2023 New York Laws › STF - State Finance › Article 6 - Funds of the State › 92-E - Municipal Assistance State Aid Fund.

§  92-e.  Municipal  assistance  state  aid  fund.  1. There is hereby
established in the custody of the comptroller a special fund to be known
as the municipal assistance state aid 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  per  capita  aid  apportioned  thereto
pursuant  to  section  fifty-four  of  this  chapter and, for all cities
except the city of New York, all other amounts  from  the  general  fund
local  assistance  account payable to a city in aid of which a municipal
assistance corporation has been created.
3. Such amounts, including per capita aid apportioned to a city in aid
of which a municipal assistance corporation has been created,  shall  be
deposited  by  the  comptroller  to  the  credit  of the special account
established for 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 securing such bonds  and  notes,
and,  subject  to  the provisions of section fifty-four of this chapter,
and subdivisions five and five-a of this section, the balance,  if  any,
shall  be  paid  to the chief fiscal officer of the city in aid of which
such corporation has been created as hereinafter provided.
4. Revenues in any special account in the municipal  assistance  state
aid  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.
5. 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   securing   such  bonds,  from  the  appropriate  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
receipt of such certificate or certificates, whichever is later, to such
corporation, as the chairman thereof may direct in any such certificate,
the amount or amounts so certified. 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 all revenues in
the special account established for such corporation  in  the  municipal
assistance state aid fund, if any, in excess of (i) the aggregate amount
which  the chairman of such corporation has certified to the comptroller
and which has been previously paid to such corporation as  herein  above
authorized,  and  (ii) amounts to be refunded to the general fund of the
state of New York pursuant to subdivision five-a of this section. In  no
event  shall the comptroller pay over and distribute any revenues 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  securing such bonds, which remain unpaid to such corporation shall
have been paid in full to such corporation; 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.
5-a. (a) In no event shall the comptroller pay over  any  revenues  to
the  city in aid of which such municipal assistance corporation has been
created as specified in subdivision five  of  this  section  unless  and
until  the  director of the budget certifies the amount or amounts to be
refunded to the general fund of  the  state  of  New  York  pursuant  to
section  fifty-four  of this chapter. Such amount shall be deducted from
the first amounts available for payment to such city after certification
by  the  chairman  of,  and  payment  to,  if  required,  the  municipal
assistance  corporation as specified in subdivision five of this section
and refunded to the general fund of the state. The  remainder  shall  be
paid  to  the  chief  fiscal  officer  of  the city in aid of which such
municipal assistance corporation has been created.
(b) Notwithstanding anything in this section to the contrary,  amounts
in the special account established within the municipal assistance state
aid  fund for the municipal assistance corporation for the city of Troy,
which amounts have been deposited into such special account pursuant  to
section  twenty  of a chapter of the laws of nineteen hundred ninety-six
entitled "AN ACT to amend chapter 721 of the laws  of  1994  authorizing
the  city  of  Troy to issue serial bonds for the purpose of liquidating
cumulative  and  projected  deficits  in  the   city's   general   fund,
establishing  a supervisory board, and establishing a debt service fund,
in relation to granting a lien to the county of Rensselaer  relating  to
certain  taxes  collected  on behalf of such county by the city of Troy"
which chapter added this paragraph (b), shall be paid by the comptroller
in accordance with this paragraph. No portion of such amounts  shall  be
paid by the comptroller to meet the requirements of such corporation for
the  payment  of  debt  service  as certified to the comptroller and the
governor pursuant to section three  thousand  fifty-six  of  the  public
authorities  law  unless at the time of such payment no other moneys are
available for payment to such corporation for  said  purpose  from  such
special  account  or  from  the  special  account  established  for such
corporation within the municipal assistance tax fund in accordance  with
subdivision  one of section ninety-two-d of this article. Any portion of
such amount not required by such corporation for the payment of its debt
service during the state fiscal year for  which  such  amount  has  been
appropriated  shall  be refunded to the general fund of the state of New
York prior to the end of such fiscal year.
6. All payments of moneys from the municipal assistance state aid fund
shall be made on the audit and warrant of the state comptroller.