N.Y. Public Authorities Law § 3240: Payments to the corporation

§ 3240. Payments to the corporation. 1. * Not less than one hundred

twenty days before the beginning of each fiscal year of the corporation

(but not later than October first, nineteen hundred ninety, for the

fiscal year ending March thirty-first, nineteen hundred ninety-one) the

chairperson of the corporation shall certify to the state comptroller

and to the governor a schedule of cash requirements for such fiscal

year. The total amount so certified for such fiscal year shall be equal

to the total amount of the debt service then due on the bonds and notes

of the corporation, including payments of interest and principal

(including sinking fund payments) including payments required to be made

pursuant to section thirty-two hundred thirty-eight-a of this title,

together with:

* NB Effective until July 1, 2034

* Not less than one hundred twenty days before the beginning of each

fiscal year of the corporation (but not later than October first,

nineteen hundred ninety, for the fiscal year ending March thirty-first,

nineteen hundred ninety-one) the chairperson of the corporation shall

certify to the state comptroller and to the governor a schedule of cash

requirements for such fiscal year. The total amount so certified for

such fiscal year shall be equal to the total amount of the debt service

then due on the bonds and notes of the corporation, including payments

of interest and principal (including sinking fund payments), together

with:

* NB Effective July 1, 2034

(a) the amount, if any, due to any provider of any bond or note

facility, representing payments made by it as provided in the applicable

resolution or trust indenture as a result of any previous failure of the

state to make any payment provided for in this section, including any

related reasonable interest, fees or charges so provided,

(b) the amount, if any, required to restore the capital reserve fund

to the capital reserve fund requirement to the extent any deficiency

therein has resulted directly or indirectly from failure by the state to

make any payment provided for in this section,

(c) the amount, if any, required to be rebated to the United States to

provide for continued federal tax exemption for bonds and notes of the

corporation, and

(d) the expenses of the establishment and continued operating expenses

of the corporation, but not in excess of one hundred thousand dollars,

exclusive of trustees' fees, fees payable to providers of bond or note

facilities, fees for issuing and paying agents, remarketing agents and

dealers, counsels, financial advisors, independent auditors, providers

of interest rate exchange agreements, rating agencies, transfer or

information agents, the publication of advertisements and notices,

surety arrangements, and printers; fees or charges incurred by the

corporation to comply with applicable federal and state securities or

tax laws; and any other costs of issuance in excess of the amount

provided therefor in the proceeds of the sale of bonds or notes of the

corporation, to the extent that any of the foregoing amounts or expenses

are not to be paid from other resources available to the corporation for

such purpose.

1-a. The chairperson of the corporation may revise such certification

at such times as shall be determined by the chairperson, provided,

however, that the chairperson of the corporation shall revise such

certification not later than thirty days after the issuance of any bonds

or notes of the corporation including refunding bonds, and the adoption

of any interest rate exchange or other financial arrangement affecting

the cash requirements of the corporation.

2. The schedule accompanying such certification shall provide for

payments on such dates as the corporation deems appropriate to ensure

that sufficient funds will be available from the sources identified in

this section to enable it to meet its current obligations as they become

due.

3. Upon receipt of such certification, or any revision thereof, the

comptroller shall pay such amount to the corporation for payment or

deposit in accordance with such certification, from the local government

assistance tax fund established by section ninety-two-r of the state

finance law or from any other amount appropriated for such purpose to

the extent that moneys in such fund are insufficient for such purpose.

Any such payment shall be made within thirty days of the receipt of the

certification or at the time specified within the certification,

whichever is later, provided that any such amounts shall have been first

appropriated by the state.

* 4. In any year in which the state appropriates money out of any

other funds available to it directly for the payment of debt service of

the corporation or for any other corporate purposes for which payments

out of the local government assistance fund may be made, except any

appropriated amount in respect of a deficiency in such fund, the amount

certified by the chairperson of the corporation shall be reduced by the

amount of such direct state payments. Provided however, this subdivision

shall not apply for payments made pursuant to section thirty-two hundred

thirty-eight-a of this title.

* NB Effective until July 1, 2034

* 4. In any year in which the state appropriates money out of any

other funds available to it directly for the payment of debt service of

the corporation or for any other corporate purposes for which payments

out of the local government assistance fund may be made, except any

appropriated amount in respect of a deficiency in such fund, the amount

certified by the chairperson of the corporation shall be reduced by the

amount of such direct state payments.

* NB Effective July 1, 2034

* 5. The agreement of the state contained in this section shall be

deemed executory only to the extent of appropriations available for

payments under this section and no liability on account of any such

payment shall be incurred by the state beyond such appropriations. The

state, acting through the director of the budget, and the corporation

may enter into, amend, modify, or rescind one or more agreements

providing for the specific manner, timing, and amount of payments to be

made under this section, but only in conformity with this section.

Provided however, this subdivision shall not apply for payments made

pursuant to section thirty-two hundred thirty-eight-a of this title.

* NB Effective until July 1, 2034

* 5. The agreement of the state contained in this section shall be

deemed executory only to the extent of appropriations available for

payments under this section and no liability on account of any such

payment shall be incurred by the state beyond such appropriations. The

state, acting through the director of the budget, and the corporation

may enter into, amend, modify, or rescind one or more agreements

providing for the specific manner, timing, and amount of payments to be

made under this section, but only in conformity with this section.

* NB Effective July 1, 2034

6. Nothing contained in this title shall be deemed to restrict the

right of the state to amend, repeal, modify or otherwise alter statutes

imposing or relating to the taxes imposed pursuant to sections eleven

hundred five and eleven hundred ten of the tax law. The corporation

shall not include within any resolution, contract or agreement with

holders of the bonds or notes issued under this title any provision

which provides that a default occurs as a result of the state exercising

its right to amend, repeal, modify or otherwise alter the taxes imposed

pursuant to sections eleven hundred five and eleven hundred ten of the

tax law.