§ 92-f. Special sales and compensating use tax fund for the city of\nYonkers.
1.There is hereby created in the joint custody of the\ncomptroller and the commissioner of taxation and finance a special fund,\nto be known as the special sales and compensating use tax fund for the\ncity of Yonkers.\n 2. Such fund shall consist of revenues derived from the imposition of\nthe additional one percent sales and use tax by the city of Yonkers\nauthorized pursuant to section twelve hundred ten of the tax law, less\nthe amount which the commissioner of taxation and finance shall deduct\npursuant to section twelve hundred sixty-one of the tax law for\nreasonable costs of the state tax commission in administering,\ncollecting and distributing such tax, and all other moneys credited or\ntransferred
Free access — add to your briefcase to read the full text and ask questions with AI
§ 92-f. Special sales and compensating use tax fund for the city of\nYonkers. 1. There is hereby created in the joint custody of the\ncomptroller and the commissioner of taxation and finance a special fund,\nto be known as the special sales and compensating use tax fund for the\ncity of Yonkers.\n 2. Such fund shall consist of revenues derived from the imposition of\nthe additional one percent sales and use tax by the city of Yonkers\nauthorized pursuant to section twelve hundred ten of the tax law, less\nthe amount which the commissioner of taxation and finance shall deduct\npursuant to section twelve hundred sixty-one of the tax law for\nreasonable costs of the state tax commission in administering,\ncollecting and distributing such tax, and all other moneys credited or\ntransferred thereto from any other fund or sources pursuant to law.\n 3. Except as otherwise provided in this section, the moneys in such\nfund shall be used to pay debt service on the serial bonds issued by the\ncity of Yonkers pursuant to the authority of section three of a chapter\nof the laws of nineteen hundred seventy-five, entitled "AN ACT in\nrelation to enacting the New York state financial emergency act for the\ncity of Yonkers; to amend the tax law, in relation to authorizing the\ncity of Yonkers to increase the rates of sales, use and related taxes\nand to amend the state finance law, in relation to creating the special\nsales and compensating use tax fund for the city of Yonkers and\nauthorizing the city of Yonkers to finance a certain deficit by issuance\nof serial bonds" and for no other purpose. Upon receipt by the\ncomptroller and the commissioner of taxation and finance of a\ncertificate from the chairman of the New York state emergency financial\ncontrol board for the city of Yonkers, that moneys in such fund are\nrequired to pay debt service on such bonds of the city of Yonkers, each\nof which certificates shall specify the required payment and the date\nwhen the payment is required, the comptroller and the commissioner of\ntaxation and finance, shall pay from such fund on or before the\nspecified date or within thirty days after such receipt, whichever is\nlater, to the comptroller of the city of Yonkers, as the chairman of\nsuch financial control board may direct in any such certificate, the\namount so certified.\n 4. In the event that the amount of revenues in the fund shall at any\ntime be more than the amount necessary to pay the maximum amount of\nprincipal of and interest on obligations, issued pursuant to subdivision\nthree, payable in any consecutive twelve-month period, and such fact is\ncertified to the comptroller and the commissioner of taxation and\nfinance by the chairman of the New York state financial control board\nfor the city of Yonkers, such excess shall be paid to the comptroller of\nthe city of Yonkers for deposit in the treasury of the city of Yonkers\nto the credit of the city treasury. The said certificate of the chairman\nof the New York state financial control board for the city of Yonkers\nshall also specify the amount to be paid and the date when payment is\nrequested to be made and such payment shall be made on or before the\nspecified date or within thirty days after receipt of such certificate,\nwhichever is later.\n 5. Revenues in such fund shall be kept separate and shall not be\ncommingled with any other money in the custody of the comptroller or the\ncommissioner of taxation and finance. All deposits of such revenues\nshall, if required by the comptroller and the commissioner of taxation\nand finance, be secured by obligations of the United States or of the\nstate having a market value equal at all times to the amount of such\ndeposits and all banks and trust companies are authorized to give\nsecurity for such deposits. Any such revenues in such fund may, in the\ndiscretion of the comptroller and the commissioner of taxation and\nfinance, be invested in obligations of the United States or of the state\nor in obligations the principal of and interest on which are guaranteed\nby the United States or by the state.\n