2012 New York Consolidated Laws
STF - State Finance
Article 6 - (70 - 99-T) FUNDS OF THE STATE
92-E - Municipal assistance state aid fund.

 
    §  92-e.  Municipal  assistance  state  aid  fund.  1. There is hereby
  established in the custody of the comptroller a special fund to be known
  as the municipal assistance state aid fund. Within such fund,  there  is
  hereby  established  a  special  account  for  each municipal assistance
  corporation created under article ten of the public authorities law.
    2. Such fund shall consist  of  per  capita  aid  apportioned  thereto
  pursuant  to  section  fifty-four  of  this  chapter and, for all cities
  except the city of New York, all other amounts  from  the  general  fund
  local  assistance  account payable to a city in aid of which a municipal
  assistance corporation has been created.
    3. Such amounts, including per capita aid apportioned to a city in aid
  of which a municipal assistance corporation has been created,  shall  be
  deposited  by  the  comptroller  to  the  credit  of the special account
  established for the municipal  assistance  corporation  which  has  been
  created  in  aid  of  such  city  in order to enable such corporation to
  fulfill the terms of any agreements made with the holders of  its  notes
  and  bonds  and  to  carry  out  its  corporate  purposes, including the
  maintenance of the capital reserve fund securing such bonds  and  notes,
  and,  subject  to  the provisions of section fifty-four of this chapter,
  and subdivisions five and five-a of this section, the balance,  if  any,
  shall  be  paid  to the chief fiscal officer of the city in aid of which
  such corporation has been created as hereinafter provided.
    4. Revenues in any special account in the municipal  assistance  state
  aid  fund  shall  be  kept separate and shall not be commingled with any
  other moneys in the custody of the comptroller.  All  deposits  of  such
  revenues   shall,   if  required  by  the  comptroller,  be  secured  by
  obligations of the United States or of the state having a  market  value
  equal  at  all  times  to  the amount of such deposits and all banks and
  trust companies are authorized to give security for such  deposits.  Any
  such revenues in such fund may, in the discretion of the comptroller, be
  invested  in  obligations  of  the  United  States or of the state or in
  obligations the principal of and interest on which are guaranteed by the
  United States or by the state.
    5. Upon receipt by the comptroller of a  certificate  or  certificates
  from  the  chairman  of  a  municipal  assistance  corporation that such
  corporation requires a payment or payments in order to comply  with  any
  agreement  with  the holders of its notes and bonds and to carry out its
  corporate purposes, including the maintenance  of  the  capital  reserve
  fund   securing   such  bonds,  from  the  appropriate  special  account
  established for such  corporation,  each  of  which  certificates  shall
  specify  the  required payment or payments and the date when the payment
  or payments is required, the comptroller shall  pay  from  such  special
  account  on  or  before  the  specified date or within thirty days after
  receipt of such certificate or certificates, whichever is later, to such
  corporation, as the chairman thereof may direct in any such certificate,
  the amount or amounts so certified. The comptroller shall from  time  to
  time,  but  in no event later than the fifteenth day of October, January
  and April and the last day of June of each fiscal  year,  pay  over  and
  distribute  to the chief fiscal officer of the city in aid of which such
  municipal assistance corporation has been created to be  paid  into  the
  treasury  of such city to the credit of the general fund all revenues in
  the special account established for such corporation  in  the  municipal
  assistance state aid fund, if any, in excess of (i) the aggregate amount
  which  the chairman of such corporation has certified to the comptroller
  and which has been previously paid to such corporation as  herein  above
  authorized,  and  (ii) amounts to be refunded to the general fund of the
  state of New York pursuant to subdivision five-a of this section. In  no
  event  shall the comptroller pay over and distribute any revenues to any

  person other than the municipal assistance corporation unless and  until
  the  aggregate  of all payments certified to the comptroller as required
  by such corporation as  of  such  date  in  order  to  comply  with  its
  agreements  with the holders of its notes and bonds and to carry out its
  corporate purposes, including the maintenance  of  the  capital  reserve
  fund  securing such bonds, which remain unpaid to such corporation shall
  have been paid in full to such corporation; provided, however,  that  no
  person,  including such corporation or the holders of its notes or bonds
  shall have any lien  on  such  revenues  and  such  agreement  shall  be
  executory  only to the extent of such revenues available to the state in
  such special account.
    5-a. (a) In no event shall the comptroller pay over  any  revenues  to
  the  city in aid of which such municipal assistance corporation has been
  created as specified in subdivision five  of  this  section  unless  and
  until  the  director of the budget certifies the amount or amounts to be
  refunded to the general fund of  the  state  of  New  York  pursuant  to
  section  fifty-four  of this chapter. Such amount shall be deducted from
  the first amounts available for payment to such city after certification
  by  the  chairman  of,  and  payment  to,  if  required,  the  municipal
  assistance  corporation as specified in subdivision five of this section
  and refunded to the general fund of the state. The  remainder  shall  be
  paid  to  the  chief  fiscal  officer  of  the city in aid of which such
  municipal assistance corporation has been created.
    (b) Notwithstanding anything in this section to the contrary,  amounts
  in the special account established within the municipal assistance state
  aid  fund for the municipal assistance corporation for the city of Troy,
  which amounts have been deposited into such special account pursuant  to
  section  twenty  of a chapter of the laws of nineteen hundred ninety-six
  entitled "AN ACT to amend chapter 721 of the laws  of  1994  authorizing
  the  city  of  Troy to issue serial bonds for the purpose of liquidating
  cumulative  and  projected  deficits  in  the   city's   general   fund,
  establishing  a supervisory board, and establishing a debt service fund,
  in relation to granting a lien to the county of Rensselaer  relating  to
  certain  taxes  collected  on behalf of such county by the city of Troy"
  which chapter added this paragraph (b), shall be paid by the comptroller
  in accordance with this paragraph. No portion of such amounts  shall  be
  paid by the comptroller to meet the requirements of such corporation for
  the  payment  of  debt  service  as certified to the comptroller and the
  governor pursuant to section three  thousand  fifty-six  of  the  public
  authorities  law  unless at the time of such payment no other moneys are
  available for payment to such corporation for  said  purpose  from  such
  special  account  or  from  the  special  account  established  for such
  corporation within the municipal assistance tax fund in accordance  with
  subdivision  one of section ninety-two-d of this article. Any portion of
  such amount not required by such corporation for the payment of its debt
  service during the state fiscal year for  which  such  amount  has  been
  appropriated  shall  be refunded to the general fund of the state of New
  York prior to the end of such fiscal year.
    6. All payments of moneys from the municipal assistance state aid fund
  shall be made on the audit and warrant of the state comptroller.