N.Y. Tax Law § 1210-b: Sales and compensating use tax within Suffolk county for purposes of stabilizing property taxes and either paying certain judgments, comp...

§ 1210-B. Sales and compensating use tax within Suffolk county for

purposes of stabilizing property taxes and either paying certain

judgments, compromises or settlements or paying debt service on

obligations of said county issued to pay said judgments, compromises or

settlements. (a) In addition to the taxes imposed by section twelve

hundred ten or any other provision of this article, the county of

Suffolk is hereby authorized and empowered to adopt and amend a local

law, ordinance or resolution imposing within the territorial limits of

said county an additional sales and compensating use tax at the rate of

one-quarter of one percent for the period beginning December first,

nineteen hundred ninety-seven and ending November thirtieth, two

thousand seventeen, which tax shall be identical to the tax imposed by

said county pursuant to section twelve hundred ten of this article.

Except as hereinafter provided, all provisions of this article,

including the definition and exemption provisions and the provisions

relating to the administration, collection and distribution by the

commissioner, shall apply for purposes of the tax imposed by this

section in the same manner and with the same force and effect as if the

language of this article had been incorporated in full in this section

and had expressly referred to the tax imposed by this section; provided,

however, that any provision relating to a maximum rate shall be

calculated without reference to the additional sales and compensating

use tax herein authorized. For purposes of part IV of article

twenty-nine of this chapter, relating to the disposition of revenues

resulting from taxes collected and administered by the commissioner, the

additional sales and compensating use tax herein provided shall be

deemed to be imposed under the authority of section twelve hundred ten

of this article and all provisions relating to the deposit,

administration and disposition of taxes, penalties and interest relating

to a tax imposed by a county under the authority of section twelve

hundred ten of this article shall, except as otherwise specifically

provided in this section, apply to the additional sales and compensating

use tax imposed pursuant to this section.

(b) Notwithstanding any other provision of this article to the

contrary, the net collections from the tax imposed pursuant to

subdivision (a) of this section shall be deposited in a special fund, to

be designated as the LILCO tax certiorari payment and securitization

fund to be created by said county therefor separate and apart from any

other funds and accounts of the county. Moneys in such fund shall be

deposited and secured in the manner provided by section ten of the

general municipal law. Pending expenditure from such fund, moneys

therein may be invested in the manner provided in section eleven of the

general municipal law. Any interest earned or capital gain realized on

the moneys so deposited or invested shall accrue to and become part of

such fund. Moneys in said fund may be appropriated from and transferred

to or expended in any fiscal year only for the purpose of either paying

a tax certiorari judgment, or compromise or settlement thereof, payable

by said county in a proceeding entitled In the Matter of the Application

of LONG ISLAND LIGHTING COMPANY, Petitioner, and LONG ISLAND POWER

AUTHORITY, Intervenor-Petitioner against THE ASSESSOR AND THE BOARD OF

ASSESSMENT REVIEW FOR THE TOWN OF BROOKHAVEN, Respondents, and THE

SHOREHAM-WADING RIVER CENTRAL SCHOOL DISTRICT AND THE COUNTY OF SUFFOLK,

Intervenors-Respondents, for Review of the Tax Assessments Under Article

7 of the Real Property Tax Law for the 1984-85, 1985-86, 1986-87,

1987-88, 1988-89, 1989-90, 1990-91, and 1991-92 Tax Years (the "LILCO

phase 2 judgement"), paying any other tax certiorari judgment against or

compromise or settlement of a tax certiorari claim or proceeding by said

county resulting from proceedings commenced by the Long Island lighting

company or any successor in interest, paying a judgment against or

compromise or settlement resulting from a proceeding entitled LONG

ISLAND POWER AUTHORITY and LONG ISLAND LIGHTING COMPANY, against

SHOREHAM-WADING RIVER CENTRAL SCHOOL DISTRICT, COUNTY OF SUFFOLK, TOWN

OF BROOKHAVEN, SHOREHAM WADING RIVER PUBLIC LIBRARY DISTRICT, WADING

RIVER FIRE DISTRICT, WADING RIVER LIGHTING DISTRICT (the "the "PILOT

payment judgment"), or paying the principal, interest and premium, if

any, on bonds or bond anticipation notes hereinafter issued by the

county of Suffolk to pay any such LILCO phase 2 judgment, PILOT payment

judgment or compromise or settlement thereof, or any other tax

certiorari judgment against or compromise or settlement of a tax

certiorari claim or proceeding by said county resulting from proceedings

commenced by the Long Island lighting company or any successor in

interest.

(c) At the end of the last day of the sales tax quarter in which

Suffolk county shall have either paid or provided for the payment of all

such judgments or compromises or settlements in full or paid or provided

for the payment of the principal, interest and premium, if any, on all

bonds or bond anticipation notes issued by said county to pay such

judgments or compromises or settlements, the authorization granted in

subdivision (a) of this section shall expire. Despite such expiration,

the provisions of this section and any regulations promulgated

thereunder, including the provisions with respect to assessment,

payment, termination, collection and refund of such taxes, the

requirements for filing returns, preservation of records and disposition

of revenue shall continue in full force and effect with respect to all

such taxes accrued up to the effective date of such expiration.