§ 92-aa. Special school purpose school aid. 1. School aid shall
consist of all public funds apportioned or otherwise made payable by the
state to the school district of a special school purpose municipality as
provided for by article seventy-three of the education law.

2. For purposes of this section, the terms school aid revenues,
special school purpose municipality, special school purpose bonds and
special school purpose school aid revenues shall have the meanings set
forth in section two thousand four hundred thirty-two of the public
authorities law.

3. Upon receipt by the comptroller of a certificate or certificates
from the chairman of the state of New York municipal bond bank agency
pursuant to section two thousand four hundred thirty-six-a of the public
authorities law, the comptroller shall pay the school aid revenues to
said agency, in accordance with such certification and subject to
agreements with holders of outstanding special school purpose bonds of
said agency. Any such payment shall be made within thirty days of
receipt of the certification or at the time specified in the
certification, whichever is later; provided that any such school aid
revenues shall have been first appropriated by the state as school aid
or shall have been otherwise made available. Any such payment of school
aid revenues to the agency shall not obligate the state to make, nor
entitle such special school purpose municipality to receive, any
additional school aid.

4. Nothing contained herein shall be construed to create a debt of the
state within the meaning of any constitutional or statutory provisions.
Any provision with respect to school aid or school aid revenues shall be
deemed executory only to the extent of moneys available and no liability
shall be incurred by the state beyond the moneys available for that
purpose, and any such payment by the comptroller of school aid revenues
is subject to annual appropriation of school aid by the state
legislature.

5. Nothing contained herein shall be deemed to restrict the right of
the state to amend, repeal, modify or otherwise alter article
seventy-three of the education law. The state of New York municipal bond
bank agency shall not include within any resolution, contract or
agreement with holders of its bonds or notes any provision which
provides that a default occurs as a result of the state exercising its
right to amend, repeal, modify or otherwise alter article seventy-three
of the education law.

6. During the period that the comptroller is required to make payments
to the state of New York municipal bond bank agency as provided in this
section, each special school purpose municipality that has entered into
a special school purpose agreement shall have no right, title or
interest in or to school aid revenues.

7. Any school aid not required to be transferred by the comptroller to
the state of New York municipal bond bank agency as school aid revenues
pursuant to subdivision three of this section shall be transferred as
special school purpose school aid revenue by the comptroller to the
special school purpose municipality pursuant to section twenty-five
hundred eighty of the education law and the applicable provisions of
article seventy-three of such law.