N.Y. TAX Law § 1261-A — New York Code / Act TAX / Article 29 / Part 4 / Section 1261-A
Revenues from certain taxes imposed by Washington and Warren counties
Status: in_force

§ 1261-a. Revenues from certain taxes imposed by Washington and Warren\ncounties. (a) In the event that the Warren and Washington county\nindustrial development agency established under article eighteen-A of\nthe general municipal law issues bonds, notes or other obligations\nsecured by the service fee obligations of the counties which, in turn,\nare secured by a pledge by Warren and Washington counties of payments of\nnet collections from taxes imposed by such counties pursuant to the\nauthority of subdivision (a) of section twelve hundred ten of this\narticle, as authorized by the act which enacted this section, such\nindustrial development agency shall provide a certified written notice\nto the state comptroller that it has issued, or is about to issue, such\nnotes, bonds or other obligations. Such notice shall set forth in detail\nthe term, amount, interest rate and payment schedule of such bonds,\nnotes or other obligations, and the amounts due from each county\nattributable to net collections from the respective counties, as\ndescribed in subdivision (b) of this section, together with such other\ninformation as the comptroller shall require. Such agency shall provide\na copy of such notice to the chief fiscal officer of each such county.\nSuch agency shall provide the first of such notices to the comptroller\nat least ninety days prior to the date that the comptroller is expected\nto pay net collections, as described in subdivision (b) of this section,\nand then at least ninety days prior to the beginning of each county's\nfiscal year thereafter, until the comptroller is no longer expected to\nmake such payments of such net collections, provided that the first\nnotice to the comptroller under this section may contain estimates of\nthe term, amount, interest rate and payment schedules before the bonds,\nnotes or other obligations are issued in which case such agency shall\ngive a corrected notice to the comptroller within ten days after such\nbonds, notes or other obligations are issued. If such agency gives such\nan estimated notice and such bonds, notes or other obligations are not\nissued, such agency shall give further notice to the comptroller that\nnet collections shall not be withheld from the counties.\n  (b) Upon the comptroller receiving (i) such complete, certified\nwritten notice from such agency, and (ii) certified copies of\nresolutions adopted by majority vote of the board of supervisors of each\nsuch county (both and each of such boards concurring) authorizing and\nrequesting the comptroller to make such payments from such net\ncollections due such counties as the counties have agreed upon with such\nagency, at least ninety days prior to the date that the comptroller is\nexpected to make the first payment under this section, the comptroller\nshall, notwithstanding any provision of section twelve hundred sixty-one\nof this article to the contrary, pay, on or before the fifteenth day of\neach month, all or a portion of the net collections due Warren county,\nbut only out of net collections attributable to taxes imposed by such\ncounty at the rate of one and one half percent pursuant to the authority\nof subdivision (a) of section twelve hundred ten of this article (or, in\nthe event that Warren county's pledge is substituted, then only out of\nnet collections available to such county as a result of such substituted\npledge, as such substituted pledge and net collections are described in\nsubdivision i of section one of chapter five hundred one of the laws of\nnineteen hundred ninety-nine, as added by the chapter of the laws of two\nthousand which added this subdivision) and all or a portion of the net\ncollections due Washington county, but only out of the net collections\nattributable to taxes imposed by such county at the rate of three\npercent pursuant to the authority of subdivision (a) of such section\ntwelve hundred ten, as authorized by such counties' resolutions, to such\nagency, on account of, and for the benefit of, such counties to meet\nsuch counties' responsibilities under agreements amongst such counties\nand such agency and the holders of such bonds, notes or other\nobligations which are subject to such a pledge, or to the trustee of\nsuch bonds, notes or other obligations. If so requested by both the\nagency, as indicated in its notice to the comptroller, and by the\ncounties, as indicated in their concurring resolutions filed with the\ncomptroller, the comptroller shall make such payments to a trustee\npursuant to an indenture for bondholders or holders of notes or other\nobligations, issued by such agency with respect to the Adirondack\nresource recovery facility pursuant to the authority of the law which\nenacted this section. Such payments by the comptroller on behalf of such\ncounties shall be applied monthly by such agency or, if paid directly to\nthe trustee, by such trustee, to pay the portion of service fees\nmeasured by debt service costs or such other or additional portions of\nthe service fees that the counties shall authorize by resolution of each\nof their respective boards of supervisors for solid waste disposal for\nthe counties pursuant to agreements entered into or to be entered into\nconcerning solid waste disposal fees, which agreements shall require\nsuch agency or such trustee to electronically transfer the balances of\nsuch payments not required to meet contractual obligations to the\nrespective county on or before the first day of the next succeeding\nmonth.\n  (c) The comptroller shall not be responsible for any inaccuracy in the\namount of such payments based upon the schedule in the notice furnished\nby such agency. The comptroller shall not be required to make payments\nunder this subdivision which are greater than the amounts of net\ncollections due Warren county from its tax imposed at the rate of one\nand one half percent (or, in the event that Warren county's pledge is\nsubstituted, due such county from its tax as available in the event of\nsuch substituted pledge, as such substituted pledge and net collections\nare described in subdivision i of section one of chapter five hundred\none of the laws of nineteen hundred ninety-nine, as added by the chapter\nof the laws of two thousand which added this subdivision) or due\nWashington county from its tax imposed at the rate of three percent and\navailable in the account described in subdivision (c) of section twelve\nhundred sixty-one of this article, as certified to the comptroller by\nthe commissioner as provided in such subdivision (c) of section twelve\nhundred sixty-one. Any balance of net collections due such counties\nafter the comptroller makes any payments required under this section\nshall be paid to such counties in the manner provided in such\nsubdivision (c) of section twelve hundred sixty-one. The comptroller\nshall be required to make payments under this section for only so long\nas the counties are required to make payments of such net collections\nunder the payment schedule set forth in such agency's notice to the\ncomptroller.\n  (d) The comptroller may rely, without further inquiry, that Washington\ncounty has incurred obligations to the agency, and Warren county\nsimilarly has incurred obligations of Warren county to Washington county\nand/or the agency, and that agreements have been duly approved by the\nboard of supervisors for each county and executed by the chairman of the\nboard of supervisors for each county authorizing use of net collections\nas authorized in this section, payable by them, for all or a portion of\nservice fees measured by debt service and payments to reserve funds in\nconnection with any outstanding bonds, notes or other obligations now,\nor hereafter issued by the agency for such purposes or such other\nportions or additional portions of the service fees that the counties\nshall authorize by resolution of each of their respective boards of\nsupervisors, and arising out of financing or refinancing of the\nAdirondack resource recovery facility including the financing of the\npurchase of any rights of private parties to acquire such facility\nthrough an installment sale.\n