2023 New York Laws › PBA - Public Authorities › Article 10-B › Title 4 - New York Local Government Assistance Coporation › 3238-A - Payment to City of New York.

* §  3238-a.  Payment  to  city  of  New  York. 1. Notwithstanding any
  inconsistent provision of law, the corporation  shall  transfer  to  the
  city  of New York one hundred seventy million dollars from the resources
  of the corporation pursuant to section thirty-two hundred thirty-nine of
  this title. Such payment shall be made during  each  city  fiscal  year;
  provided,  however,  that  on and after July first, two thousand twenty,
  the obligation of  the  corporation  to  make  such  payments  shall  be
  terminated  if  all  outstanding bonds of the sales tax asset receivable
  corporation that are secured by the corporation's payments described  in
  this subdivision have been fully paid and discharged by means of a legal
  defeasance  in accordance with the trust indenture under which they were
  issued before July first, two thousand twenty-one, and in  addition  the
  corporation  has paid to the city of New York or to its assignee if such
  payments have been assigned pursuant to this  subdivision,  the  sum  of
  forty-six  million  dollars  on  or  before June thirtieth, two thousand
  twenty-one. Such payments from the corporation shall be  made  from  the
  fund established by section ninety-two-r of the state finance law and in
  accordance with the provisions thereof.
2.  The city of New York, acting by the mayor alone, may assign all or
  any  portion  of  such  amount   to   any   not-for-profit   corporation
  incorporated   pursuant  to  section  fourteen  hundred  eleven  of  the
  not-for-profit corporation law and, upon such assignment, the amount  so
  assigned  shall  be  the property of such not-for-profit corporation for
  all purposes. Following  notice  from  the  city  of  New  York  to  the
  corporation  and  the comptroller of such assignment, such payment shall
  be  made  directly  to  the  city's  assignee.  If  such  not-for-profit
  corporation  issues bonds and/or notes, the state does hereby pledge and
  agree with the holders of any issue of bonds  and/or  notes  secured  by
  such  a  pledge that the state will not limit or alter the rights vested
  in  such  not-for-profit  corporation  to  fulfill  the  terms  of   any
  agreements  made  with  such holders or in any way impair the rights and
  remedies of such holders or the security for  such  bonds  and/or  notes
  until  such  bonds  and/or notes, together with the interest thereon and
  all costs and expenses in connection with any action or proceeding by or
  on behalf of such holders, are fully paid and discharged. The  foregoing
  pledge  and  agreement may be included in any agreement with the holders
  of such bonds or notes. Nothing  contained  in  this  section  shall  be
  deemed  to  restrict  the right of the state to amend, modify, repeal or
  otherwise alter statutes imposing or relating to the  taxes  subject  to
  such  assignment,  but  such taxes shall in all events continue to be so
  payable, as assigned, so long as any such taxes are imposed.
3. Proceeds of state supported debt, as defined in subdivision one  of
  section  sixty-seven-a  of  the  state  finance  law, or other available
  monies, may be provided to the trustee for the bonds of  the  sales  tax
  asset  receivable  corporation  secured  by  the  corporation's payments
  described in subdivision one of this section in an amount sufficient  to
  fully pay and discharge such bonds by means of a legal defeasance of all
  such  outstanding  bonds  in  accordance  with the trust indenture under
  which they were issued. So long as such bonds are legally  defeased  and
  the  corporation  has paid to the city of New York or to its assignee if
  such payments have been assigned pursuant to this subdivision,  the  sum
  of  forty-six  million dollars on or before June thirtieth, two thousand
  twenty-one the corporation's obligation contained in subdivision one  of
  this  section  to transfer funds to the city of New York shall be deemed
  satisfied and fully discharged. Upon any such legal defeasance  of  such
  bonds,  the  sales  tax  asset receivable corporation shall no longer be
  deemed a local authority  within  the  meaning  of  subdivision  two  of
  section  two  of  this  chapter  and  the  provisions  of  this chapter,

  including, without limitation, the provisions of article  nine  of  this
  chapter, shall no longer be applicable to the sales tax asset receivable
  corporation.
4.  Notwithstanding  any  inconsistent provision of law, the dormitory
  authority of the state  of  New  York  and  the  New  York  state  urban
  development  corporation  are hereby authorized to issue bonds in one or
  more series pursuant to article five-C or article five-F  of  the  state
  finance  law  in an aggregate principal amount sufficient to directly or
  indirectly (i) finance the legal defeasance or payment  of  all  of  the
  outstanding  bonds of the sales tax asset receivable corporation secured
  by the corporation's payments  described  in  subdivision  one  of  this
  section,  (ii) one or more related debt service reserve funds, and (iii)
  costs of issuance attributable to such bonds, and the issuance  of  such
  bonds is hereby determined to be for an "authorized purpose", as defined
  in  subdivision  two  of  section  sixty-eight-a  and subdivision two of
  section sixty-nine-m of the state finance law, as the case may be.
* NB Repealed July 1, 2034