§ 92-d. Municipal assistance tax fund. 1. There is hereby established
in the custody of the comptroller a special fund to be known as the
municipal assistance tax fund. Within such fund, there is hereby
established a special account for each municipal assistance corporation
created under article ten of the public authorities law.

2. Such fund shall consist of the revenues derived from municipal
assistance sales and compensating use taxes imposed by sections eleven
hundred seven and eleven hundred eight of the tax law, any amounts
transferred from the stock transfer tax fund pursuant to section
ninety-two-b of this article, any amounts transferred pursuant to
subdivision (a) of section nine of chapter seven hundred twenty-one of
the laws of nineteen hundred ninety-four, as amended by chapter one
hundred eighty-seven of the laws of nineteen hundred ninety-five, and
such amount of aid apportioned and paid into such fund pursuant to
section fifty-four of this chapter.

3. The taxes, interest and penalties imposed, pursuant to sections
eleven hundred seven or eleven hundred eight (as the case may be) of the
tax law within the territorial limits of a city in aid of which a
municipal assistance corporation has been created, and received by the
commissioner of taxation and finance, after deducting the amount which
the commissioner of taxation and finance shall determine to be necessary
for reasonable costs of the commissioner of taxation and finance in
administering, collecting and distributing such taxes, shall be
appropriated (i) to the municipal assistance corporation which has been
created in aid of such city in order to enable such corporation to
fulfill the terms of any agreements made with the holders of its notes
and bonds and to carry out its corporate purposes, including the
maintenance of the capital reserve fund, and (ii) the balance, if any,
to the city in aid of which such corporation has been created, or to a
public benefit corporation to which the tax may be otherwise payable
pursuant to law, as hereinafter provided.

4. On or before the twelfth day of each month, the commissioner of
taxation and finance shall certify to the comptroller the amount of all
revenues so received during the prior month as a result of the taxes,
interest and penalties so imposed and in addition on or before the last
day of June the commissioner shall certify the amount of such revenues
received during and including the first twenty-five days of June. The
amount of revenues so certified shall be deposited by the comptroller in
the municipal assistance tax fund and the amount attributable to the
taxes, interest and penalties imposed within the territorial limits of a
city in aid of which a municipal assistance corporation has been created
shall be credited to a special account established in such fund for such
corporation. Notwithstanding the foregoing provisions, the commissioner
of taxation and finance may prorate revenue attributable to the first or
last quarterly return period during which the taxes imposed by section
eleven hundred seven or eleven hundred eight (as the case may be) of the
tax law apply so as to separate from the revenue collected for that
quarter pursuant to such taxes the revenue collected pursuant to local
legislation adopted by a city pursuant to section twelve hundred ten or
twelve hundred twelve-A of the tax law. Such a proration by the
commissioner of taxation and finance shall be made on the basis of the
ratio of the number of months during which such taxes were imposed
during such quarterly return period to the total number of months in
such quarterly return period when such proration is reasonably necessary
to ascertain the amount of such money which must be deposited by the
comptroller in such special account and the amount of such money which
must be deposited pursuant to section twelve hundred sixty-one of the
tax law. The commissioner of taxation and finance shall not be held
liable for any inaccuracy in any certification under this subdivision.

5. Revenues in any special account in the municipal assistance tax
fund shall be kept separate and shall not be commingled with any other
moneys in the custody of the comptroller. All deposits of such revenues
shall, if required by the 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 revenues in such
fund may, in the discretion of the comptroller, be invested in
obligations of the United States or of the state or in obligations the
principal of and interest on which are guaranteed by the United States
or by the state.

6. Upon receipt by the comptroller of a certificate or certificates
from the chairman of a municipal assistance corporation that such
corporation requires a payment or payments in order to comply with any
agreement with the holders of its notes and bonds and to carry out its
corporate purposes, including the maintenance of the capital reserve
fund, from the special account established for such corporation, each of
which certificates shall specify the required payment or payments and
the date when the payment or payments is required, the comptroller shall
pay from such special account on or before the specified date or within
thirty days after such receipt, whichever is later, to such corporation,
as the chairman thereof may direct in any such certificate, the amount
or amounts so certified. The chairman of such corporation shall furnish
the commissioner of taxation and finance with copies of such
certificates. The comptroller shall from time to time, but in no event
later than the fifteenth day of October, January and April and the last
day of June of each fiscal year, pay over and distribute to the chief
fiscal officer of the city in aid of which such municipal assistance
corporation has been created to be paid into the treasury of such city
to the credit of the general fund, or pay over and distribute to a
public benefit corporation to which the tax may otherwise be payable
pursuant to law, all revenues in the special account established for
such corporation in the municipal assistance tax fund, if any, in excess
of the aggregate amount which the chairman of such corporation has
certified to the comptroller and which has been previously appropriated
and paid to such corporation as hereinabove authorized. In no event
shall the comptroller pay over and distribute any revenues (other than
the amount to be deducted for administering, collecting and distributing
such sales and compensating use taxes) to any person other than the
municipal assistance corporation unless and until the aggregate of all
payments certified to the comptroller as required by such corporation as
of such date in order to comply with its agreements with the holders of
its notes and bonds and to carry out its corporate purposes, including
the maintenance of the capital reserve fund, which remain unappropriated
or unpaid to such corporation shall have been appropriated to such
corporation and shall have been paid in full; provided, however, that no
person, including such corporation or the holders of its notes or bonds
shall have any lien on such revenues and such agreement shall be
executory only to the extent of such revenues available to the state in
such special account. On the day on which the comptroller pays over and
distributes to the chief fiscal officer of such city any revenues from
such special account the commissioner of taxation and finance shall
certify to the comptroller the amount to be deducted for administering,
collecting and distributing the tax imposed pursuant to section eleven
hundred seven or eleven hundred eight (as the case may be) of the tax
law within the territorial limits of such city since he last certified
such amount and the comptroller shall pay such amount into the general
fund of the state treasury to the credit of the state purposes fund
therein.

7. In the event that the amount of revenues in the special account
established for the municipal assistance corporation for the city of New
York in the municipal assistance tax fund which have been appropriated
to such corporation shall at any time be less than the amount which the
chairman of such corporation has certified to the comptroller as
required in order to comply with its agreements with the holders of its
notes and bonds and to carry out its corporate purposes, including the
maintenance of the capital reserve fund, then and in such event the
comptroller shall forthwith certify to the commissioner of taxation and
finance the amount of the difference between the revenues in such
special account and the amount so certified as required by such
corporation and upon receipt of such certificate the commissioner of
taxation and finance shall approve a voucher for payment of the amount
of such difference into such special account in the municipal assistance
tax fund from the stock transfer tax fund established pursuant to
subdivision one of section ninety-two-b of this chapter at the next date
for payment from such fund as provided in subdivision four of such
section, anything in said section to the contrary notwithstanding. In
the case of every twelve month period commencing after June thirtieth,
nineteen hundred seventy-seven, the comptroller shall, before the last
day of September, December, March and June of each such period, certify
to the commissioner of taxation and finance the amount from the stock
transfer tax fund, if any, determined by the comptroller to be required
during the next following three months in order to provide the amounts
certified by the chairman of the municipal assistance corporation for
the city of New York, or if no such amount is necessary, a statement to
that effect. The amount so determined shall be arrived at after taking
into account a statement, to be furnished by the commissioner of
taxation and finance to the comptroller, of such information, including
revenue collection and estimates of revenue collection for certain
periods of the taxes imposed by section eleven hundred seven of the tax
law, as such commissioner is reasonably able to provide in order to aid
such comptroller in making the above determination with respect to
disposition of revenues in the stock transfer tax fund. Such
commissioner shall not be held liable for any inaccuracy of any such
information provided in such statement. The foregoing certificate or
statement, as the case may be, of such comptroller shall be made
regardless of the amount of revenues in the special account established
for the municipal assistance tax fund which have been appropriated to
such corporation. When all the notes and bonds of the corporation have
been fully paid and discharged, together with the interest thereon and
interest on unpaid installments of interest, the chairman of the
corporation must make a final certification to the comptroller that the
corporation has no more liabilities. Upon receipt of that certification,
the comptroller must notify the commissioner of taxation and finance
that all funds held in the stock transfer tax fund must be deposited in
the stock transfer incentive fund pursuant to subdivision seven of
section ninety-two-b of this article.

8. All payments of moneys from the municipal assistance tax fund shall
be made on the audit and warrant of the state comptroller.

9. With respect to: (i) net collections, as defined in section twelve
hundred sixty-two of the tax law, to the extent received by the county
of Rensselaer under payment procedures in effect, from taxes imposed by
such county under section twelve hundred ten of the tax law, as amended,
or any successor law thereto, and

(ii) monies, to the extent received by such county under payment
procedures in effect, to be paid to the city of Troy pursuant to an
agreement under subdivision (c) of section twelve hundred sixty-two of
the tax law, the special account established for the municipal
assistance corporation for the city of Troy within the municipal
assistance tax fund shall have a statutory first lien upon the entire
share of the city of Troy of any such net collections or monies. Such
lien shall not require any segregation of funds, physical delivery or
any other action, filing or agreement in order to evidence, perfect, or
preserve the priority of such lien and shall be valid, binding, and
perfected as against all parties, with or without notice thereof, having
claims of any kind in tort, contract or otherwise against such county.
Such county shall segregate, quarterly or on such other schedule as such
share of such net collections or monies shall be due and owing in
accordance with such law or agreement, such share of such net
collections or monies and shall, upon such segregation, use such
proceeds for no other purpose than to pay them to the comptroller for
deposit into the special account established for the municipal
assistance corporation for the city of Troy within the municipal
assistance tax fund in accordance with applicable law and payment
procedures in effect. Provided that such county has, by the payment due
date, paid such proceeds to the comptroller in accordance with the
provisions of this paragraph, such payment shall be deemed conclusive
evidence that the county had complied with the segregation requirement
respecting the proceeds so paid, as set forth in this paragraph. This
subdivision shall terminate upon the termination of the municipal
assistance corporation for the city of Troy.