N.Y. City of Troy Issuance of Serial Bonds § 8-b: Certain taxes collected by the city of Troy on behalf of the county of Rensselaer

§ 8-b. Certain taxes collected by the city of Troy on behalf of the

county of Rensselaer. (a) As long as the municipal assistance

corporation for the city of Troy shall exist, the county of Rensselaer

shall have a statutory first lien upon all monies paid as or on account

of taxes or assessments on real property collected by the city of Troy

on behalf of such county. 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 its priority 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 city.

(b) In addition to amounts retained in the general debt service fund

pursuant to section eight-a of this act for the payment of debt service,

monies in the fund constituting real property taxes or assessments

collected on behalf of the county of Rensselaer shall be retained in the

fund until paid to the county in accordance with the following

procedure: not less than five business days prior to the date required

by the real property tax law, the charter of the city, or an agreement

between the city and the county for the payment to the county of real

property taxes and assessments collected on behalf of the county and

deposited pursuant to subdivision (b) of section eight-a of this act,

the city shall certify to the comptroller the amount of the payment due

and owing to the county. On the date such payment is due, the

comptroller shall pay to such county:

(i) the amount certified as due and owing to the county, or

(ii) in the event no such certification has been made by the city, an

amount equal to the payment which was due for the equivalent period one

year prior to the date for which no certification was made. In such

event, upon subsequent certification by the city, not less than five

business days following the date of such certification, the county shall

pay to the comptroller for deposit into the general debt service fund

the positive remainder, if any, resulting when the amount certified as

due and owing to the county is deducted from the amount paid to the

county pursuant to this paragraph or, the comptroller shall pay to such

county the balance of such payment due and owing to the county.

No certification by the city shall be deemed conclusive and binding

upon the county.

(c) Failure by the city to provide the comptroller with any

certification required by this section or by section eight-a of this act

shall, except in extraordinary circumstances determined by the

comptroller and for not more than sixty days, preclude the comptroller

from releasing any amounts in the fund which may be available to the

city, after amounts retained for debt service and amounts paid to the

county pursuant to the provisions of subdivision (b) of this section,

pursuant to such section eight-a, until such certification is provided.

(d) Nothing in this section or in section eight-a of this act shall be

deemed to affect any right of the county of Rensselaer to receive

interest from the city of Troy related to any payments of or on account

of taxes or assessments on real property collected by such city on

behalf of such county and not remitted to the county when due.

(e) Nothing in this section or in section eight-a of this act shall be

deemed to alter, modify, amend, change or supersede any term, provision

or condition of any agreement between the city and the county for the

collection of real property taxes.