§ 8-B — Certain taxes collected by the city of Troy on behalf of the county of Rensselaer

New York § 8-B

• Jurisdiction: New York
• Law TRY: City of Troy Issuance of Serial Bonds

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§ 8-b. Certain taxes collected by the city of Troy on behalf of the\ncounty of Rensselaer. (a) As long as the municipal assistance\ncorporation for the city of Troy shall exist, the county of Rensselaer\nshall have a statutory first lien upon all monies paid as or on account\nof taxes or assessments on real property collected by the city of Troy\non behalf of such county. Such lien shall not require any segregation of\nfunds, physical delivery or any other action, filing or agreement in\norder to evidence, perfect, or preserve its priority and shall be valid,\nbinding, and perfected as against all parties, with or without notice\nthereof, having claims of any kind in tort, contract or otherwise\nagainst such city.\n (b) In addition to amounts retained in the general debt service fund\npursuant to section eight-a of this act for the payment of debt service,\nmonies in the fund constituting real property taxes or assessments\ncollected on behalf of the county of Rensselaer shall be retained in the\nfund until paid to the county in accordance with the following\nprocedure: not less than five business days prior to the date required\nby the real property tax law, the charter of the city, or an agreement\nbetween the city and the county for the payment to the county of real\nproperty taxes and assessments collected on behalf of the county and\ndeposited pursuant to subdivision (b) of section eight-a of this act,\nthe city shall certify to the comptroller the amount of the payment due\nand owing to the county. On the date such payment is due, the\ncomptroller shall pay to such county:\n (i) the amount certified as due and owing to the county, or\n (ii) in the event no such certification has been made by the city, an\namount equal to the payment which was due for the equivalent period one\nyear prior to the date for which no certification was made. In such\nevent, upon subsequent certification by the city, not less than five\nbusiness days following the date of such certification, the county shall\npay to the comptroller for deposit into the general debt service fund\nthe positive remainder, if any, resulting when the amount certified as\ndue and owing to the county is deducted from the amount paid to the\ncounty pursuant to this paragraph or, the comptroller shall pay to such\ncounty the balance of such payment due and owing to the county.\n No certification by the city shall be deemed conclusive and binding\nupon the county.\n (c) Failure by the city to provide the comptroller with any\ncertification required by this section or by section eight-a of this act\nshall, except in extraordinary circumstances determined by the\ncomptroller and for not more than sixty days, preclude the comptroller\nfrom releasing any amounts in the fund which may be available to the\ncity, after amounts retained for debt service and amounts paid to the\ncounty pursuant to the provisions of subdivision (b) of this section,\npursuant to such section eight-a, until such certification is provided.\n (d) Nothing in this section or in section eight-a of this act shall be\ndeemed to affect any right of the county of Rensselaer to receive\ninterest from the city of Troy related to any payments of or on account\nof taxes or assessments on real property collected by such city on\nbehalf of such county and not remitted to the county when due.\n (e) Nothing in this section or in section eight-a of this act shall be\ndeemed to alter, modify, amend, change or supersede any term, provision\nor condition of any agreement between the city and the county for the\ncollection of real property taxes.\n