N.Y. Public Authorities Law § 2473: State aid guarantee; withholding thereof

* § 2473. State aid guarantee; withholding thereof. 1. In the event

that a participating municipality fails to make its required payment, in

whole or in part, to the authority, the chairman of the authority shall

certify to the comptroller that such municipality has failed to meet its

obligations. Such certificate shall be in such form as the authority

deems desirable, but shall include the exact amount of payment required

to satisfy such municipality's obligation to the authority.

2. The comptroller, upon receipt of such certificate from the

authority, shall withhold from the city, county, town or village or, in

the event the participating municipality is a public benefit corporation

from the city, county, town or village on whose behalf such corporation

was created, state aid payable to such city, county, town or village to

the extent necessary to meet the required amount of payments. The

comptroller shall immediately pay over to the sports facilities income

fund account the amount so withheld.

* NB (Disbanded March, 1980)