§ 92-E — Municipal assistance state aid fund

§ 92-e. Municipal assistance state aid fund. 1. There is hereby\nestablished in the custody of the comptroller a special fund to be known\nas the municipal assistance state aid fund. Within such fund, there is\nhereby established a special account for each municipal assistance\ncorporation created under article ten of the public authorities law.\n 2. Such fund shall consist of per capita aid apportioned thereto\npursuant to section fifty-four of this chapter and, for all cities\nexcept the city of New York, all other amounts from the general fund\nlocal assistance account payable to a city in aid of which a municipal\nassistance corporation has been created.\n 3. Such amounts, including per capita aid apportioned to a city in aid\nof which a municipal assistance corporation has been created, shall be\ndeposited by the comptroller to the credit of the special account\nestablished for the municipal assistance corporation which has been\ncreated in aid of such city in order to enable such corporation to\nfulfill the terms of any agreements made with the holders of its notes\nand bonds and to carry out its corporate purposes, including the\nmaintenance of the capital reserve fund securing such bonds and notes,\nand, subject to the provisions of section fifty-four of this chapter,\nand subdivisions five and five-a of this section, the balance, if any,\nshall be paid to the chief fiscal officer of the city in aid of which\nsuch corporation has been created as hereinafter provided.\n 4. Revenues in any special account in the municipal assistance state\naid fund shall be kept separate and shall not be commingled with any\nother moneys in the custody of the comptroller. All deposits of such\nrevenues shall, if required by the comptroller, be secured by\nobligations of the United States or of the state having a market value\nequal at all times to the amount of such deposits and all banks and\ntrust companies are authorized to give security for such deposits. Any\nsuch revenues in such fund may, in the discretion of the comptroller, be\ninvested in obligations of the United States or of the state or in\nobligations the principal of and interest on which are guaranteed by the\nUnited States or by the state.\n 5. Upon receipt by the comptroller of a certificate or certificates\nfrom the chairman of a municipal assistance corporation that such\ncorporation requires a payment or payments in order to comply with any\nagreement with the holders of its notes and bonds and to carry out its\ncorporate purposes, including the maintenance of the capital reserve\nfund securing such bonds, from the appropriate special account\nestablished for such corporation, each of which certificates shall\nspecify the required payment or payments and the date when the payment\nor payments is required, the comptroller shall pay from such special\naccount on or before the specified date or within thirty days after\nreceipt of such certificate or certificates, whichever is later, to such\ncorporation, as the chairman thereof may direct in any such certificate,\nthe amount or amounts so certified. The comptroller shall from time to\ntime, but in no event later than the fifteenth day of October, January\nand April and the last day of June of each fiscal year, pay over and\ndistribute to the chief fiscal officer of the city in aid of which such\nmunicipal assistance corporation has been created to be paid into the\ntreasury of such city to the credit of the general fund all revenues in\nthe special account established for such corporation in the municipal\nassistance state aid fund, if any, in excess of (i) the aggregate amount\nwhich the chairman of such corporation has certified to the comptroller\nand which has been previously paid to such corporation as herein above\nauthorized, and (ii) amounts to be refunded to the general fund of the\nstate of New York pursuant to subdivision five-a of this section. In no\nevent shall the comptroller pay over and distribute any revenues to any\nperson other than the municipal assistance corporation unless and until\nthe aggregate of all payments certified to the comptroller as required\nby such corporation as of such date in order to comply with its\nagreements with the holders of its notes and bonds and to carry out its\ncorporate purposes, including the maintenance of the capital reserve\nfund securing such bonds, which remain unpaid to such corporation shall\nhave been paid in full to such corporation; provided, however, that no\nperson, including such corporation or the holders of its notes or bonds\nshall have any lien on such revenues and such agreement shall be\nexecutory only to the extent of such revenues available to the state in\nsuch special account.\n 5-a. (a) In no event shall the comptroller pay over any revenues to\nthe city in aid of which such municipal assistance corporation has been\ncreated as specified in subdivision five of this section unless and\nuntil the director of the budget certifies the amount or amounts to be\nrefunded to the general fund of the state of New York pursuant to\nsection fifty-four of this chapter. Such amount shall be deducted from\nthe first amounts available for payment to such city after certification\nby the chairman of, and payment to, if required, the municipal\nassistance corporation as specified in subdivision five of this section\nand refunded to the general fund of the state. The remainder shall be\npaid to the chief fiscal officer of the city in aid of which such\nmunicipal assistance corporation has been created.\n (b) Notwithstanding anything in this section to the contrary, amounts\nin the special account established within the municipal assistance state\naid fund for the municipal assistance corporation for the city of Troy,\nwhich amounts have been deposited into such special account pursuant to\nsection twenty of a chapter of the laws of nineteen hundred ninety-six\nentitled "AN ACT to amend chapter 721 of the laws of 1994 authorizing\nthe city of Troy to issue serial bonds for the purpose of liquidating\ncumulative and projected deficits in the city's general fund,\nestablishing a supervisory board, and establishing a debt service fund,\nin relation to granting a lien to the county of Rensselaer relating to\ncertain taxes collected on behalf of such county by the city of Troy"\nwhich chapter added this paragraph (b), shall be paid by the comptroller\nin accordance with this paragraph. No portion of such amounts shall be\npaid by the comptroller to meet the requirements of such corporation for\nthe payment of debt service as certified to the comptroller and the\ngovernor pursuant to section three thousand fifty-six of the public\nauthorities law unless at the time of such payment no other moneys are\navailable for payment to such corporation for said purpose from such\nspecial account or from the special account established for such\ncorporation within the municipal assistance tax fund in accordance with\nsubdivision one of section ninety-two-d of this article. Any portion of\nsuch amount not required by such corporation for the payment of its debt\nservice during the state fiscal year for which such amount has been\nappropriated shall be refunded to the general fund of the state of New\nYork prior to the end of such fiscal year.\n 6. All payments of moneys from the municipal assistance state aid fund\nshall be made on the audit and warrant of the state comptroller.\n