NY Pub Auth L § 3240 (2021)
2021 New York Laws PBA - Public Authorities Article 10-B Title 4 - New York Local Government Assistance Coporation 3240 - Payments to the Corporation.

§  3240.  Payments to the corporation. 1.  * Not less than one hundred twenty days before the beginning of each fiscal year of the  corporation (but  not  later  than  October  first, nineteen hundred ninety, for the fiscal year ending March thirty-first, nineteen hundred ninety-one)  the chairperson  of  the  corporation shall certify to the state comptroller and to the governor a schedule of  cash  requirements  for  such  fiscal year.  The total amount so certified for such fiscal year shall be equal to the total amount of the debt service then due on the bonds and  notes of  the  corporation,  including  payments  of  interest  and  principal (including sinking fund payments) including payments required to be made pursuant to section thirty-two hundred  thirty-eight-a  of  this  title, together with:   * NB Effective until July 1, 2034   * Not  less  than one hundred twenty days before the beginning of each fiscal year of the  corporation  (but  not  later  than  October  first, nineteen  hundred ninety, for the fiscal year ending March thirty-first, nineteen hundred ninety-one) the chairperson of  the  corporation  shall certify  to the state comptroller and to the governor a schedule of cash requirements for such fiscal year. The total  amount  so  certified  for such  fiscal year shall be equal to the total amount of the debt service then due on the bonds and notes of the corporation,  including  payments of  interest  and  principal (including sinking fund payments), together with:   * NB Effective July 1, 2034  (a) the amount, if any, due to  any  provider  of  any  bond  or  note facility, representing payments made by it as provided in the applicable resolution or trust indenture as a result of any previous failure of the state  to  make  any payment provided for in this section, including any related reasonable interest, fees or charges so provided,  (b) the amount, if any, required to restore the capital  reserve  fund to  the  capital  reserve  fund requirement to the extent any deficiency therein has resulted directly or indirectly from failure by the state to make any payment provided for in this section,  (c) the amount, if any, required to be rebated to the United States to provide for continued federal tax exemption for bonds and notes  of  the corporation, and  (d) the expenses of the establishment and continued operating expenses of  the  corporation, but not in excess of one hundred thousand dollars, exclusive of trustees' fees, fees payable to providers of bond  or  note facilities,  fees  for issuing and paying agents, remarketing agents and dealers, counsels, financial advisors, independent  auditors,  providers of  interest  rate  exchange  agreements,  rating  agencies, transfer or information agents,  the  publication  of  advertisements  and  notices, surety  arrangements,  and  printers;  fees  or  charges incurred by the corporation to comply with applicable federal and  state  securities  or tax  laws;  and  any  other  costs  of  issuance in excess of the amount provided therefor in the proceeds of the sale of bonds or notes  of  the corporation, to the extent that any of the foregoing amounts or expenses are not to be paid from other resources available to the corporation for such purpose.   1-a.  The chairperson of the corporation may revise such certification at such times as shall  be  determined  by  the  chairperson,  provided, however,  that  the  chairperson  of  the  corporation shall revise such certification not later than thirty days after the issuance of any bonds or notes of the corporation including refunding bonds, and the  adoption of  any  interest rate exchange or other financial arrangement affecting the cash requirements of the corporation.    2. The schedule accompanying  such  certification  shall  provide  for payments  on  such  dates as the corporation deems appropriate to ensure that sufficient funds will be available from the sources  identified  in this section to enable it to meet its current obligations as they become due.   3.  Upon  receipt  of such certification, or any revision thereof, the comptroller shall pay such amount to  the  corporation  for  payment  or deposit in accordance with such certification, from the local government assistance  tax  fund  established  by section ninety-two-r of the state finance law or from any other amount appropriated for  such  purpose  to the  extent  that moneys in such fund are insufficient for such purpose. Any such payment shall be made within thirty days of the receipt of  the certification  or  at  the  time  specified  within  the  certification, whichever is later, provided that any such amounts shall have been first appropriated by the state.   * 4. In any year in which the state  appropriates  money  out  of  any other  funds available to it directly for the payment of debt service of the corporation or for any other corporate purposes for  which  payments out  of  the  local  government  assistance fund may be made, except any appropriated amount in respect of a deficiency in such fund, the  amount certified  by the chairperson of the corporation shall be reduced by the amount of such direct state payments. Provided however, this subdivision shall not apply for payments made pursuant to section thirty-two hundred thirty-eight-a of this title.   * NB Effective until July 1, 2034   * 4. In any year in which the state  appropriates  money  out  of  any other  funds available to it directly for the payment of debt service of the corporation or for any other corporate purposes for  which  payments out  of  the  local  government  assistance fund may be made, except any appropriated amount in respect of a deficiency in such fund, the  amount certified  by the chairperson of the corporation shall be reduced by the amount of such direct state payments.   * NB Effective July 1, 2034   * 5. The agreement of the state contained in  this  section  shall  be deemed  executory  only  to  the  extent of appropriations available for payments under this section and no liability  on  account  of  any  such payment  shall  be incurred by the state beyond such appropriations. The state, acting through the director of the budget,  and  the  corporation may  enter  into,  amend,  modify,  or  rescind  one  or more agreements providing for the specific manner, timing, and amount of payments to  be made  under  this  section,  but  only  in conformity with this section. Provided however, this subdivision shall not  apply  for  payments  made pursuant to section thirty-two hundred thirty-eight-a of this title.   * NB Effective until July 1, 2034   * 5.  The  agreement  of  the state contained in this section shall be deemed executory only to the  extent  of  appropriations  available  for payments  under  this  section  and  no liability on account of any such payment shall be incurred by the state beyond such  appropriations.  The state,  acting  through  the director of the budget, and the corporation may enter into,  amend,  modify,  or  rescind  one  or  more  agreements providing  for the specific manner, timing, and amount of payments to be made under this section, but only in conformity with this section.   * NB Effective July 1, 2034   6. Nothing contained in this title shall be  deemed  to  restrict  the right  of the state to amend, repeal, modify or otherwise alter statutes imposing or relating to the taxes imposed pursuant  to  sections  eleven hundred  five  and  eleven  hundred  ten of the tax law. The corporation shall not include within any  resolution,  contract  or  agreement  with  holders  of  the  bonds  or  notes issued under this title any provision which provides that a default occurs as a result of the state exercising its right to amend, repeal, modify or otherwise alter the taxes  imposed pursuant  to  sections eleven hundred five and eleven hundred ten of the tax law.