NY State Fin L § 92-H (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 92-H - Sales Tax Revenue Bond Tax Fund.

§  92-h.  Sales  tax  revenue  bond  tax  fund.  1.  There  is  hereby established in the joint  custody  of  the  state  comptroller  and  the commissioner  of  taxation  and  finance  a fund within the general debt service fund to be known as the "sales tax revenue bond tax fund".   2. Such fund shall consist of the amount of revenue  collected  within the  state  from  the imposition of the sales and compensating use taxes (including interest and penalties) pursuant to  section  eleven  hundred five  and  section eleven hundred ten of the tax law equal to the amount attributable to a one percent rate of taxation, less such amounts as the commissioner of taxation and finance may determine to be  necessary  for refunds.  On  and  after  the  date  that  all  of  the  obligations and liabilities of the New  York  local  government  assistance  corporation shall  have  been  met  or  otherwise  discharged,  other  than  payment obligations required by section thirty-two hundred thirty-eight-a of the public authorities law, it shall equal the amount attributable to a  two percent  rate  of  taxation,  less  such  amounts as the commissioner of taxation and finance may determine to be  necessary  for  refunds.  Such sales  and  compensating use tax revenues shall be separate and distinct from the sales and compensating use tax revenues deposited from time  to time  in  the  local government assistance tax fund, pursuant to section ninety-two-r of this chapter.   3. On or before the twelfth day of each  month,  the  commissioner  of taxation  and finance shall certify to the state comptroller the amounts specified in subdivision two of this section relating to  the  preceding month  and, in addition, no later than March thirty-first of each fiscal year the commissioner of taxation and finance shall certify such amounts relating to the last month of such fiscal year. The amounts so certified shall be deposited by the state comptroller in  the  sales  tax  revenue bond tax fund.   4.  Moneys  in  the  sales  tax  revenue  bond  tax fund shall be kept separate and shall not be  commingled  with  any  other  moneys  in  the custody  of  the  state comptroller and the commissioner of taxation and finance. All deposits of such revenues shall, if required by  the  state 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 moneys in such  fund  may,  in  the discretion of the state comptroller, be invested in obligations in which the  state  comptroller  is  authorized  to  invest  pursuant to section ninety-eight-a of this article.   5. (a) The state comptroller shall from time to time, but in no  event later than the fifteenth day of each month (other than the last month of the  fiscal  year)  and  no  later than the thirty-first day of the last month of each fiscal year, pay over and distribute to the credit of  the general  fund  of the state treasury all moneys in the sales tax revenue bond tax fund, if any, in excess of the aggregate amount required to  be set aside for the payment of cash requirements pursuant to paragraph (b) of this subdivision, provided that an appropriation has been made to pay all  amounts  specified  in any certificate or certificates delivered by the director of the budget pursuant to paragraph (b) of this subdivision as being required by any authorized issuer as such term  is  defined  in section   sixty-nine-m   of   this  chapter  for  the  payment  of  cash requirements of such authorized issuers for such fiscal year. Subject to the rights of holders of debt of the state, in no event shall the  state comptroller  pay  over and distribute any moneys on deposit in the sales tax revenue bond tax fund to any person other than an authorized  issuer pursuant  to  such  certificate or certificates (i) unless and until the aggregate of all cash requirements certified to the state comptroller as  required by  such  authorized  issuers  to  be  set  aside  pursuant  to paragraph  (b)  of this subdivision for such fiscal year shall have been appropriated to such authorized issuers in accordance with the  schedule specified  in  the  certificate or certificates filed by the director of the budget or (ii) if, after having been so certified and  appropriated, any  payment  required  to  be  made  pursuant  to paragraph (b) of this subdivision has not been made to the authorized issuers pursuant to such certificate  or  certificates;  provided,  however,  that   no   person, including such authorized issuers or the holders of revenue bonds, shall have  any  lien  on  moneys on deposit in the sales tax revenue bond tax fund. Any agreement entered into pursuant  to  section  sixty-nine-o  of this  chapter related to any payment authorized by this section shall be executory only to the extent of such revenues available to the state  in such  fund.  Notwithstanding subdivisions two and three of this section, in the event the aggregate of all cash  requirements  certified  to  the state comptroller as required by such authorized issuers to be set aside pursuant  to  paragraph  (b)  of  this  subdivision  for the fiscal year beginning on April first  shall  not  have  been  appropriated  to  such authorized  issuers  in  accordance  with  the schedule specified in the certificate or certificates filed by the director of the budget or,  if, having  been  so  certified and appropriated, any payment required to be made pursuant to paragraph (b) of this subdivision  has  not  been  made pursuant to such certificate or certificates, all receipts collected and deposited  in  the  sales tax revenue bond tax fund shall remain in such fund. Notwithstanding any other provision  of  law,  if  the  state  has appropriated  and  paid  to the authorized issuers all amounts necessary for the authorized issuers to  meet  their  cash  requirements  for  the current   fiscal  year  pursuant  to  the  certificate  or  certificates submitted by the director of the budget pursuant  to  paragraph  (b)  of this  section,  the  state  comptroller  shall,  on the last day of each fiscal year, pay to the general fund of the state all sums remaining  in the  sales tax revenue bond tax fund on such date except such amounts as the director of the budget may certify  are  needed  to  meet  the  cash requirements of authorized issuers during the subsequent fiscal year.  (b)  No  later  than thirty days after the submission of the executive budget in  accordance  with  article  seven  of  the  constitution,  the director  of  the  budget  shall  prepare a certificate of the amount of monthly receipts anticipated to be deposited pursuant to subdivision two of this section during the fiscal year beginning  April  first  of  that year  together  with  the monthly amounts necessary to be set aside from the receipts of such fund, as shall be sufficient to meet the total cash requirements of authorized issuers, as defined by  section  sixty-nine-m of this chapter during such fiscal year, based on information that shall be provided by such authorized issuers, consistent with the terms of any contract with outstanding bondholders. Except for the purpose of meeting cash  requirements  of an authorized issuer that are due on a monthly or more frequent basis, prior to transferring any moneys from  the  account pursuant to paragraph (a) of this subdivision, the comptroller shall set aside  on  a  monthly  basis  all  revenues  deposited  pursuant to this subdivision as received until the amount set aside is equal to one-fifth of the interest due on such obligations on the next succeeding  interest payment  date  multiplied  by  the  number  of months from the last such payment and one-eleventh of the next principal installment due  on  such obligations  multiplied  by  the  number  of  months  from the last such principal installment where principal is  due  on  an  annual  basis  or one-fifth  of  the  next  principal  installment due on such obligations multiplied by  the  number  of  months  from  the  last  such  principal installment  where  principal  is  due  on  a  semiannual basis. For the  purpose of meeting cash requirements of an authorized  issuer  that  are due  on  a  monthly  basis or more frequently, the comptroller shall set aside all revenues deposited pursuant to subdivision two of this section as received until the amount so set aside is, in the reasonable judgment of  the  director  of  the  budget  as  set  forth  in such certificate, sufficient to make the required payment on or before such payment  date. Notwithstanding  subdivision  three  of,  section  seventy-two  of  this article or any other provision of law, all moneys set aside in the sales tax revenue bond tax fund  to  meet  the  annual  cash  requirements  of authorized issuers pursuant to a certificate or certificates as required in  this  paragraph  shall remain in the sales tax revenue bond tax fund until needed for payment to authorized  issuers,  as  provided  in  this section. In the event that the amount set aside by the state comptroller pursuant   to  this  paragraph  is  not  sufficient  to  meet  the  cash requirements  required  pursuant  to  a  certificate   or   certificates submitted  by  the  director  of the budget, the state comptroller shall immediately transfer from the general fund to the sales tax revenue bond tax fund an amount which,  when  combined  with  the  amount  set  aside pursuant  to  this  paragraph,  shall  be sufficient to meet the payment required pursuant to such certificate or certificates. The  director  of the  budget  may  revise  such  certification  at such times as shall be necessary, provided, however, that the director of the budget shall,  as necessary,  revise  such  certification not later than thirty days after the issuance of any revenue bonds, including refunding bonds, and  after the   adoption   of  any  interest  rate  exchange  or  other  financial arrangement affecting the cash requirements of the  authorized  issuers. In  no  event shall the state comptroller be held liable for the failure to set aside an amount sufficient to pay  any  required  payment  of  an authorized issuer.   6. All payments of moneys from the revenue bond tax fund shall be made on the audit and warrant of the state comptroller.