N.Y. State Finance Law § 92-aa: Special school purpose school aid

§ 92-aa. Special school purpose school aid. 1. School aid shall

consist of all public funds apportioned or otherwise made payable by the

state to the school district of a special school purpose municipality as

provided for by article seventy-three of the education law.

2. For purposes of this section, the terms school aid revenues,

special school purpose municipality, special school purpose bonds and

special school purpose school aid revenues shall have the meanings set

forth in section two thousand four hundred thirty-two of the public

authorities law.

3. Upon receipt by the comptroller of a certificate or certificates

from the chairman of the state of New York municipal bond bank agency

pursuant to section two thousand four hundred thirty-six-a of the public

authorities law, the comptroller shall pay the school aid revenues to

said agency, in accordance with such certification and subject to

agreements with holders of outstanding special school purpose bonds of

said agency. Any such payment shall be made within thirty days of

receipt of the certification or at the time specified in the

certification, whichever is later; provided that any such school aid

revenues shall have been first appropriated by the state as school aid

or shall have been otherwise made available. Any such payment of school

aid revenues to the agency shall not obligate the state to make, nor

entitle such special school purpose municipality to receive, any

additional school aid.

4. Nothing contained herein shall be construed to create a debt of the

state within the meaning of any constitutional or statutory provisions.

Any provision with respect to school aid or school aid revenues shall be

deemed executory only to the extent of moneys available and no liability

shall be incurred by the state beyond the moneys available for that

purpose, and any such payment by the comptroller of school aid revenues

is subject to annual appropriation of school aid by the state

legislature.

5. Nothing contained herein shall be deemed to restrict the right of

the state to amend, repeal, modify or otherwise alter article

seventy-three of the education law. The state of New York municipal bond

bank agency shall not include within any resolution, contract or

agreement with holders of its bonds or notes any provision which

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

right to amend, repeal, modify or otherwise alter article seventy-three

of the education law.

6. During the period that the comptroller is required to make payments

to the state of New York municipal bond bank agency as provided in this

section, each special school purpose municipality that has entered into

a special school purpose agreement shall have no right, title or

interest in or to school aid revenues.

7. Any school aid not required to be transferred by the comptroller to

the state of New York municipal bond bank agency as school aid revenues

pursuant to subdivision three of this section shall be transferred as

special school purpose school aid revenue by the comptroller to the

special school purpose municipality pursuant to section twenty-five

hundred eighty of the education law and the applicable provisions of

article seventy-three of such law.