NY Pub Auth L § 2976 (2021)
2021 New York Laws PBA - Public Authorities Article 9 - General Provisions Title 10 - State Governmental Cost Recovery System 2976 - Cost Recovery on the Issuance of Certain Bonds.

§  2976.  Cost  recovery  on  the  issuance  of  certain  bonds.    1.   Notwithstanding  any  other  law  to  the   contrary,   public   benefit   corporations   (which   for  purposes  of  this  section  shall  include   industrial development agencies created pursuant to title one of article   eighteen-A of the general municipal law or any other  provision  of  law   and  the  New York city housing development corporation created pursuant   to article twelve of the private housing finance law) which issue bonds,   notes or other obligations shall pay to the state a bond issuance charge   upon the issuance of such bonds in  an  amount  determined  pursuant  to   subdivision  two of this section. Such charge shall be paid to the state   department of taxation and finance, upon forms prescribed  therefor,  no   later  than  fifteen  days  from  the end of the month within which such   bonds are issued.2. The bond issuance charge  shall  be  computed  by  multiplying  the   principal  amount  of  bonds  issued  by the percentage set forth in the   schedule  below,  provided  that:  (a)  the  charge  applicable  to  the   principal  amount of single family mortgage revenue bonds shall be seven   one-hundredths of one percent; (b)  the  issuance  of  bonds  shall  not   include  the  remarketing  of bonds; and (c) the issuance of bonds shall   not include the current refunding of short term bonds,  notes  or  other   obligations  for which the bond issuance charge provided by this section   has been paid, provided that such current refunding  (i)  occurs  within   one  year from the issuance of the refunded obligations, or (ii) is part   of a program created by a  single  indenture  or  bond  resolution  that   provides   for  the  periodic  issuance  and  refunding  of  short  term   obligations.SCHEDULE   Principal Amount of Bonds Issued             Percentage Charge   a. $1,000,000 or less                            .168%   b. $1,000,001 to $5,000,000                      .336%   c. $5,000,001 to $10,000,000                     .504%   d. $10,000,001 to $20,000,000                    .672%   e. More than $20,000,000                         .84%3. The provisions of subdivisions one and two of  this  section  shall   not apply to any public benefit corporation which enters into a contract   or  agreement  with  the director of the budget which otherwise provides   for cost recovery to  the  state  under  this  section  and  includes  a   provision  that,  in  accordance with this subdivision, subdivisions one   and two  of  this  section  shall  not  apply  to  such  public  benefit   corporation.  The  circumstances  for  the  entry  into such contract or   agreement may include, but shall not be  limited  to,  those  where  the   amount  to  be  paid thereunder equals or exceeds the amount of the bond   issuance  charge  which  would  otherwise  be  applicable  pursuant   to   subdivisions one and two of this section.4.  The  provisions  of subdivisions one and two of this section shall   not apply to recovery  act  bonds  issued  by  the  state  of  New  York   municipal  bond  bank  agency in connection with local American Recovery   and Reinvestment Act pursuant  to  section  two  thousand  four  hundred   thirty-six-b of this chapter.