§ 68-c. Payments to authorized issuers.
1.The state, acting through\nthe director of the budget, and authorized issuers may enter into,\namend, modify, or rescind one or more financing agreements providing for\nthe specific manner, timing, and amount of payments to be made under\nthis section, but only in conformity with this section.\n 2. No later than October first of each year, the authorized issuers\nshall certify to the director of the budget the anticipated cash\nrequirements related to revenue bonds during the subsequent state fiscal\nyear in such detail as the director may require.\n 3. Upon receipt of a voucher from any authorized issuer requesting\npayment for such amount or amounts certified by the director of the\nbudget pursuant to paragraph (a) of subdivision five of sec
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§ 68-c. Payments to authorized issuers. 1. The state, acting through\nthe director of the budget, and authorized issuers may enter into,\namend, modify, or rescind one or more financing agreements providing for\nthe specific manner, timing, and amount of payments to be made under\nthis section, but only in conformity with this section.\n 2. No later than October first of each year, the authorized issuers\nshall certify to the director of the budget the anticipated cash\nrequirements related to revenue bonds during the subsequent state fiscal\nyear in such detail as the director may require.\n 3. Upon receipt of a voucher from any authorized issuer requesting\npayment for such amount or amounts certified by the director of the\nbudget pursuant to paragraph (a) of subdivision five of section\nninety-two-z of this chapter, the state comptroller shall pay such\namount or amounts to the authorized issuer from appropriations for such\npurpose.\n 4. 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.\n 5. Nothing contained in this article 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 article\ntwenty-two, article twenty-four, and article twenty-four-A of the tax\nlaw. The authorized issuers shall not include within any resolution,\ncontract or agreement with holders of the revenue bonds issued under\nthis article any provision which provides that a default occurs as a\nresult of the state exercising its right to amend, repeal, modify or\notherwise alter the taxes imposed pursuant to article twenty-two,\narticle twenty-four, and article twenty-four-A of the tax law.\n 6. Any resolution or other agreement authorizing revenue bonds under\nthis article shall reserve the right of the state, upon amendment of the\nNew York state constitution allowing the issuance or assumption of\nbonds, notes or other obligations secured by revenues, which may include\nthe revenues securing revenue bonds of authorized issuers (a) to assume,\nin whole or in part, revenue bonds of the authorized issuers, (b) to\nextinguish the existing lien of such resolution, or other agreement and\n(c) to substitute security for the revenue bonds of the authorized\nissuers, in each case only so long as such assumption, extinguishment or\nsubstitution is done in accordance with such resolution or other\nagreement.\n