N.Y. State Finance Law § 68-c: Payments to authorized issuers

§ 68-c. Payments to authorized issuers. 1. The state, acting through

the director of the budget, and authorized issuers may enter into,

amend, modify, or rescind one or more financing agreements providing for

the specific manner, timing, and amount of payments to be made under

this section, but only in conformity with this section.

2. No later than October first of each year, the authorized issuers

shall certify to the director of the budget the anticipated cash

requirements related to revenue bonds during the subsequent state fiscal

year in such detail as the director may require.

3. Upon receipt of a voucher from any authorized issuer requesting

payment for such amount or amounts certified by the director of the

budget pursuant to paragraph (a) of subdivision five of section

ninety-two-z of this chapter, the state comptroller shall pay such

amount or amounts to the authorized issuer from appropriations for such

purpose.

4. 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.

5. Nothing contained in this article 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 article

twenty-two, article twenty-four, and article twenty-four-A of the tax

law. The authorized issuers shall not include within any resolution,

contract or agreement with holders of the revenue bonds issued under

this article 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 article twenty-two,

article twenty-four, and article twenty-four-A of the tax law.

6. Any resolution or other agreement authorizing revenue bonds under

this article shall reserve the right of the state, upon amendment of the

New York state constitution allowing the issuance or assumption of

bonds, notes or other obligations secured by revenues, which may include

the revenues securing revenue bonds of authorized issuers (a) to assume,

in whole or in part, revenue bonds of the authorized issuers, (b) to

extinguish the existing lien of such resolution, or other agreement and

(c) to substitute security for the revenue bonds of the authorized

issuers, in each case only so long as such assumption, extinguishment or

substitution is done in accordance with such resolution or other

agreement.