N.Y. Public Authorities Law § 2540: Payments to the corporation

§ 2540. Payments to the corporation. (a) Since the corporation's

continued discharge of its public and governmental purpose is of benefit

to the city, the city shall pay, within the appropriations available

therefor, the expenses of the establishment and continued operation of

the corporation.

(b) In the event of the failure or inability of the city to pay over

to the corporation, in full, on or before the first day of December, the

amount required to be paid by section twenty-five hundred thirty-seven

of this title, the chairman of the corporation shall forthwith certify

to the state comptroller the amount remaining unpaid and thereupon the

state comptroller shall pay such amount to the corporation out of the

first monies available for the next succeeding payments to the city from

the stock transfer tax fund established by section ninety-two-b of the

state finance law.

(c) In the event that the amount paid by the comptroller pursuant to

subdivision (b) of this section is inadequate to restore the capital

reserve fund to the capital reserve fund requirement, the state

comptroller shall pay to the corporation, out of the first monies

available for the next succeeding payments of (i) state aid apportioned

to the city of New York as per capita aid for the support of local

government pursuant to section fifty-four of the state finance law or

(ii) such other aid or assistance payable by the state to the city and

not otherwise allocated as shall supersede or supplement such state per

capita aid, including federal monies apportioned to the city by the

state, such amount remaining unpaid, after giving written notice to the

director of management and budget of each amount to be paid out of such

aid, until the amount in the capital reserve fund is restored to the

capital reserve fund requirement; except, however, that prior to any

deductions from any such aid or assistance, state aid monies, if any,

payable, pursuant to the provisions of any law the effective date of

which is prior to the effective date of this title, to a public benefit

corporation shall be paid in full to such corporation. Any amount so

paid over to the corporation shall be deducted from the corresponding

apportionment of such per capita state aid otherwise payable to the city

of New York, and shall not obligate the state to make nor entitle the

city to receive any additional apportionment or payment of per capita

state aid.