§ 92-e. Municipal assistance state aid fund. 1. There is hereby
established in the custody of the comptroller a special fund to be known
as the municipal assistance state aid 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 per capita aid apportioned thereto
pursuant to section fifty-four of this chapter and, for all cities
except the city of New York, all other amounts from the general fund
local assistance account payable to a city in aid of which a municipal
assistance corporation has been created.

3. Such amounts, including per capita aid apportioned to a city in aid
of which a municipal assistance corporation has been created, shall be
deposited by the comptroller to the credit of the special account
established for 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 securing such bonds and notes,
and, subject to the provisions of section fifty-four of this chapter,
and subdivisions five and five-a of this section, the balance, if any,
shall be paid to the chief fiscal officer of the city in aid of which
such corporation has been created as hereinafter provided.

4. Revenues in any special account in the municipal assistance state
aid 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.

5. 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 securing such bonds, from the appropriate 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
receipt of such certificate or certificates, whichever is later, to such
corporation, as the chairman thereof may direct in any such certificate,
the amount or amounts so certified. 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 all revenues in
the special account established for such corporation in the municipal
assistance state aid fund, if any, in excess of (i) the aggregate amount
which the chairman of such corporation has certified to the comptroller
and which has been previously paid to such corporation as herein above
authorized, and (ii) amounts to be refunded to the general fund of the
state of New York pursuant to subdivision five-a of this section. In no
event shall the comptroller pay over and distribute any revenues 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 securing such bonds, which remain unpaid to such corporation shall
have been paid in full to such corporation; 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.

5-a. (a) In no event shall the comptroller pay over any revenues to
the city in aid of which such municipal assistance corporation has been
created as specified in subdivision five of this section unless and
until the director of the budget certifies the amount or amounts to be
refunded to the general fund of the state of New York pursuant to
section fifty-four of this chapter. Such amount shall be deducted from
the first amounts available for payment to such city after certification
by the chairman of, and payment to, if required, the municipal
assistance corporation as specified in subdivision five of this section
and refunded to the general fund of the state. The remainder shall be
paid to the chief fiscal officer of the city in aid of which such
municipal assistance corporation has been created.

(b) Notwithstanding anything in this section to the contrary, amounts
in the special account established within the municipal assistance state
aid fund for the municipal assistance corporation for the city of Troy,
which amounts have been deposited into such special account pursuant to
section twenty of a chapter of the laws of nineteen hundred ninety-six
entitled "AN ACT to amend chapter 721 of the laws of 1994 authorizing
the city of Troy to issue serial bonds for the purpose of liquidating
cumulative and projected deficits in the city's general fund,
establishing a supervisory board, and establishing a debt service fund,
in relation to granting a lien to the county of Rensselaer relating to
certain taxes collected on behalf of such county by the city of Troy"
which chapter added this paragraph (b), shall be paid by the comptroller
in accordance with this paragraph. No portion of such amounts shall be
paid by the comptroller to meet the requirements of such corporation for
the payment of debt service as certified to the comptroller and the
governor pursuant to section three thousand fifty-six of the public
authorities law unless at the time of such payment no other moneys are
available for payment to such corporation for said purpose from such
special account or from the special account established for such
corporation within the municipal assistance tax fund in accordance with
subdivision one of section ninety-two-d of this article. Any portion of
such amount not required by such corporation for the payment of its debt
service during the state fiscal year for which such amount has been
appropriated shall be refunded to the general fund of the state of New
York prior to the end of such fiscal year.

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