2006 New York Code - Cost Recovery On The Issuance Of Certain Bonds.

 
    §  2976.  Cost  recovery  on  the  issuance  of  certain  bonds.    1.
  Notwithstanding  any  other  law  to  the   contrary,   public   benefit
  corporations   (which   for  purposes  of  this  section  shall  include
  industrial development agencies created pursuant to title one of article
  eighteen-A of the general municipal law or any other provision  of  law)
  which  issue  bonds, notes or other obligations shall pay to the state a
  bond issuance charge upon the  issuance  of  such  bonds  in  an  amount
  determined  pursuant  to  subdivision  two  of this section. Such charge
  shall be paid to the state department  of  taxation  and  finance,  upon
  forms  prescribed  therefor,  no later than fifteen days from the end of
  the month within which such bonds are issued.
    2. The bond issuance charge  shall  be  computed  by  multiplying  the
  principal  amount  of  bonds  issued  by the percentage set forth in the
  schedule  below,  provided  that:  (a)  the  charge  applicable  to  the
  principal  amount of single family mortgage revenue bonds shall be seven
  one-hundredths of one percent; (b)  the  issuance  of  bonds  shall  not
  include  the  remarketing  of bonds; and (c) the issuance of bonds shall
  not include the current refunding of short term bonds,  notes  or  other
  obligations  for which the bond issuance charge provided by this section
  has been paid, provided that such current refunding  (i)  occurs  within
  one  year from the issuance of the refunded obligations, or (ii) is part
  of a program created by a  single  indenture  or  bond  resolution  that
  provides   for  the  periodic  issuance  and  refunding  of  short  term
  obligations.
                                  SCHEDULE
  Principal Amount of Bonds Issued             Percentage Charge
  a. $1,000,000 or less                            .14%
  b. $1,000,001 to $5,000,000                      .28%
  c. $5,000,001 to $10,000,000                     .42%
  d. $10,000,001 to $20,000,000                    .56%
  e. More than $20,000,000                         .70%
    3. The provisions of subdivisions one and two of  this  section  shall
  not apply to any public benefit corporation which enters into a contract
  or  agreement  with  the director of the budget which otherwise provides
  for cost recovery to  the  state  under  this  section  and  includes  a
  provision  that,  in  accordance with this subdivision, subdivisions one
  and two  of  this  section  shall  not  apply  to  such  public  benefit
  corporation.  The  circumstances  for  the  entry  into such contract or
  agreement may include, but shall not be  limited  to,  those  where  the
  amount  to  be  paid thereunder equals or exceeds the amount of the bond
  issuance  charge  which  would  otherwise  be  applicable  pursuant   to
  subdivisions one and two of this section.