NY State Fin L § 92-R (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 92-R - Local Government Assistance Tax Fund.

*  §  92-r.  Local  government assistance tax fund. 1. There is hereby established in the joint custody of the comptroller and the commissioner of taxation and finance  a  special  fund  to  be  known  as  the  local government assistance 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.   3. On or before the twelfth day of each  month,  the  commissioner  of taxation  and  finance  shall  certify  to  the  comptroller the amounts specified in subdivision two of this section relating to  the  preceding month  and,  in  addition  on  the  last  day  of  the  fiscal  year the commissioner shall certify such amounts relating to the  last  month  of such fiscal year. The amount of revenues so certified shall be deposited by the comptroller in the local government assistance tax fund.   4.  Revenues in the local government assistance tax fund shall be kept separate and shall not be  commingled  with  any  other  moneys  in  the custody  of  the  comptroller.  All  deposits of such revenues shall, if required by the 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 revenues in such fund may, in the discretion of the comptroller,  be  invested  in  obligations  in which  the  comptroller  is  authorized  to  invest  pursuant to section ninety-eight-a of this article.   5.  (a)  Upon  receipt  by  the  comptroller  of  a   certificate   or certificates  from  the  chairperson  of the local government assistance corporation submitted pursuant to section thirty-two  hundred  forty  of the  public authorities law, that such corporation requires a payment or payments, from the local government assistance tax fund, the comptroller shall pay from such fund pursuant to an appropriation on or  before  the date  specified  in  such  certificate  or within thirty days after such receipt, whichever is later, to such  corporation,  as  the  chairperson thereof  may  direct  in  any such certificate, the amount or amounts so certified.  The  chairperson  of  such  corporation  shall  furnish  the commissioner  of  taxation and finance with copies of such certificates. In order to set aside the moneys necessary to meet the amounts  required on   the  payment  date  or  dates  specified  in  such  certificate  or certificates, the  comptroller  shall  comply  with  the  provisions  of paragraph  (b)  of  this subdivision. The 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 the last day of the last month of the fiscal year of each fiscal year, pay over and distribute to the credit of the general fund of the state treasury all revenues in the local government assistance tax fund, if any, in excess of the aggregate amount required to be set  aside  pursuant  to  paragraph  (b)  of  this subdivision  provided  that  an  appropriation  has been made to pay all amounts specified in such certificate or certificates as being  required by  the  corporation  for such fiscal year, and provided further that an appropriation has been made to make all  dedicated  highway  and  bridge trust  fund  cooperative agreement payments specified in the certificate submitted by the chairperson of the New  York  state  thruway  authority pursuant  to subdivision two of section three hundred eighty-five of the public authorities law. In no event shall the comptroller pay  over  and distribute  any  revenues  (other  than  the  amount  to be deducted for  administering, collecting and distributing such sales  and  compensating use  taxes)  to  any  person  other than the local government assistance corporation (i) unless and until the aggregate of all payments certified to  the  comptroller  as required by such corporation and required to be set aside pursuant to paragraph (b) of this subdivision for such  fiscal year shall have been appropriated to such corporation in accordance with the  schedule  specified in the certificate or certificates filed by the chairperson of  the  corporation  or  (ii)  if,  after  having  been  so certified  and  appropriated,  any  payment  required  to  be  set aside pursuant to paragraph (b) of this subdivision has not been made  to  the corporation  on  the  date  by  which  it was required to have been made pursuant to such schedule, or (iii) unless and until  the  aggregate  of all  dedicated  highway  and  bridge  trust  fund  cooperative agreement payments certified by the chairperson of  the  New  York  state  thruway authority   pursuant   to  subdivision  two  of  section  three  hundred eighty-five of the public authorities law shall have  been  appropriated to  such  authority;  provided,  however,  that no person including such corporation or the holders of its bonds or notes shall have any lien  on such  revenues  and such agreement shall be executory only to the extent of such revenues available to  the  state  in  such  fund  and  provided further  that, if the state has appropriated and paid to the corporation the amounts necessary for the corporation to meet its requirements,  for the  current  fiscal  year,  pursuant to the certificate or certificates submitted by the chairperson  pursuant  to  section  thirty-two  hundred forty  of  the  public  authorities  law  and  notwithstanding any other provision of law, the comptroller shall, on the last day of each  fiscal year,  pay  to  the  general fund of the state all sums remaining in the local government assistance tax fund on such date.  (b) No later than the tenth business day  of  each  month  during  any fiscal  year in which a debt service or required payment on any issue of bonds, notes or other financial obligations of the corporation  is  due, the  comptroller  shall  prepare  a  schedule  of  the amount of revenue anticipated to be deposited pursuant to subdivision two of this  section during the balance of such fiscal year in such detail as is necessary to carry  out  the purposes of this paragraph, based upon estimates of such revenues filed with him by the director of the budget.  Except  for  the purpose  of  meeting  a debt service or required payment on any issue of bonds, notes or other financial obligations of the corporation  that  is due on a monthly basis or more frequently, commencing at any time that a debt  service  or  required payment on any such issue equals ninety-five percent of the amount of revenues anticipated to be  deposited  pursuant to subdivision two of this section shown on such schedule to be received during the period ending on the date on which such payment is due, after deducting  from  such revenues the aggregate amount of all such payments on any other issue of bonds, notes or other financial obligations of the corporation due during such period and against which revenues have  not, at such time, been collected and set aside pursuant to the provisions of this  subdivision,  the comptroller shall set aside all such revenues as received until the amount so set aside is sufficient to pay  the  amount of such payment on such issue and any other issue with a payment date on or  before  the  payment date on such issue; provided, however, that the comptroller shall commence to set  aside  revenues  no  later  than  the fifteenth  day  prior  to  the  date  on  which  such payment is due and continue to set aside such revenues until the balance is  sufficient  to pay  the  amount of such payment when due and the amount of such payment on any other issue due on or  before  such  date.  For  the  purpose  of meeting  a debt service or required payment on any issue of bonds, notes or other financial obligations of the  corporation  that  is  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  comptroller,  sufficient  to pay the debt service or other required payment on such issue and any other such issue with a payment date on or before such payment date. In the event that the amount set aside by  the comptroller  pursuant  to  this  paragraph  on  any  payment date is not sufficient to meet the payments required pursuant to  a  certificate  or certificates submitted by the chairperson pursuant to section thirty-two hundred  forty  of  the  public  authorities  law, the comptroller shall immediately transfer from the general fund to the  fund  established  by this  section  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. In no event shall the  comptroller  be  held liable for the failure to set aside an amount sufficient  to  pay  the  debt  service  or  required  payment  of   the corporation.   6.  All  payments  of  moneys from the local government assistance tax fund shall be made on the audit and warrant of the comptroller.   * NB Repealed six months after all liabilities of the New  York  Local Government Assistance Corporation are met or discharged.