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

§  92-d. Municipal assistance tax fund. 1. There is hereby established in the custody of the comptroller a special fund  to  be  known  as  the municipal  assistance  tax  fund.  Within  such  fund,  there  is hereby established a special account for each municipal assistance  corporation created under article ten of the public authorities law.   2.  Such  fund  shall  consist  of the revenues derived from municipal assistance sales and compensating use taxes imposed by  sections  eleven hundred  seven  and  eleven  hundred  eight  of the tax law, any amounts transferred from  the  stock  transfer  tax  fund  pursuant  to  section ninety-two-b  of  this  article,  any  amounts  transferred  pursuant to subdivision (a) of section nine of chapter seven hundred  twenty-one  of the  laws  of  nineteen  hundred  ninety-four, as amended by chapter one hundred eighty-seven of the laws of nineteen  hundred  ninety-five,  and such  amount  of  aid  apportioned  and  paid into such fund pursuant to section fifty-four of this chapter.   3. The taxes, interest and penalties  imposed,  pursuant  to  sections eleven hundred seven or eleven hundred eight (as the case may be) of the tax  law  within  the  territorial  limits  of  a city in aid of which a municipal assistance corporation has been created, and received  by  the commissioner  of  taxation and finance, after deducting the amount which the commissioner of taxation and finance shall determine to be necessary for reasonable costs of the commissioner  of  taxation  and  finance  in administering,   collecting   and  distributing  such  taxes,  shall  be appropriated (i) to the municipal assistance corporation which has  been created  in  aid  of  such  city  in order to enable such corporation to fulfill the terms of any agreements made with the holders of  its  notes and  bonds  and  to  carry  out  its  corporate  purposes, including the maintenance of the capital reserve fund, and (ii) the balance,  if  any, to  the  city in aid of which such corporation has been created, or to a public benefit corporation to which the tax  may  be  otherwise  payable pursuant to law, as hereinafter provided.   4.  On  or  before  the twelfth day of each month, the commissioner of taxation and finance shall certify to the comptroller the amount of  all revenues  so  received  during the prior month as a result of the taxes, interest and penalties so imposed and in addition on or before the  last day  of  June the commissioner shall certify the amount of such revenues received during and including the first twenty-five days  of  June.  The amount of revenues so certified shall be deposited by the comptroller in the  municipal  assistance  tax  fund and the amount attributable to the taxes, interest and penalties imposed within the territorial limits of a city in aid of which a municipal assistance corporation has been created shall be credited to a special account established in such fund for such corporation. Notwithstanding the foregoing provisions, the  commissioner of taxation and finance may prorate revenue attributable to the first or last  quarterly  return period during which the taxes imposed by section eleven hundred seven or eleven hundred eight (as the case may be) of the tax law apply so as to separate from  the  revenue  collected  for  that quarter  pursuant  to such taxes the revenue collected pursuant to local legislation adopted by a city pursuant to section twelve hundred ten  or twelve  hundred  twelve-A  of  the  tax  law.  Such  a  proration by the commissioner of taxation and finance shall be made on the basis  of  the ratio  of  the  number  of  months  during which such taxes were imposed during such quarterly return period to the total  number  of  months  in such quarterly return period when such proration is reasonably necessary to  ascertain  the  amount  of such money which must be deposited by the comptroller in such special account and the amount of such  money  which must  be  deposited  pursuant to section twelve hundred sixty-one of the  tax law. The commissioner of taxation and  finance  shall  not  be  held liable for any inaccuracy in any certification under this subdivision.   5.  Revenues  in  any  special account in the municipal 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 of the United States or of the state or in  obligations  the principal  of  and interest on which are guaranteed by the United States or by the state.   6. Upon receipt by the comptroller of a  certificate  or  certificates from  the  chairman  of  a  municipal  assistance  corporation that such corporation requires a payment or payments in order to comply  with  any agreement  with  the holders of its notes and bonds and to carry out its corporate purposes, including the maintenance  of  the  capital  reserve fund, from the special account established for such corporation, each of which  certificates  shall  specify the required payment or payments and the date when the payment or payments is required, the comptroller shall pay from such special account on or before the specified date or  within thirty days after such receipt, whichever is later, to such corporation, as  the  chairman thereof may direct in any such certificate, the amount or amounts so certified. The chairman of such corporation shall  furnish the   commissioner   of   taxation  and  finance  with  copies  of  such certificates.  The comptroller shall from time to time, but in no  event later  than the fifteenth day of October, January and April and the last day of June of each fiscal year, pay over and distribute  to  the  chief fiscal  officer  of  the  city in aid of which such municipal assistance corporation has been created to be paid into the treasury of  such  city to  the  credit  of  the  general  fund, or pay over and distribute to a public benefit corporation to which the tax  may  otherwise  be  payable pursuant  to  law,  all  revenues in the special account established for such corporation in the municipal assistance tax fund, if any, in excess of the aggregate amount which  the  chairman  of  such  corporation  has certified  to the comptroller and which has been previously appropriated and paid to such corporation as  hereinabove  authorized.  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 municipal  assistance  corporation unless and until the aggregate of all payments certified to the comptroller as required by such corporation as of such date in order to comply with its agreements with the holders  of its  notes  and bonds and to carry out its corporate purposes, including the maintenance of the capital reserve fund, which remain unappropriated or unpaid to such corporation  shall  have  been  appropriated  to  such corporation and shall have been paid in full; provided, however, that no person,  including such corporation or the holders of its notes or bonds 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 special account.  On the day on which the comptroller pays over and distributes to the chief fiscal officer of such city any  revenues  from such  special  account  the  commissioner  of taxation and finance shall certify to the comptroller the amount to be deducted for  administering, collecting  and  distributing the tax imposed pursuant to section eleven hundred seven or eleven hundred eight (as the case may be)  of  the  tax law  within  the territorial limits of such city since he last certified  such amount and the comptroller shall pay such amount into  the  general fund  of  the  state  treasury  to the credit of the state purposes fund therein.   7.  In  the  event  that the amount of revenues in the special account established for the municipal assistance corporation for the city of New York in the municipal assistance tax fund which have  been  appropriated to  such corporation shall at any time be less than the amount which the chairman of  such  corporation  has  certified  to  the  comptroller  as required  in order to comply with its agreements with the holders of its notes and bonds and to carry out its corporate purposes,  including  the maintenance  of  the  capital  reserve  fund, then and in such event the comptroller shall forthwith certify to the commissioner of taxation  and finance  the  amount  of  the  difference  between  the revenues in such special account  and  the  amount  so  certified  as  required  by  such corporation  and  upon  receipt  of such certificate the commissioner of taxation and finance shall approve a voucher for payment of  the  amount of such difference into such special account in the municipal assistance tax  fund  from  the  stock  transfer  tax  fund established pursuant to subdivision one of section ninety-two-b of this chapter at the next date for payment from such fund as  provided  in  subdivision  four  of  such section,  anything  in  said section to the contrary notwithstanding. In the case of every twelve month period commencing after  June  thirtieth, nineteen  hundred  seventy-seven, the comptroller shall, before the last day of September, December, March and June of each such period,  certify to  the  commissioner  of taxation and finance the amount from the stock transfer tax fund, if any, determined by the comptroller to be  required during  the  next following three months in order to provide the amounts certified by the chairman of the municipal  assistance  corporation  for the  city of New York, or if no such amount is necessary, a statement to that effect. The amount so determined shall be arrived at  after  taking into  account  a  statement,  to  be  furnished  by  the commissioner of taxation and finance to the comptroller, of such information,  including revenue  collection  and  estimates  of  revenue  collection for certain periods of the taxes imposed by section eleven hundred seven of the  tax law,  as such commissioner is reasonably able to provide in order to aid such comptroller in making  the  above  determination  with  respect  to disposition   of   revenues   in  the  stock  transfer  tax  fund.  Such commissioner shall not be held liable for any  inaccuracy  of  any  such information  provided  in  such  statement. The foregoing certificate or statement, as the case  may  be,  of  such  comptroller  shall  be  made regardless  of the amount of revenues in the special account established for the municipal assistance tax fund which have  been  appropriated  to such  corporation.  When all the notes and bonds of the corporation have been fully paid and discharged, together with the interest  thereon  and interest  on  unpaid  installments  of  interest,  the  chairman  of the corporation must make a final certification to the comptroller that  the corporation has no more liabilities. Upon receipt of that certification, the  comptroller  must  notify  the commissioner of taxation and finance that all funds held in the stock transfer tax fund must be deposited  in the  stock  transfer  incentive  fund  pursuant  to subdivision seven of section ninety-two-b of this article.   8. All payments of moneys from the municipal assistance tax fund shall be made on the audit and warrant of the state comptroller.   9. With respect to: (i) net collections, as defined in section  twelve hundred  sixty-two  of the tax law, to the extent received by the county of Rensselaer under payment procedures in effect, from taxes imposed  by such county under section twelve hundred ten of the tax law, as amended, or any successor law thereto, and  (ii)  monies,  to  the  extent  received  by such county under payment procedures in effect, to be paid to the city  of  Troy  pursuant  to  an agreement  under  subdivision (c) of section twelve hundred sixty-two of the  tax  law,  the  special  account  established  for  the   municipal assistance  corporation  for  the  city  of  Troy  within  the municipal assistance tax fund shall have a statutory first lien  upon  the  entire share  of  the  city of Troy of any such net collections or monies. Such lien shall not require any segregation of funds,  physical  delivery  or any  other action, filing or agreement in order to evidence, perfect, or preserve the priority of such lien and  shall  be  valid,  binding,  and perfected as against all parties, with or without notice thereof, having claims  of  any kind in tort, contract or otherwise against such county. Such county shall segregate, quarterly or on such other schedule as such share of such net collections or  monies  shall  be  due  and  owing  in accordance   with  such  law  or  agreement,  such  share  of  such  net collections or  monies  and  shall,  upon  such  segregation,  use  such proceeds  for  no  other purpose than to pay them to the comptroller for deposit  into  the  special  account  established  for   the   municipal assistance  corporation  for  the  city  of  Troy  within  the municipal assistance tax fund  in  accordance  with  applicable  law  and  payment procedures  in effect. Provided that such county has, by the payment due date, paid such proceeds to  the  comptroller  in  accordance  with  the provisions  of  this  paragraph, such payment shall be deemed conclusive evidence that the county had complied with the  segregation  requirement respecting  the  proceeds  so paid, as set forth in this paragraph. This subdivision shall  terminate  upon  the  termination  of  the  municipal assistance corporation for the city of Troy.