2012 New York Consolidated Laws
PBG - Public Housing
Article 5 - (92 - 102) MUNICIPAL AID
94 - Authorization to make subsidies.

 
    §  94.  Authorization to make subsidies.  A municipality is authorized
  to make or  contract  to  make  capital  or  periodic  subsidies  to  an
  authority  operating within the territorial limits of such municipality,
  payable only with moneys locally appropriated therefor from the  general
  or  other  funds  available  for  current expenses of such municipality.
  Periodic subsidies shall not be contracted for a period longer than  the
  life  of  the  project  assisted  thereby, and in no event for more than
  fifty years. If the amount of any periodic subsidy shall be equal to  or
  greater  than  the interest on and the amounts required annually for the
  payment of the indebtedness contracted by the authority on account of  a
  project  in  any year, such contract shall constitute a guarantee of the
  principal of and the interest on such indebtedness,  and  such  contract
  and  the payments thereunder may be pledged by the authority as security
  in addition to all other security which the authority may give for  such
  indebtedness.
    A municipality may levy one or more of the taxes enumerated in section
  one  hundred  ten for the purpose of making municipal subsidies, and the
  revenues  resulting  from  the  imposition  of  such   tax   or   taxes,
  notwithstanding  the  provisions of any general, special or local law to
  the contrary, shall be deposited in the city treasury and credited to  a
  separate  account.  During  each  fiscal  year  of such municipality, an
  amount not in excess of the amount of the subsidies to be made  by  such
  municipality  during  such  fiscal year shall be charged to such account
  and credited to the general fund for the reduction of taxation  or  into
  the  general  or  other  fund  available  for  current  expenses of such
  municipality. No other payment shall be charged  to  such  account.  The
  provisions  of section one hundred eleven shall be applicable to any tax
  or taxes imposed pursuant to this section.