(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 for the period beginning on or after September first, nineteen hundred ninety-eight and ending August thirty-first, two thousand thirty-eight shall, upon payment to the county of Schenectady, be deposited in the Schenectady metroplex development authority support fund, pursuant to subdivision nine of section twenty-six hundred sixty-one of the public authorities law, with such fund to be designated as a special dedicated support fund, to be created by said county therefor separate and apart from any other funds and accounts of the county. Pending deposit from such Schenectady metroplex development authority support fund into the general fund of the Schenectady metroplex development authority, all 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 Schenectady metroplex development authority support fund.

(c) If the county of Schenectady does not impose the one-half of one percent rate of taxes authorized by subdivision (a) of this section during the period beginning September first, nineteen hundred ninety-eight and ending August thirty-first, two thousand thirty-eight, the county shall dedicate net collections from sales and compensating use taxes imposed during such period pursuant to the authority of section twelve hundred ten of this article at the rate of one-half of one percent and shall quarterly deposit such net collections in the Schenectady metroplex development authority support fund established in accordance with subdivision (b) of this section.

(d) On January first, nineteen hundred ninety-nine, and then quarterly thereafter, the director of finance of Schenectady county shall transfer seventy percent of all net collections from the one-half of one percent sales and compensating use tax and deposited in the Schenectady metroplex development authority support fund to the authority for deposit in the authority's general fund. The authority may use such portion of such dedicated net collections received for any lawful purpose or power of the authority. On January first, nineteen hundred ninety-nine, and then quarterly thereafter, the director of finance of Schenectady county, after transferring seventy percent of such net collections to the authority for deposit in the authority's general fund, shall transfer all remaining monies in the Schenectady metroplex development authority support fund to the Schenectady county real property tax abatement and economic development fund.