§ 92-Z — Revenue bond tax fund

§ 92-z. Revenue bond tax fund. 1. There is hereby established in the\njoint custody of the state comptroller and the commissioner of taxation\nand finance a fund within the general debt service fund to be known as\n"the revenue bond tax fund".\n 2. Such fund shall consist of (a) fifty percent of receipts from the\nimposition of personal income taxes pursuant to article twenty-two of\nthe tax law, less such amounts as the commissioner of taxation and\nfinance may determine to be necessary for refunds, (b) fifty percent of\nreceipts from the imposition of employer compensation expense taxes\npursuant to article twenty-four of the tax law, less such amounts as the\ncommissioner of taxation and finance may determine to be necessary for\nrefunds, and (c) fifty percent of receipts from the imposition of the\npass-through entity taxes pursuant to article twenty-four-A of the tax\nlaw, less such amounts as the commission of taxation and finance may\ndetermine to be necessary for refunds.\n 3. (a) Beginning on the first day of each month, the comptroller shall\ndeposit all of the receipts collected pursuant to section six hundred\nseventy-one of the tax law in the revenue bond tax fund until the amount\nof monthly receipts anticipated to be deposited pursuant to the\ncertificate required in paragraph (b) of subdivision five of this\nsection are met. On or before the twelfth day of each month, the\ncommissioner of taxation and finance shall certify to the state\ncomptroller the amounts specified in paragraph (a) of subdivision two of\nthis section relating to the preceding month and, in addition, no later\nthan March thirty-first of each fiscal year the commissioner of taxation\nand finance shall certify such amounts relating to the last month of\nsuch fiscal year. The amounts so certified shall be deposited by the\nstate comptroller in the revenue bond tax fund.\n (b) Beginning on the first day of each month, the comptroller shall\ndeposit all of the receipts collected pursuant to section eight hundred\nfifty-four of the tax law in the revenue bond tax fund until the amount\nof monthly receipts anticipated to be deposited pursuant to the\ncertificate required in paragraph (b) of subdivision five of this\nsection are met. On or before the twelfth day of each month, the\ncommissioner of taxation and finance shall certify to the state\ncomptroller the amounts specified in paragraph (b) of subdivision two of\nthis section relating to the preceding month and, in addition, no later\nthan March thirty-first of each fiscal year the commissioner of taxation\nand finance shall certify such amounts relating to the last month of\nsuch fiscal year. The amounts so certified shall be deposited by the\nstate comptroller in the revenue bond tax fund.\n (c) Beginning on the first day of each month, the comptroller shall\ndeposit all of the receipts collected pursuant to sections eight hundred\nsixty-four and eight hundred sixty-five of the tax law in the revenue\nbond tax fund until the amount of monthly receipts anticipated to be\ndeposited pursuant to the certificate required in paragraph (b) of\nsubdivision five of this section are met. On or before the twelfth day\nof each month, the commissioner of taxation and finance shall certify to\nthe state comptroller the amounts specified in paragraph (c) of\nsubdivision two of this section relating to the preceding month and, in\naddition, no later than March thirty-first of each fiscal year the\ncommissioner of taxation and finance shall certify such amounts relating\nto the last month of such fiscal year. The amounts so certified shall be\ndeposited by the state comptroller in the revenue bond tax fund.\n 4. Moneys in the revenue bond tax fund shall be kept separate and\nshall not be commingled with any other moneys in the custody of the\nstate comptroller and the commissioner of taxation and finance. All\ndeposits of such revenues shall, if required by the state comptroller,\nbe secured by obligations of the United States or of the state having a\nmarket value equal at all times to the amount of such deposits and all\nbanks and trust companies are authorized to give security for such\ndeposits. Any such moneys in such fund may, in the discretion of the\nstate comptroller, be invested in obligations in which the state\ncomptroller is authorized to invest pursuant to section ninety-eight-a\nof this article.\n 5. (a) The state comptroller shall from time to time, but in no event\nlater than the fifteenth day of each month (other than the last month of\nthe fiscal year) and no later than the thirty-first day of the last\nmonth of each fiscal year, pay over and distribute to the credit of the\ngeneral fund of the state treasury all moneys in the revenue bond tax\nfund, if any, in excess of the aggregate amount required to be set aside\nfor the payment of cash requirements pursuant to paragraph (b) of this\nsubdivision, provided that an appropriation has been made to pay all\namounts specified in any certificate or certificates delivered by the\ndirector of the budget pursuant to paragraph (b) of this subdivision as\nbeing required by each authorized issuer as such term is defined in\nsection sixty-eight-a of this chapter for the payment of cash\nrequirements of such issuers for such fiscal year. Subject to the rights\nof holders of debt of the state, in no event shall the state comptroller\npay over and distribute any moneys on deposit in the revenue bond tax\nfund to any person other than an authorized issuer pursuant to such\ncertificate or certificates (i) unless and until the aggregate of all\ncash requirements certified to the state comptroller as required by such\nauthorized issuers to be set aside pursuant to paragraph (b) of this\nsubdivision for such fiscal year shall have been appropriated to such\nauthorized issuers in accordance with the schedule specified in the\ncertificate or certificates filed by the director of the budget or (ii)\nif, after having been so certified and appropriated, any payment\nrequired to be made pursuant to paragraph (b) of this subdivision has\nnot been made to the authorized issuers which was required to have been\nmade pursuant to such certificate or certificates; provided, however,\nthat no person, including such authorized issuers or the holders of\nrevenue bonds, shall have any lien on moneys on deposit in the revenue\nbond tax fund. Any agreement entered into pursuant to section\nsixty-eight-c of this chapter related to any payment authorized by this\nsection shall be executory only to the extent of such revenues available\nto the state in such fund. Notwithstanding subdivisions two and three of\nthis section, in the event the aggregate of all cash requirements\ncertified to the state comptroller as required by such authorized\nissuers to be set aside pursuant to paragraph (b) of this subdivision\nfor the fiscal year beginning on April first shall not have been\nappropriated to such authorized issuers in accordance with the schedule\nspecified in the certificate or certificates filed by the director of\nthe budget or, (ii) if, having been so certified and appropriated, any\npayment required to be made pursuant to paragraph (b) of this\nsubdivision has not been made pursuant to such certificate or\ncertificates, all receipts collected pursuant to section six hundred\nseventy-one of the tax law, section eight hundred fifty-four of the tax\nlaw, section eight hundred sixty-four of the tax law, and section eight\nhundred sixty-five of the tax law shall be deposited in the revenue bond\ntax fund until the greater of forty percent of the aggregate of the\nreceipts from the imposition of (A) the personal income tax imposed by\narticle twenty-two of the tax law, (B) the employer compensation expense\ntax imposed by article twenty-four of the tax law, and (C) the\npass-through entity tax imposed by article twenty-four-A of the tax law\nfor the fiscal year beginning on April first and as specified in the\ncertificate or certificates filed by the director of the budget pursuant\nto this paragraph or a total of twelve billion dollars has been\ndeposited in the revenue bond tax fund. Notwithstanding any other\nprovision of law, if the state has appropriated and paid to the\nauthorized issuers the amounts necessary for the authorized issuers to\nmeet their requirements for the current fiscal year pursuant to the\ncertificate or certificates submitted by the director of the budget\npursuant to paragraph (b) of this section, the state comptroller shall,\non the last day of each fiscal year, pay to the general fund of the\nstate all sums remaining in the revenue bond tax fund on such date\nexcept such amounts as the director of the budget may certify are needed\nto meet the cash requirements of authorized issuers during the\nsubsequent fiscal year.\n (b) No later than thirty days after the submission of the executive\nbudget in accordance with article seven of the constitution, the\ndirector of the budget shall prepare a certificate of the amount of\nmonthly receipts anticipated to be deposited pursuant to subdivision two\nof this section during the fiscal year beginning April first of that\nyear together with the monthly amounts necessary to be set aside from\nthe receipts of such fund, as shall be sufficient to meet the total cash\nrequirements of authorized issuers, as defined by section sixty-eight-a\nof this chapter during such fiscal year, based on information that shall\nbe provided by such authorized issuers, consistent with the terms of any\ncontract with outstanding bondholders. Such monthly set asides shall\nequal not less than the total debt service requirements due to all\nauthorized issuers in the following month and as certified by the\ndirector of the budget, except in the case of revenue bonds of an\nauthorized issuer that are due on a monthly or more frequent basis. The\nstate comptroller shall set aside all such moneys as received in the\nrevenue bond tax fund until the amount set aside is equal to the monthly\namount of cash requirements, as certified by the director of the budget.\nNotwithstanding subdivision three of section seventy-two of this article\nor any other provision of law, all moneys set aside in the revenue bond\ntax fund to meet the annual cash requirements of authorized issuers\npursuant to a certificate or certificates as required in this paragraph\nshall remain in the revenue bond tax fund until needed for payment to\nauthorized issuers, as provided in this section. For the purpose of\nmeeting any required payment on any issue of revenue bonds of an\nauthorized issuer that is due on a monthly or more frequent basis, the\nstate comptroller shall set aside all receipts deposited pursuant to\nsubdivision three of this section as received until the amount so set\naside is, in accordance with the schedule set forth for such purpose by\nthe director of the budget, sufficient to pay the required payment on\nsuch issue and any other such issue with a payment date on or before\nsuch payment date. In the event that the amount set aside by the state\ncomptroller pursuant to this paragraph is not sufficient to meet the\ncash requirements required pursuant to a certificate or certificates\nsubmitted by the director of the budget, the state comptroller shall\nimmediately transfer from the general fund to the revenue bond tax fund\nan amount which, when combined with the amount set aside pursuant to\nthis paragraph, shall be sufficient to meet the payment required\npursuant to such certificate or certificates. The director of the budget\nmay revise such certification at such times as shall be necessary,\nprovided, however, that the director of the budget shall, as necessary,\nrevise such certification not later than thirty days after the issuance\nof any revenue bonds, including refunding bonds, and after the adoption\nof any interest rate exchange or other financial arrangement affecting\nthe cash requirements of the authorized issuers. In no event shall the\nstate comptroller be held liable for the failure to set aside an amount\nsufficient to pay any required payment of an authorized issuer.\n 6. All payments of moneys from the revenue bond tax fund shall be made\non the audit and warrant of the state comptroller.\n