N.Y. Public Authorities Law § 2976: Cost recovery on the issuance of certain bonds

§ 2976. Cost recovery on the issuance of certain bonds. 1.

Notwithstanding any other law to the contrary, public benefit

corporations (which for purposes of this section shall include

industrial development agencies created pursuant to title one of article

eighteen-A of the general municipal law or any other provision of law

and the New York city housing development corporation created pursuant

to article twelve of the private housing finance law) which issue bonds,

notes or other obligations shall pay to the state a bond issuance charge

upon the issuance of such bonds in an amount determined pursuant to

subdivision two of this section. Such charge shall be paid to the state

department of taxation and finance, upon forms prescribed therefor, no

later than fifteen days from the end of the month within which such

bonds are issued.

2. The bond issuance charge shall be computed by multiplying the

principal amount of bonds issued by the percentage set forth in the

schedule below, provided that: (a) the charge applicable to the

principal amount of single family mortgage revenue bonds shall be seven

one-hundredths of one percent; (b) the issuance of bonds shall not

include the remarketing of bonds; and (c) the issuance of bonds shall

not include the refunding of bonds, notes or other obligations.

SCHEDULE

Principal Amount of Bonds Issued Percentage Charge

a. $20,000,000 or less 0%

b. More than $20,000,000 .35%

3. The provisions of subdivisions one and two of this section shall

not apply to any public benefit corporation which enters into a contract

or agreement with the director of the budget which otherwise provides

for cost recovery to the state under this section and includes a

provision that, in accordance with this subdivision, subdivisions one

and two of this section shall not apply to such public benefit

corporation. The circumstances for the entry into such contract or

agreement may include, but shall not be limited to, those where the

amount to be paid thereunder equals or exceeds the amount of the bond

issuance charge which would otherwise be applicable pursuant to

subdivisions one and two of this section.

4. The provisions of subdivisions one and two of this section shall

not apply to recovery act bonds issued by the state of New York

municipal bond bank agency in connection with local American Recovery

and Reinvestment Act pursuant to section two thousand four hundred

thirty-six-b of this chapter.