NY State Fin L § 92-E (2021)
2021 New York Laws STF - State Finance Article 6 - 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.