N.Y. Public Authorities Law § 2664: Return of moneys to the county of Schenectady

§ 2664. Return of moneys to the county of Schenectady. 1. In the

event that the revenues of the authority exceed its current liabilities

by more than fifty percent at the end of its first fiscal year, or by

more than ten percent at the end of its fiscal year of each fiscal year

after its first fiscal year, after a lawful deposit in its reserve fund

of not less than five percent of its revenues, and after a lawful

deposit into its construction and development account in the amount

necessary to provide payment for the anticipated projects of the next

fiscal year, then the authority shall return to the county of

Schenectady seventy-five percent of such surplus amount.

2. In the event that the revenues of the authority do not exceed its

current liabilities by more than fifty percent at the end of its first

fiscal year, or by more than ten percent at the end of its fiscal year

of each fiscal year after its first fiscal year, after a lawful deposit

in its reserve fund of not less than five percent of its revenues and

after a lawful deposit into its construction and development account in

the amount necessary to provide payment for the anticipated projects of

the next fiscal year, or that sufficient funds are not available for the

authority to make a lawful deposit in its reserve fund of not less than

five percent of its revenues, and a lawful deposit into its construction

and development account, then the authority shall not be required to

return any funds to the county of Schenectady for that fiscal year.

3. The authority shall not return any funds to the county of

Schenectady that have been received by the authority from sources other

than the dedicated one-half of one percent of the sales tax.