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

§  92-z.  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 revenue bond tax fund".   2. Such fund shall consist of (a) fifty percent of receipts  from  the imposition  of  personal  income taxes pursuant to article twenty-two of the tax law, less such amounts  as  the  commissioner  of  taxation  and finance  may determine to be necessary for refunds, (b) fifty percent of receipts from the imposition  of  employer  compensation  expense  taxes pursuant to article twenty-four of the tax law, less such amounts as the commissioner  of  taxation and finance may determine to be necessary for refunds, and (c) fifty percent of receipts from the  imposition  of  the pass-through  entity  taxes pursuant to article twenty-four-A of the tax law, less such amounts as the commission of  taxation  and  finance  may determine to be necessary for refunds.   3. (a) Beginning on the first day of each month, the comptroller shall deposit  all  of  the receipts collected pursuant to section six hundred seventy-one of the tax law in the revenue bond tax fund until the amount of  monthly  receipts  anticipated  to  be  deposited  pursuant  to  the certificate  required  in  paragraph  (b)  of  subdivision  five of this section are met. 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 paragraph (a) of 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 revenue bond tax fund.  (b)  Beginning  on  the first day of each month, the comptroller shall deposit all of the receipts collected pursuant to section eight  hundred fifty-four  of the tax law in the revenue bond tax fund until the amount of  monthly  receipts  anticipated  to  be  deposited  pursuant  to  the certificate  required  in  paragraph  (b)  of  subdivision  five of this section are met. 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 paragraph (b) of 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 revenue bond tax fund.  (c)  Beginning  on  the first day of each month, the comptroller shall deposit all of the receipts collected pursuant to sections eight hundred sixty-four and eight hundred sixty-five of the tax law  in  the  revenue bond  tax  fund  until  the amount of monthly receipts anticipated to be deposited pursuant to the  certificate  required  in  paragraph  (b)  of subdivision  five  of this section are met. 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  paragraph  (c)  of 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 revenue bond tax fund.   4.  Moneys  in  the  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 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 each authorized issuer as  such  term  is  defined  in section   sixty-eight-a   of  this  chapter  for  the  payment  of  cash requirements of such 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  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 which was required to have been made 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  revenue bond   tax   fund.  Any  agreement  entered  into  pursuant  to  section sixty-eight-c 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, (ii) 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 pursuant  to  section  six  hundred seventy-one  of the tax law, section eight hundred fifty-four of the tax law, section eight hundred sixty-four of the tax law, and section  eight hundred sixty-five of the tax law shall be deposited in the revenue bond tax  fund  until  the  greater  of forty percent of the aggregate of the receipts from the imposition of (A) the personal income tax  imposed  by article twenty-two of the tax law, (B) the employer compensation expense tax  imposed  by  article  twenty-four  of  the  tax  law,  and  (C) the pass-through entity tax imposed by article twenty-four-A of the tax  law for  the  fiscal  year  beginning on April first and as specified in the  certificate or certificates filed by the director of the budget pursuant to this paragraph  or  a  total  of  twelve  billion  dollars  has  been deposited  in  the  revenue  bond  tax  fund.  Notwithstanding any other provision  of  law,  if  the  state  has  appropriated  and  paid to the authorized issuers the amounts necessary for the authorized  issuers  to meet  their  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  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-eight-a 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.  Such monthly set asides shall equal not less than the total  debt  service  requirements  due  to  all authorized  issuers  in  the  following  month  and  as certified by the director of the budget, except in  the  case  of  revenue  bonds  of  an authorized  issuer that are due on a monthly or more frequent basis. The state comptroller shall set aside all such moneys  as  received  in  the revenue bond tax fund until the amount set aside is equal to the monthly amount of cash requirements, as certified by the director of the budget. Notwithstanding subdivision three of section seventy-two of this article or  any other provision of law, all moneys set aside in the 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 revenue bond tax fund until needed  for  payment  to authorized  issuers,  as  provided  in  this section. For the purpose of meeting any required payment  on  any  issue  of  revenue  bonds  of  an authorized  issuer  that is due on a monthly or more frequent basis, the state comptroller shall set aside all  receipts  deposited  pursuant  to subdivision  three  of  this section as received until the amount so set aside is, in accordance with the schedule set forth for such purpose  by the  director  of  the budget, sufficient to pay the 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 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 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.