N.Y. Public Authorities Law § 3864: Intercept of city tax revenues, school district tax revenues and state aid revenues

§ 3864. Intercept of city tax revenues, school district tax revenues

and state aid revenues. 1. The state comptroller, in accordance with

section twelve hundred sixty-one of the tax law, shall pay at least

monthly to the authority, (a) for the period beginning upon the

effective date of this title through June thirtieth, two thousand

thirty-seven, city tax revenues and, (b) for the period beginning July

first, two thousand four, and ending June thirtieth, two thousand

thirty-seven, during which the county sets aside net collections for

educational purposes pursuant to the authority of subdivision (a) of

section twelve hundred sixty-two of the tax law, school district tax

revenues. During the period beginning on the effective date of this

title through June thirtieth, two thousand thirty-seven, the county

shall impose such taxes pursuant to the authority of subdivision (a) of

section twelve hundred ten of the tax law at a rate of no less than

three percent. In addition, during such periods, respectively, the state

comptroller shall pay to the authority (i) city tax revenues pursuant to

the then current agreement under subdivision (c) of section twelve

hundred sixty-two of the tax law among the county and the cities in the

county and (ii) school district tax revenues; provided however, in the

event that such agreement among the county and such cities shall have

expired or been terminated during such period, notwithstanding any other

provision of general, special or local law to the contrary, the state

comptroller shall make such payments of city tax revenues to the

authority pursuant to the provisions of paragraph two of subdivision (d)

of section twelve hundred sixty-two of the tax law.

2. Commencing on the effective date of this title, and until June

thirtieth, two thousand thirty-seven, the state comptroller shall pay

state aid revenues to the authority.

3. The city shall have no right, title, or interest in the city tax

revenues or state aid revenues paid to the authority pursuant to this

section; and the school district shall have no right, title, or interest

in the school district tax revenues paid to the authority pursuant to

this section.