(b) Beginning on the first day of each month, the comptroller shall deposit all of the receipts collected pursuant to section eight hundred fifty-four of the tax law in the revenue bond tax fund until the amount of monthly receipts anticipated to be deposited pursuant to the certificate required in paragraph (b) of subdivision five of this section are met. On or before the twelfth day of each month, the commissioner of taxation and finance shall certify to the state comptroller the amounts specified in paragraph (b) of subdivision two of this section relating to the preceding month and, in addition, no later than March thirty-first of each fiscal year the commissioner of taxation and finance shall certify such amounts relating to the last month of such fiscal year. The amounts so certified shall be deposited by the state comptroller in the revenue bond tax fund. 4. Moneys in the revenue bond tax fund shall be kept separate and shall not be commingled with any other moneys in the custody of the state comptroller and the commissioner of taxation and finance. All deposits of such revenues shall, if required by the state comptroller, 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 moneys in such fund may, in the discretion of the state comptroller, be invested in obligations in which the state comptroller is authorized to invest pursuant to section ninety-eight-a of this article. 5. (a) The state comptroller shall from time to time, but in no event later than the fifteenth day of each month (other than the last month of the fiscal year) and no later than the thirty-first day of the last month of each fiscal year, pay over and distribute to the credit of the general fund of the state treasury all moneys in the revenue bond tax fund, if any, in excess of the aggregate amount required to be set aside for the payment of cash requirements pursuant to paragraph (b) of this subdivision, provided that an appropriation has been made to pay all amounts specified in any certificate or certificates delivered by the director of the budget pursuant to paragraph (b) of this subdivision as being required by each authorized issuer as such term is defined in section sixty-eight-a of this chapter for the payment of cash requirements of such issuers for such fiscal year. Subject to the rights of holders of debt of the state, in no event shall the state comptroller pay over and distribute any moneys on deposit in the revenue bond tax fund to any person other than an authorized issuer pursuant to such certificate or certificates (i) unless and until the aggregate of all cash requirements certified to the state comptroller as required by such authorized issuers to be set aside pursuant to paragraph (b) of this subdivision for such fiscal year shall have been appropriated to such authorized issuers in accordance with the schedule specified in the certificate or certificates filed by the director of the budget or (ii) if, after having been so certified and appropriated, any payment required to be made pursuant to paragraph (b) of this subdivision has not been made to the authorized issuers which was required to have been made pursuant to such certificate or certificates; provided, however, that no person, including such authorized issuers or the holders of revenue bonds, shall have any lien on moneys on deposit in the revenue bond tax fund. Any agreement entered into pursuant to section sixty-eight-c of this chapter related to any payment authorized by this section shall be executory only to the extent of such revenues available to the state in such fund. Notwithstanding subdivisions two and three of this section, in the event the aggregate of all cash requirements certified to the state comptroller as required by such authorized issuers to be set aside pursuant to paragraph (b) of this subdivision for the fiscal year beginning on April first shall not have been appropriated to such authorized issuers in accordance with the schedule specified in the certificate or certificates filed by the director of the budget or, (ii) if, having been so certified and appropriated, any payment required to be made pursuant to paragraph (b) of this subdivision has not been made pursuant to such certificate or certificates, all receipts collected pursuant to section six hundred seventy-one of the tax law and section eight hundred fifty-four of the tax law shall be deposited in the revenue bond tax fund until the greater of forty percent of the aggregate of the receipts from the imposition of (A) the personal income tax imposed by article twenty-two of the tax law and (B) the employer compensation expense tax imposed by article twenty-four of the tax law for the fiscal year beginning on April first and as specified in the certificate or certificates filed by the director of the budget pursuant to this paragraph or a total of twelve billion dollars has been deposited in the revenue bond tax fund. Notwithstanding any other provision of law, if the state has appropriated and paid to the authorized issuers the amounts necessary for the authorized issuers to meet their requirements for the current fiscal year pursuant to the certificate or certificates submitted by the director of the budget pursuant to paragraph (b) of this section, the state comptroller shall, on the last day of each fiscal year, pay to the general fund of the state all sums remaining in the revenue bond tax fund on such date except such amounts as the director of the budget may certify are needed to meet the cash requirements of authorized issuers during the subsequent fiscal year.

(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-eight-a 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. Such monthly set asides shall equal not less than the total debt service requirements due to all authorized issuers in the following month and as certified by the director of the budget, except in the case of revenue bonds of an authorized issuer that are due on a monthly or more frequent basis. The state comptroller shall set aside all such moneys as received in the revenue bond tax fund until the amount set aside is equal to the monthly amount of cash requirements, as certified by the director of the budget. Notwithstanding subdivision three of section seventy-two of this article or any other provision of law, all moneys set aside in the 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 revenue bond tax fund until needed for payment to authorized issuers, as provided in this section. For the purpose of meeting any required payment on any issue of revenue bonds of an authorized issuer that is due on a monthly or more frequent basis, the state comptroller shall set aside all receipts deposited pursuant to subdivision three of this section as received until the amount so set aside is, in accordance with the schedule set forth for such purpose by the director of the budget, sufficient to pay the required payment on such issue and any other such issue with a payment date on or before such payment date. 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 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.