N.Y. State Finance Law § 92-f: Special sales and compensating use tax fund for the city of Yonkers

§ 92-f. Special sales and compensating use tax fund for the city of

Yonkers. 1. There is hereby created in the joint custody of the

comptroller and the commissioner of taxation and finance a special fund,

to be known as the special sales and compensating use tax fund for the

city of Yonkers.

2. Such fund shall consist of revenues derived from the imposition of

the additional one percent sales and use tax by the city of Yonkers

authorized pursuant to section twelve hundred ten of the tax law, less

the amount which the commissioner of taxation and finance shall deduct

pursuant to section twelve hundred sixty-one of the tax law for

reasonable costs of the state tax commission in administering,

collecting and distributing such tax, and all other moneys credited or

transferred thereto from any other fund or sources pursuant to law.

3. Except as otherwise provided in this section, the moneys in such

fund shall be used to pay debt service on the serial bonds issued by the

city of Yonkers pursuant to the authority of section three of a chapter

of the laws of nineteen hundred seventy-five, entitled "AN ACT in

relation to enacting the New York state financial emergency act for the

city of Yonkers; to amend the tax law, in relation to authorizing the

city of Yonkers to increase the rates of sales, use and related taxes

and to amend the state finance law, in relation to creating the special

sales and compensating use tax fund for the city of Yonkers and

authorizing the city of Yonkers to finance a certain deficit by issuance

of serial bonds" and for no other purpose. Upon receipt by the

comptroller and the commissioner of taxation and finance of a

certificate from the chairman of the New York state emergency financial

control board for the city of Yonkers, that moneys in such fund are

required to pay debt service on such bonds of the city of Yonkers, each

of which certificates shall specify the required payment and the date

when the payment is required, the comptroller and the commissioner of

taxation and finance, shall pay from such fund on or before the

specified date or within thirty days after such receipt, whichever is

later, to the comptroller of the city of Yonkers, as the chairman of

such financial control board may direct in any such certificate, the

amount so certified.

4. In the event that the amount of revenues in the fund shall at any

time be more than the amount necessary to pay the maximum amount of

principal of and interest on obligations, issued pursuant to subdivision

three, payable in any consecutive twelve-month period, and such fact is

certified to the comptroller and the commissioner of taxation and

finance by the chairman of the New York state financial control board

for the city of Yonkers, such excess shall be paid to the comptroller of

the city of Yonkers for deposit in the treasury of the city of Yonkers

to the credit of the city treasury. The said certificate of the chairman

of the New York state financial control board for the city of Yonkers

shall also specify the amount to be paid and the date when payment is

requested to be made and such payment shall be made on or before the

specified date or within thirty days after receipt of such certificate,

whichever is later.

5. Revenues in such fund shall be kept separate and shall not be

commingled with any other money in the custody of the comptroller or the

commissioner of taxation and finance. All deposits of such revenues

shall, if required by the comptroller and the commissioner of taxation

and finance, be secured by obligations of the United States or of the

state having a market value equal at all times to the amount of such

deposits and all banks and trust companies are authorized to give

security for such deposits. Any such revenues in such fund may, in the

discretion of the comptroller and the commissioner of taxation and

finance, be invested in obligations of the United States or of the state

or in obligations the principal of and interest on which are guaranteed

by the United States or by the state.