NY Pub Auth L § 3238-A (2021)
2021 New York Laws PBA - Public Authorities Article 10-B Title 4 - New York Local Government Assistance Coporation 3238-A - Payment to City of New York.

* §  3238-a.  Payment  to  city  of  New  York. 1. Notwithstanding any   inconsistent provision of law, the corporation  shall  transfer  to  the   city  of New York one hundred seventy million dollars from the resources   of the corporation pursuant to section thirty-two hundred thirty-nine of   this title. Such payment shall be made during  each  city  fiscal  year;   provided,  however,  that  on and after July first, two thousand twenty,   the obligation of  the  corporation  to  make  such  payments  shall  be   terminated  if  all  outstanding bonds of the sales tax asset receivable   corporation that are secured by the corporation's payments described  in   this subdivision have been fully paid and discharged by means of a legal   defeasance  in accordance with the trust indenture under which they were   issued before July first, two thousand twenty-one, and in  addition  the   corporation  has paid to the city of New York or to its assignee if such   payments have been assigned pursuant to this  subdivision,  the  sum  of   forty-six  million  dollars  on  or  before June thirtieth, two thousand   twenty-one. Such payments from the corporation shall be  made  from  the   fund established by section ninety-two-r of the state finance law and in   accordance with the provisions thereof.2.  The city of New York, acting by the mayor alone, may assign all or   any  portion  of  such  amount   to   any   not-for-profit   corporation   incorporated   pursuant  to  section  fourteen  hundred  eleven  of  the   not-for-profit corporation law and, upon such assignment, the amount  so   assigned  shall  be  the property of such not-for-profit corporation for   all purposes. Following  notice  from  the  city  of  New  York  to  the   corporation  and  the comptroller of such assignment, such payment shall   be  made  directly  to  the  city's  assignee.  If  such  not-for-profit   corporation  issues bonds and/or notes, the state does hereby pledge and   agree with the holders of any issue of bonds  and/or  notes  secured  by   such  a  pledge that the state will not limit or alter the rights vested   in  such  not-for-profit  corporation  to  fulfill  the  terms  of   any   agreements  made  with  such holders or in any way impair the rights and   remedies of such holders or the security for  such  bonds  and/or  notes   until  such  bonds  and/or notes, together with the interest thereon and   all costs and expenses in connection with any action or proceeding by or   on behalf of such holders, are fully paid and discharged. The  foregoing   pledge  and  agreement may be included in any agreement with the holders   of such bonds or notes. Nothing  contained  in  this  section  shall  be   deemed  to  restrict  the right of the state to amend, modify, repeal or   otherwise alter statutes imposing or relating to the  taxes  subject  to   such  assignment,  but  such taxes shall in all events continue to be so   payable, as assigned, so long as any such taxes are imposed.3. Proceeds of state supported debt, as defined in subdivision one  of   section  sixty-seven-a  of  the  state  finance  law, or other available   monies, may be provided to the trustee for the bonds of  the  sales  tax   asset  receivable  corporation  secured  by  the  corporation's payments   described in subdivision one of this section in an amount sufficient  to   fully pay and discharge such bonds by means of a legal defeasance of all   such  outstanding  bonds  in  accordance  with the trust indenture under   which they were issued. So long as such bonds are legally  defeased  and   the  corporation  has paid to the city of New York or to its assignee if   such payments have been assigned pursuant to this subdivision,  the  sum   of  forty-six  million dollars on or before June thirtieth, two thousand   twenty-one the corporation's obligation contained in subdivision one  of   this  section  to transfer funds to the city of New York shall be deemed   satisfied and fully discharged. Upon any such legal defeasance  of  such   bonds,  the  sales  tax  asset receivable corporation shall no longer be   deemed a local authority  within  the  meaning  of  subdivision  two  of   section  two  of  this  chapter  and  the  provisions  of  this chapter,    including, without limitation, the provisions of article  nine  of  this   chapter, shall no longer be applicable to the sales tax asset receivable   corporation.4.  Notwithstanding  any  inconsistent provision of law, the dormitory   authority of the state  of  New  York  and  the  New  York  state  urban   development  corporation  are hereby authorized to issue bonds in one or   more series pursuant to article five-C or article five-F  of  the  state   finance  law  in an aggregate principal amount sufficient to directly or   indirectly (i) finance the legal defeasance or payment  of  all  of  the   outstanding  bonds of the sales tax asset receivable corporation secured   by the corporation's payments  described  in  subdivision  one  of  this   section,  (ii) one or more related debt service reserve funds, and (iii)   costs of issuance attributable to such bonds, and the issuance  of  such   bonds is hereby determined to be for an "authorized purpose", as defined   in  subdivision  two  of  section  sixty-eight-a  and subdivision two of   section sixty-nine-m of the state finance law, as the case may be.* NB Repealed July 1, 2034