N.Y. STF Law § 92-AA — New York Code / Act STF / Article 6 / Section 92-AA
Special school purpose school aid
Status: in_force

§ 92-aa. Special school purpose school aid. 1. School aid shall\nconsist of all public funds apportioned or otherwise made payable by the\nstate to the school district of a special school purpose municipality as\nprovided for by article seventy-three of the education law.\n  2. For purposes of this section, the terms school aid revenues,\nspecial school purpose municipality, special school purpose bonds and\nspecial school purpose school aid revenues shall have the meanings set\nforth in section two thousand four hundred thirty-two of the public\nauthorities law.\n  3. Upon receipt by the comptroller of a certificate or certificates\nfrom the chairman of the state of New York municipal bond bank agency\npursuant to section two thousand four hundred thirty-six-a of the public\nauthorities law, the comptroller shall pay the school aid revenues to\nsaid agency, in accordance with such certification and subject to\nagreements with holders of outstanding special school purpose bonds of\nsaid agency. Any such payment shall be made within thirty days of\nreceipt of the certification or at the time specified in the\ncertification, whichever is later; provided that any such school aid\nrevenues shall have been first appropriated by the state as school aid\nor shall have been otherwise made available. Any such payment of school\naid revenues to the agency shall not obligate the state to make, nor\nentitle such special school purpose municipality to receive, any\nadditional school aid.\n  4. Nothing contained herein shall be construed to create a debt of the\nstate within the meaning of any constitutional or statutory provisions.\nAny provision with respect to school aid or school aid revenues shall be\ndeemed executory only to the extent of moneys available and no liability\nshall be incurred by the state beyond the moneys available for that\npurpose, and any such payment by the comptroller of school aid revenues\nis subject to annual appropriation of school aid by the state\nlegislature.\n  5. Nothing contained herein shall be deemed to restrict the right of\nthe state to amend, repeal, modify or otherwise alter article\nseventy-three of the education law. The state of New York municipal bond\nbank agency shall not include within any resolution, contract or\nagreement with holders of its bonds or notes any provision which\nprovides that a default occurs as a result of the state exercising its\nright to amend, repeal, modify or otherwise alter article seventy-three\nof the education law.\n  6. During the period that the comptroller is required to make payments\nto the state of New York municipal bond bank agency as provided in this\nsection, each special school purpose municipality that has entered into\na special school purpose agreement shall have no right, title or\ninterest in or to school aid revenues.\n  7. Any school aid not required to be transferred by the comptroller to\nthe state of New York municipal bond bank agency as school aid revenues\npursuant to subdivision three of this section shall be transferred as\nspecial school purpose school aid revenue by the comptroller to the\nspecial school purpose municipality pursuant to section twenty-five\nhundred eighty of the education law and the applicable provisions of\narticle seventy-three of such law.\n