N.Y. Public Housing Law § 94: Authorization to make subsidies

§ 94. Authorization to make subsidies. A municipality is authorized to

make or contract to make capital or periodic subsidies to an authority

operating within the territorial limits of such municipality, payable

only with moneys locally appropriated therefor from the general or other

funds available for current expenses of such municipality. Periodic

subsidies shall not be contracted for a period longer than the life of

the project assisted thereby, and in no event for more than fifty years.

If the amount of any periodic subsidy shall be equal to or greater than

the interest on and the amounts required annually for the payment of the

indebtedness contracted by the authority on account of a project in any

year, such contract shall constitute a guarantee of the principal of and

the interest on such indebtedness, and such contract and the payments

thereunder may be pledged by the authority as security in addition to

all other security which the authority may give for such indebtedness.

A municipality may levy one or more of the taxes enumerated in section

one hundred ten for the purpose of making municipal subsidies. The

revenues resulting from the imposition of such tax or taxes, other than

the taxes described in subdivision (e) of section one hundred ten of

this chapter in a city having a population of one million or more,

notwithstanding the provisions of any general, special or local law to

the contrary, shall be deposited in the city treasury and credited to a

separate account. During each fiscal year of such municipality, an

amount not in excess of the amount of the subsidies to be made by such

municipality during such fiscal year shall be charged to such account

and credited to the general fund for the reduction of taxation or into

the general or other fund available for current expenses of such

municipality. No other payment shall be charged to such account. The

provisions of section one hundred eleven of this chapter shall be

applicable to any tax or taxes imposed pursuant to this section.

In a city having a population of one million or more, the revenues

from the taxes described in subdivision (e) of section one hundred ten

of this chapter shall be deposited in the general fund and a payment of

an equal amount shall be made, in the same fiscal year or as soon as

practicable thereafter, for the purposes described in such section.