2023 New York Laws › TAX - Tax › Article 29 - Taxes Authorized for Cities, Counties and School Districts › Part 4 - Disposition of Revenues › 1261-A - Revenues From Certain Taxes Imposed by Washington and Warren Counties.

§ 1261-a. Revenues from certain taxes imposed by Washington and Warren
counties.  (a)  In  the  event  that  the  Warren  and Washington county
industrial development agency established under  article  eighteen-A  of
the  general  municipal  law  issues  bonds,  notes or other obligations
secured by the service fee obligations of the counties which,  in  turn,
are secured by a pledge by Warren and Washington counties of payments of
net  collections  from  taxes  imposed  by such counties pursuant to the
authority of subdivision (a) of  section  twelve  hundred  ten  of  this
article,  as  authorized  by  the  act  which enacted this section, such
industrial development agency shall provide a certified  written  notice
to  the state comptroller that it has issued, or is about to issue, such
notes, bonds or other obligations. Such notice shall set forth in detail
the term, amount, interest rate and  payment  schedule  of  such  bonds,
notes  or  other  obligations,  and  the  amounts  due  from each county
attributable  to  net  collections  from  the  respective  counties,  as
described  in  subdivision (b) of this section, together with such other
information as the comptroller shall require. Such agency shall  provide
a  copy  of such notice to the chief fiscal officer of each such county.
Such agency shall provide the first of such notices to  the  comptroller
at  least ninety days prior to the date that the comptroller is expected
to pay net collections, as described in subdivision (b) of this section,
and then at least ninety days prior to the beginning  of  each  county's
fiscal  year  thereafter, until the comptroller is no longer expected to
make such payments of such net  collections,  provided  that  the  first
notice  to  the  comptroller under this section may contain estimates of
the term, amount, interest rate and payment schedules before the  bonds,
notes  or  other  obligations are issued in which case such agency shall
give a corrected notice to the comptroller within ten  days  after  such
bonds,  notes or other obligations are issued. If such agency gives such
an estimated notice and such bonds, notes or other obligations  are  not
issued,  such  agency  shall give further notice to the comptroller that
net collections shall not be withheld from the counties.
(b) Upon  the  comptroller  receiving  (i)  such  complete,  certified
written   notice   from  such  agency,  and  (ii)  certified  copies  of
resolutions adopted by majority vote of the board of supervisors of each
such county (both and each of such boards  concurring)  authorizing  and
requesting   the  comptroller  to  make  such  payments  from  such  net
collections due such counties as the counties have agreed upon with such
agency, at least ninety days prior to the date that the  comptroller  is
expected  to  make the first payment under this section, the comptroller
shall, notwithstanding any provision of section twelve hundred sixty-one
of this article to the contrary, pay, on or before the fifteenth day  of
each  month,  all or a portion of the net collections due Warren county,
but only out of net collections attributable to taxes  imposed  by  such
county at the rate of one and one half percent pursuant to the authority
of subdivision (a) of section twelve hundred ten of this article (or, in
the  event  that Warren county's pledge is substituted, then only out of
net collections available to such county as a result of such substituted
pledge, as such substituted pledge and net collections are described  in
subdivision  i of section one of chapter five hundred one of the laws of
nineteen hundred ninety-nine, as added by the chapter of the laws of two
thousand which added this subdivision) and all or a portion of  the  net
collections  due  Washington county, but only out of the net collections
attributable to taxes imposed by  such  county  at  the  rate  of  three
percent  pursuant  to  the  authority of subdivision (a) of such section
twelve hundred ten, as authorized by such counties' resolutions, to such
agency, on account of, and for the benefit of,  such  counties  to  meet
such  counties'  responsibilities under agreements amongst such counties

and  such  agency  and  the  holders  of  such  bonds,  notes  or  other
obligations  which  are  subject  to such a pledge, or to the trustee of
such bonds, notes or other obligations. If  so  requested  by  both  the
agency,  as  indicated  in  its  notice  to  the comptroller, and by the
counties, as indicated in their concurring resolutions  filed  with  the
comptroller,  the  comptroller  shall  make  such  payments to a trustee
pursuant to an indenture for bondholders or holders of  notes  or  other
obligations,  issued  by  such  agency  with  respect  to the Adirondack
resource recovery facility pursuant to the authority of  the  law  which
enacted this section. Such payments by the comptroller on behalf of such
counties shall be applied monthly by such agency or, if paid directly to
the  trustee,  by  such  trustee,  to  pay  the  portion of service fees
measured by debt service costs or such other or additional  portions  of
the service fees that the counties shall authorize by resolution of each
of  their  respective boards of supervisors for solid waste disposal for
the counties pursuant to agreements entered into or to be  entered  into
concerning  solid  waste  disposal  fees, which agreements shall require
such agency or such trustee to electronically transfer the  balances  of
such  payments  not  required  to  meet  contractual  obligations to the
respective county on or before the first  day  of  the  next  succeeding
month.
(c) The comptroller shall not be responsible for any inaccuracy in the
amount  of such payments based upon the schedule in the notice furnished
by such agency. The comptroller shall not be required to  make  payments
under  this  subdivision  which  are  greater  than  the  amounts of net
collections due Warren county from its tax imposed at the  rate  of  one
and  one  half  percent (or, in the event that Warren county's pledge is
substituted, due such county from its tax as available in the  event  of
such  substituted pledge, as such substituted pledge and net collections
are described in subdivision i of section one of  chapter  five  hundred
one of the laws of nineteen hundred ninety-nine, as added by the chapter
of  the  laws  of  two  thousand  which  added  this subdivision) or due
Washington county from its tax imposed at the rate of three percent  and
available  in the account described in subdivision (c) of section twelve
hundred sixty-one of this article, as certified to  the  comptroller  by
the  commissioner  as provided in such subdivision (c) of section twelve
hundred sixty-one. Any balance of  net  collections  due  such  counties
after  the  comptroller  makes  any payments required under this section
shall  be  paid  to  such  counties  in  the  manner  provided  in  such
subdivision  (c)  of  section  twelve hundred sixty-one. The comptroller
shall be required to make payments under this section for only  so  long
as  the  counties  are required to make payments of such net collections
under the payment schedule set forth in  such  agency's  notice  to  the
comptroller.
(d) The comptroller may rely, without further inquiry, that Washington
county  has  incurred  obligations  to  the  agency,  and  Warren county
similarly has incurred obligations of Warren county to Washington county
and/or the agency, and that agreements have been duly  approved  by  the
board of supervisors for each county and executed by the chairman of the
board  of supervisors for each county authorizing use of net collections
as authorized in this section, payable by them, for all or a portion  of
service  fees  measured by debt service and payments to reserve funds in
connection with any outstanding bonds, notes or other  obligations  now,
or  hereafter  issued  by  the  agency  for  such purposes or such other
portions or additional portions of the service fees  that  the  counties
shall  authorize  by  resolution  of  each of their respective boards of
supervisors,  and  arising  out  of  financing  or  refinancing  of  the
Adirondack  resource  recovery  facility  including the financing of the

purchase of any rights of  private  parties  to  acquire  such  facility
through an installment sale.