§ 92-z. 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 revenue bond tax fund".

2. Such fund shall consist of (a) fifty percent of receipts from the
imposition of personal income taxes pursuant to article twenty-two of
the tax law, less such amounts as the commissioner of taxation and
finance may determine to be necessary for refunds, (b) fifty percent of
receipts from the imposition of employer compensation expense taxes
pursuant to article twenty-four of the tax law, less such amounts as the
commissioner of taxation and finance may determine to be necessary for
refunds, and (c) fifty percent of receipts from the imposition of the
pass-through entity taxes pursuant to article twenty-four-A of the tax
law, less such amounts as the commission of taxation and finance may
determine to be necessary for refunds.

3. (a) Beginning on the first day of each month, the comptroller shall
deposit all of the receipts collected pursuant to section six hundred
seventy-one of the tax law in the revenue bond tax fund until the amount
of monthly receipts anticipated to be deposited pursuant to the
certificate required in paragraph (b) of subdivision five of this
section are met. 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 paragraph (a) of 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 revenue bond tax fund.

(b) Beginning on the first day of each month, the comptroller shall
deposit all of the receipts collected pursuant to section eight hundred
fifty-four of the tax law in the revenue bond tax fund until the amount
of monthly receipts anticipated to be deposited pursuant to the
certificate required in paragraph (b) of subdivision five of this
section are met. 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 paragraph (b) of 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 revenue bond tax fund.

(c) Beginning on the first day of each month, the comptroller shall
deposit all of the receipts collected pursuant to sections eight hundred
sixty-four and eight hundred sixty-five of the tax law in the revenue
bond tax fund until the amount of monthly receipts anticipated to be
deposited pursuant to the certificate required in paragraph (b) of
subdivision five of this section are met. 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 paragraph (c) of
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 revenue bond tax fund.

4. Moneys in the 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 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 each authorized issuer as such term is defined in
section sixty-eight-a of this chapter for the payment of cash
requirements of such 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 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 which was required to have been
made 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 revenue
bond tax fund. Any agreement entered into pursuant to section
sixty-eight-c 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, (ii) 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 pursuant to section six hundred
seventy-one of the tax law, section eight hundred fifty-four of the tax
law, section eight hundred sixty-four of the tax law, and section eight
hundred sixty-five of the tax law shall be deposited in the revenue bond
tax fund until the greater of forty percent of the aggregate of the
receipts from the imposition of (A) the personal income tax imposed by
article twenty-two of the tax law, (B) the employer compensation expense
tax imposed by article twenty-four of the tax law, and (C) the
pass-through entity tax imposed by article twenty-four-A of the tax law
for the fiscal year beginning on April first and as specified in the
certificate or certificates filed by the director of the budget pursuant
to this paragraph or a total of twelve billion dollars has been
deposited in the revenue bond tax fund. Notwithstanding any other
provision of law, if the state has appropriated and paid to the
authorized issuers the amounts necessary for the authorized issuers to
meet their 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 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-eight-a
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. Such monthly set asides shall
equal not less than the total debt service requirements due to all
authorized issuers in the following month and as certified by the
director of the budget, except in the case of revenue bonds of an
authorized issuer that are due on a monthly or more frequent basis. The
state comptroller shall set aside all such moneys as received in the
revenue bond tax fund until the amount set aside is equal to the monthly
amount of cash requirements, as certified by the director of the budget.
Notwithstanding subdivision three of section seventy-two of this article
or any other provision of law, all moneys set aside in the 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 revenue bond tax fund until needed for payment to
authorized issuers, as provided in this section. For the purpose of
meeting any required payment on any issue of revenue bonds of an
authorized issuer that is due on a monthly or more frequent basis, the
state comptroller shall set aside all receipts deposited pursuant to
subdivision three of this section as received until the amount so set
aside is, in accordance with the schedule set forth for such purpose by
the director of the budget, sufficient to pay the required payment on
such issue and any other such issue with a payment date on or before
such payment date. 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 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.