§ 92-h. Sales tax revenue bond tax fund. 1. There is hereby
established in the joint custody of the state comptroller and the
commissioner of taxation and finance a fund within the general debt
service fund to be known as the "sales tax revenue bond tax fund".

2. Such fund shall consist of the amount of revenue collected within
the state from the imposition of the sales and compensating use taxes
(including interest and penalties) pursuant to section eleven hundred
five and section eleven hundred ten of the tax law equal to the amount
attributable to a one percent rate of taxation, less such amounts as the
commissioner of taxation and finance may determine to be necessary for
refunds. On and after the date that all of the obligations and
liabilities of the New York local government assistance corporation
shall have been met or otherwise discharged, other than payment
obligations required by section thirty-two hundred thirty-eight-a of the
public authorities law, it shall equal the amount attributable to a two
percent rate of taxation, less such amounts as the commissioner of
taxation and finance may determine to be necessary for refunds. Such
sales and compensating use tax revenues shall be separate and distinct
from the sales and compensating use tax revenues deposited from time to
time in the local government assistance tax fund, pursuant to section
ninety-two-r of this chapter.

3. On or before the twelfth day of each month, the commissioner of
taxation and finance shall certify to the state comptroller the amounts
specified in subdivision two of this section relating to the preceding
month and, in addition, no later than March thirty-first of each fiscal
year the commissioner of taxation and finance shall certify such amounts
relating to the last month of such fiscal year. The amounts so certified
shall be deposited by the state comptroller in the sales tax revenue
bond tax fund.

4. Moneys in the sales tax revenue bond tax fund shall be kept
separate and shall not be commingled with any other moneys in the
custody of the state comptroller and the commissioner of taxation and
finance. All deposits of such revenues shall, if required by the state
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 moneys in such fund may, in the
discretion of the state comptroller, be invested in obligations in which
the state comptroller is authorized to invest pursuant to section
ninety-eight-a of this article.

5. (a) The state comptroller shall from time to time, but in no event
later than the fifteenth day of each month (other than the last month of
the fiscal year) and no later than the thirty-first day of the last
month of each fiscal year, pay over and distribute to the credit of the
general fund of the state treasury all moneys in the sales tax revenue
bond tax fund, if any, in excess of the aggregate amount required to be
set aside for the payment of cash requirements pursuant to paragraph (b)
of this subdivision, provided that an appropriation has been made to pay
all amounts specified in any certificate or certificates delivered by
the director of the budget pursuant to paragraph (b) of this subdivision
as being required by any authorized issuer as such term is defined in
section sixty-nine-m of this chapter for the payment of cash
requirements of such authorized issuers for such fiscal year. Subject to
the rights of holders of debt of the state, in no event shall the state
comptroller pay over and distribute any moneys on deposit in the sales
tax revenue bond tax fund to any person other than an authorized issuer
pursuant to such certificate or certificates (i) unless and until the
aggregate of all cash requirements certified to the state comptroller as
required by such authorized issuers to be set aside pursuant to
paragraph (b) of this subdivision for such fiscal year shall have been
appropriated to such authorized issuers in accordance with the schedule
specified in the certificate or certificates filed by the director of
the budget or (ii) if, after having been so certified and appropriated,
any payment required to be made pursuant to paragraph (b) of this
subdivision has not been made to the authorized issuers pursuant to such
certificate or certificates; provided, however, that no person,
including such authorized issuers or the holders of revenue bonds, shall
have any lien on moneys on deposit in the sales tax revenue bond tax
fund. Any agreement entered into pursuant to section sixty-nine-o of
this chapter related to any payment authorized by this section shall be
executory only to the extent of such revenues available to the state in
such fund. Notwithstanding subdivisions two and three of this section,
in the event the aggregate of all cash requirements certified to the
state comptroller as required by such authorized issuers to be set aside
pursuant to paragraph (b) of this subdivision for the fiscal year
beginning on April first shall not have been appropriated to such
authorized issuers in accordance with the schedule specified in the
certificate or certificates filed by the director of the budget or, if,
having been so certified and appropriated, any payment required to be
made pursuant to paragraph (b) of this subdivision has not been made
pursuant to such certificate or certificates, all receipts collected and
deposited in the sales tax revenue bond tax fund shall remain in such
fund. Notwithstanding any other provision of law, if the state has
appropriated and paid to the authorized issuers all amounts necessary
for the authorized issuers to meet their cash requirements for the
current fiscal year pursuant to the certificate or certificates
submitted by the director of the budget pursuant to paragraph (b) of
this section, the state comptroller shall, on the last day of each
fiscal year, pay to the general fund of the state all sums remaining in
the sales tax revenue bond tax fund on such date except such amounts as
the director of the budget may certify are needed to meet the cash
requirements of authorized issuers during the subsequent fiscal year.

(b) No later than thirty days after the submission of the executive
budget in accordance with article seven of the constitution, the
director of the budget shall prepare a certificate of the amount of
monthly receipts anticipated to be deposited pursuant to subdivision two
of this section during the fiscal year beginning April first of that
year together with the monthly amounts necessary to be set aside from
the receipts of such fund, as shall be sufficient to meet the total cash
requirements of authorized issuers, as defined by section sixty-nine-m
of this chapter during such fiscal year, based on information that shall
be provided by such authorized issuers, consistent with the terms of any
contract with outstanding bondholders. Except for the purpose of meeting
cash requirements of an authorized issuer that are due on a monthly or
more frequent basis, prior to transferring any moneys from the account
pursuant to paragraph (a) of this subdivision, the comptroller shall set
aside on a monthly basis all revenues deposited pursuant to this
subdivision as received until the amount set aside is equal to one-fifth
of the interest due on such obligations on the next succeeding interest
payment date multiplied by the number of months from the last such
payment and one-eleventh of the next principal installment due on such
obligations multiplied by the number of months from the last such
principal installment where principal is due on an annual basis or
one-fifth of the next principal installment due on such obligations
multiplied by the number of months from the last such principal
installment where principal is due on a semiannual basis. For the
purpose of meeting cash requirements of an authorized issuer that are
due on a monthly basis or more frequently, the comptroller shall set
aside all revenues deposited pursuant to subdivision two of this section
as received until the amount so set aside is, in the reasonable judgment
of the director of the budget as set forth in such certificate,
sufficient to make the required payment on or before such payment date.
Notwithstanding subdivision three of, section seventy-two of this
article or any other provision of law, all moneys set aside in the sales
tax revenue bond tax fund to meet the annual cash requirements of
authorized issuers pursuant to a certificate or certificates as required
in this paragraph shall remain in the sales tax revenue bond tax fund
until needed for payment to authorized issuers, as provided in this
section. In the event that the amount set aside by the state comptroller
pursuant to this paragraph is not sufficient to meet the cash
requirements required pursuant to a certificate or certificates
submitted by the director of the budget, the state comptroller shall
immediately transfer from the general fund to the sales tax revenue bond
tax fund an amount which, when combined with the amount set aside
pursuant to this paragraph, shall be sufficient to meet the payment
required pursuant to such certificate or certificates. The director of
the budget may revise such certification at such times as shall be
necessary, provided, however, that the director of the budget shall, as
necessary, revise such certification not later than thirty days after
the issuance of any revenue bonds, including refunding bonds, and after
the adoption of any interest rate exchange or other financial
arrangement affecting the cash requirements of the authorized issuers.
In no event shall the state comptroller be held liable for the failure
to set aside an amount sufficient to pay any required payment of an
authorized issuer.

6. All payments of moneys from the revenue bond tax fund shall be made
on the audit and warrant of the state comptroller.