92-H - Sales Tax Revenue Bond Tax Fund.

NY State Fin L § 92-H (2019) (N/A)
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(b) No later than thirty days after the submission of the executive budget in accordance with article seven of the constitution, the director of the budget shall prepare a certificate of the amount of monthly receipts anticipated to be deposited pursuant to subdivision two of this section during the fiscal year beginning April first of that year together with the monthly amounts necessary to be set aside from the receipts of such fund, as shall be sufficient to meet the total cash requirements of authorized issuers, as defined by section sixty-nine-m of this chapter during such fiscal year, based on information that shall be provided by such authorized issuers, consistent with the terms of any contract with outstanding bondholders. Except for the purpose of meeting cash requirements of an authorized issuer that are due on a monthly or more frequent basis, prior to transferring any moneys from the account pursuant to paragraph (a) of this subdivision, the comptroller shall set aside on a monthly basis all revenues deposited pursuant to this subdivision as received until the amount set aside is equal to one-fifth of the interest due on such obligations on the next succeeding interest payment date multiplied by the number of months from the last such payment and one-eleventh of the next principal installment due on such obligations multiplied by the number of months from the last such principal installment where principal is due on an annual basis or one-fifth of the next principal installment due on such obligations multiplied by the number of months from the last such principal installment where principal is due on a semiannual basis. For the purpose of meeting cash requirements of an authorized issuer that are due on a monthly basis or more frequently, the comptroller shall set aside all revenues deposited pursuant to subdivision two of this section as received until the amount so set aside is, in the reasonable judgment of the director of the budget as set forth in such certificate, sufficient to make the required payment on or before such payment date. Notwithstanding subdivision three of, section seventy-two of this article or any other provision of law, all moneys set aside in the sales tax revenue bond tax fund to meet the annual cash requirements of authorized issuers pursuant to a certificate or certificates as required in this paragraph shall remain in the sales tax revenue bond tax fund until needed for payment to authorized issuers, as provided in this section. In the event that the amount set aside by the state comptroller pursuant to this paragraph is not sufficient to meet the cash requirements required pursuant to a certificate or certificates submitted by the director of the budget, the state comptroller shall immediately transfer from the general fund to the sales tax revenue bond tax fund an amount which, when combined with the amount set aside pursuant to this paragraph, shall be sufficient to meet the payment required pursuant to such certificate or certificates. The director of the budget may revise such certification at such times as shall be necessary, provided, however, that the director of the budget shall, as necessary, revise such certification not later than thirty days after the issuance of any revenue bonds, including refunding bonds, and after the adoption of any interest rate exchange or other financial arrangement affecting the cash requirements of the authorized issuers. In no event shall the state comptroller be held liable for the failure to set aside an amount sufficient to pay any required payment of an authorized issuer. 6. All payments of moneys from the revenue bond tax fund shall be made on the audit and warrant of the state comptroller.