NY State Fin L § 92-F (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 92-F - Special Sales and Compensating Use Tax Fund for the City of Yonkers.

§  92-f.  Special  sales and compensating use tax fund for the city of   Yonkers.   1. There is hereby  created  in  the  joint  custody  of  the   comptroller and the commissioner of taxation and finance a special fund,   to  be  known as the special sales and compensating use tax fund for the   city of Yonkers.2. Such fund shall consist of revenues derived from the imposition  of   the  additional  one  percent  sales  and use tax by the city of Yonkers   authorized pursuant to section twelve hundred ten of the tax  law,  less   the  amount  which the commissioner of taxation and finance shall deduct   pursuant to  section  twelve  hundred  sixty-one  of  the  tax  law  for   reasonable   costs   of  the  state  tax  commission  in  administering,   collecting and distributing such tax, and all other moneys  credited  or   transferred thereto from any other fund or sources pursuant to law.3.  Except  as  otherwise provided in this section, the moneys in such   fund shall be used to pay debt service on the serial bonds issued by the   city of Yonkers pursuant to the authority of section three of a  chapter   of  the  laws  of  nineteen  hundred  seventy-five,  entitled "AN ACT in   relation to enacting the New York state financial emergency act for  the   city  of  Yonkers;  to amend the tax law, in relation to authorizing the   city of Yonkers to increase the rates of sales, use  and  related  taxes   and  to amend the state finance law, in relation to creating the special   sales and compensating  use  tax  fund  for  the  city  of  Yonkers  and   authorizing the city of Yonkers to finance a certain deficit by issuance   of  serial  bonds"  and  for  no  other  purpose.  Upon  receipt  by the   comptroller  and  the  commissioner  of  taxation  and  finance   of   a   certificate  from the chairman of the New York state emergency financial   control board for the city of Yonkers, that  moneys  in  such  fund  are   required  to pay debt service on such bonds of the city of Yonkers, each   of which certificates shall specify the required payment  and  the  date   when  the  payment  is required, the comptroller and the commissioner of   taxation and finance,  shall  pay  from  such  fund  on  or  before  the   specified  date  or  within thirty days after such receipt, whichever is   later, to the comptroller of the city of Yonkers,  as  the  chairman  of   such  financial  control  board  may direct in any such certificate, the   amount so certified.4. In the event that the amount of revenues in the fund shall  at  any   time  be  more  than  the  amount necessary to pay the maximum amount of   principal of and interest on obligations, issued pursuant to subdivision   three, payable in any consecutive twelve-month period, and such fact  is   certified  to  the  comptroller  and  the  commissioner  of taxation and   finance by the chairman of the New York state  financial  control  board   for the city of Yonkers, such excess shall be paid to the comptroller of   the  city  of Yonkers for deposit in the treasury of the city of Yonkers   to the credit of the city treasury. The said certificate of the chairman   of the New York state financial control board for the  city  of  Yonkers   shall  also  specify  the amount to be paid and the date when payment is   requested to be made and such payment shall be made  on  or  before  the   specified  date or within thirty days after receipt of such certificate,   whichever is later.5. Revenues in such fund shall be  kept  separate  and  shall  not  be   commingled with any other money in the custody of the comptroller or the   commissioner  of  taxation  and  finance.  All deposits of such revenues   shall, if required by the comptroller and the commissioner  of  taxation   and  finance,  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  and  the  commissioner of taxation and    finance, 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.