§ 92-f. Special sales and compensating use tax fund for the city of
Yonkers. 1. There is hereby created in the joint custody of the
comptroller and the commissioner of taxation and finance a special fund,
to be known as the special sales and compensating use tax fund for the
city of Yonkers.

2. Such fund shall consist of revenues derived from the imposition of
the additional one percent sales and use tax by the city of Yonkers
authorized pursuant to section twelve hundred ten of the tax law, less
the amount which the commissioner of taxation and finance shall deduct
pursuant to section twelve hundred sixty-one of the tax law for
reasonable costs of the state tax commission in administering,
collecting and distributing such tax, and all other moneys credited or
transferred thereto from any other fund or sources pursuant to law.

3. Except as otherwise provided in this section, the moneys in such
fund shall be used to pay debt service on the serial bonds issued by the
city of Yonkers pursuant to the authority of section three of a chapter
of the laws of nineteen hundred seventy-five, entitled "AN ACT in
relation to enacting the New York state financial emergency act for the
city of Yonkers; to amend the tax law, in relation to authorizing the
city of Yonkers to increase the rates of sales, use and related taxes
and to amend the state finance law, in relation to creating the special
sales and compensating use tax fund for the city of Yonkers and
authorizing the city of Yonkers to finance a certain deficit by issuance
of serial bonds" and for no other purpose. Upon receipt by the
comptroller and the commissioner of taxation and finance of a
certificate from the chairman of the New York state emergency financial
control board for the city of Yonkers, that moneys in such fund are
required to pay debt service on such bonds of the city of Yonkers, each
of which certificates shall specify the required payment and the date
when the payment is required, the comptroller and the commissioner of
taxation and finance, shall pay from such fund on or before the
specified date or within thirty days after such receipt, whichever is
later, to the comptroller of the city of Yonkers, as the chairman of
such financial control board may direct in any such certificate, the
amount so certified.

4. In the event that the amount of revenues in the fund shall at any
time be more than the amount necessary to pay the maximum amount of
principal of and interest on obligations, issued pursuant to subdivision
three, payable in any consecutive twelve-month period, and such fact is
certified to the comptroller and the commissioner of taxation and
finance by the chairman of the New York state financial control board
for the city of Yonkers, such excess shall be paid to the comptroller of
the city of Yonkers for deposit in the treasury of the city of Yonkers
to the credit of the city treasury. The said certificate of the chairman
of the New York state financial control board for the city of Yonkers
shall also specify the amount to be paid and the date when payment is
requested to be made and such payment shall be made on or before the
specified date or within thirty days after receipt of such certificate,
whichever is later.

5. Revenues in such fund shall be kept separate and shall not be
commingled with any other money in the custody of the comptroller or the
commissioner of taxation and finance. All deposits of such revenues
shall, if required by the comptroller and the commissioner of taxation
and finance, 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 and the commissioner of taxation and
finance, 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.