territorial limits of such municipality, payable\nonly with moneys locally appropriated therefor from the general or other\nfunds available for current expenses of such municipality. Periodic\nsubsidies shall not be contracted for a period longer than the life of\nthe project assisted thereby, and in no event for more than fifty years.\nIf the amount of any periodic subsidy shall be equal to or greater than\nthe interest on and the amounts required annually for the payment of the\nindebtedness contracted by the authority on account of a project in any\nyear, such contract shall constitute a guarantee of the principal of and\n
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§ 94. Authorization to make subsidies. A municipality is authorized to\nmake or contract to make capital or periodic subsidies to an authority\noperating within the territorial limits of such municipality, payable\nonly with moneys locally appropriated therefor from the general or other\nfunds available for current expenses of such municipality. Periodic\nsubsidies shall not be contracted for a period longer than the life of\nthe project assisted thereby, and in no event for more than fifty years.\nIf the amount of any periodic subsidy shall be equal to or greater than\nthe interest on and the amounts required annually for the payment of the\nindebtedness contracted by the authority on account of a project in any\nyear, such contract shall constitute a guarantee of the principal of and\nthe interest on such indebtedness, and such contract and the payments\nthereunder may be pledged by the authority as security in addition to\nall other security which the authority may give for such indebtedness.\n A municipality may levy one or more of the taxes enumerated in section\none hundred ten for the purpose of making municipal subsidies. The\nrevenues resulting from the imposition of such tax or taxes, other than\nthe taxes described in subdivision (e) of section one hundred ten of\nthis chapter in a city having a population of one million or more,\nnotwithstanding the provisions of any general, special or local law to\nthe contrary, shall be deposited in the city treasury and credited to a\nseparate account. During each fiscal year of such municipality, an\namount not in excess of the amount of the subsidies to be made by such\nmunicipality during such fiscal year shall be charged to such account\nand credited to the general fund for the reduction of taxation or into\nthe general or other fund available for current expenses of such\nmunicipality. No other payment shall be charged to such account. The\nprovisions of section one hundred eleven of this chapter shall be\napplicable to any tax or taxes imposed pursuant to this section.\n In a city having a population of one million or more, the revenues\nfrom the taxes described in subdivision (e) of section one hundred ten\nof this chapter shall be deposited in the general fund and a payment of\nan equal amount shall be made, in the same fiscal year or as soon as\npracticable thereafter, for the purposes described in such section.\n