§ 1210-C. Sales and compensating use tax for purposes of the
Schenectady county metroplex development authority. (a) In addition to
the taxes authorized to be imposed by section twelve hundred ten of this
article or any other provision of this article, the county of
Schenectady is hereby authorized and empowered to adopt and amend a
local law, ordinance or resolution imposing within the territorial
limits of said county sales and compensating use taxes at a rate which
is one-half of one percent additional to the three percent rate
authorized in section twelve hundred ten of this article for the period
beginning on or after September first, nineteen hundred ninety-eight and
ending August thirty-first, two thousand thirty-eight, which taxes shall
be identical to the taxes imposed by said county pursuant to section
twelve hundred ten of this article. Except as hereinafter provided, all
provisions of this article, including the definition and exemption
provisions and the provisions relating to the administration, collection
and distribution by the commissioner, shall apply for purposes of the
taxes authorized to be imposed by this section in the same manner and
with the same force and effect as if the language of this article had
been incorporated in full in this section and had expressly referred to
the taxes authorized to be imposed by this section; provided, however,
that any provision of this article relating to a maximum rate shall be
calculated without reference to the additional rate authorized by this
section. For purposes of part IV of this article, relating to the
disposition of revenues resulting from taxes collected and administered
by the commissioner, the additional sales and compensating use taxes
authorized by this section shall be deemed to be imposed under the
authority of section twelve hundred ten of this article and all
provisions relating to the deposit, administration and disposition of
taxes, penalties and interest relating to taxes imposed by a county
under the authority of section twelve hundred ten of this article shall,
except as otherwise specifically provided in this section, apply to the
additional sales and compensating use tax imposed pursuant to the
authority of this section.

(b) Notwithstanding any other provision of this article to the
contrary, the net collections from the tax imposed pursuant to
subdivision (a) of this section for the period beginning on or after
September first, nineteen hundred ninety-eight and ending August
thirty-first, two thousand thirty-eight shall, upon payment to the
county of Schenectady, be deposited in the Schenectady metroplex
development authority support fund, pursuant to subdivision nine of
section twenty-six hundred sixty-one of the public authorities law, with
such fund to be designated as a special dedicated support fund, to be
created by said county therefor separate and apart from any other funds
and accounts of the county. Pending deposit from such Schenectady
metroplex development authority support fund into the general fund of
the Schenectady metroplex development authority, all moneys therein may
be invested in the manner provided in section eleven of the general
municipal law. Any interest earned or capital gain realized on the
moneys so deposited or invested shall accrue to and become part of such
Schenectady metroplex development authority support fund.

(c) If the county of Schenectady does not impose the one-half of one
percent rate of taxes authorized by subdivision (a) of this section
during the period beginning September first, nineteen hundred
ninety-eight and ending August thirty-first, two thousand thirty-eight,
the county shall dedicate net collections from sales and compensating
use taxes imposed during such period pursuant to the authority of
section twelve hundred ten of this article at the rate of one-half of
one percent and shall quarterly deposit such net collections in the
Schenectady metroplex development authority support fund established in
accordance with subdivision (b) of this section.

(d) On January first, nineteen hundred ninety-nine, and then quarterly
thereafter, the director of finance of Schenectady county shall transfer
seventy percent of all net collections from the one-half of one percent
sales and compensating use tax and deposited in the Schenectady
metroplex development authority support fund to the authority for
deposit in the authority's general fund. The authority may use such
portion of such dedicated net collections received for any lawful
purpose or power of the authority. On January first, nineteen hundred
ninety-nine, and then quarterly thereafter, the director of finance of
Schenectady county, after transferring seventy percent of such net
collections to the authority for deposit in the authority's general
fund, shall transfer all remaining monies in the Schenectady metroplex
development authority support fund to the Schenectady county real
property tax abatement and economic development fund.