§ 1261-a. Revenues from certain taxes imposed by Washington and Warren
counties. (a) In the event that the Warren and Washington county
industrial development agency established under article eighteen-A of
the general municipal law issues bonds, notes or other obligations
secured by the service fee obligations of the counties which, in turn,
are secured by a pledge by Warren and Washington counties of payments of
net collections from taxes imposed by such counties pursuant to the
authority of subdivision (a) of section twelve hundred ten of this
article, as authorized by the act which enacted this section, such
industrial development agency shall provide a certified written notice
to the state comptroller that it has issued, or is about to issue, such
notes, bonds or other obligations. Such notice shall set forth in detail
the term, amount, interest rate and payment schedule of such bonds,
notes or other obligations, and the amounts due from each county
attributable to net collections from the respective counties, as
described in subdivision (b) of this section, together with such other
information as the comptroller shall require. Such agency shall provide
a copy of such notice to the chief fiscal officer of each such county.
Such agency shall provide the first of such notices to the comptroller
at least ninety days prior to the date that the comptroller is expected
to pay net collections, as described in subdivision (b) of this section,
and then at least ninety days prior to the beginning of each county's
fiscal year thereafter, until the comptroller is no longer expected to
make such payments of such net collections, provided that the first
notice to the comptroller under this section may contain estimates of
the term, amount, interest rate and payment schedules before the bonds,
notes or other obligations are issued in which case such agency shall
give a corrected notice to the comptroller within ten days after such
bonds, notes or other obligations are issued. If such agency gives such
an estimated notice and such bonds, notes or other obligations are not
issued, such agency shall give further notice to the comptroller that
net collections shall not be withheld from the counties.

(b) Upon the comptroller receiving (i) such complete, certified
written notice from such agency, and (ii) certified copies of
resolutions adopted by majority vote of the board of supervisors of each
such county (both and each of such boards concurring) authorizing and
requesting the comptroller to make such payments from such net
collections due such counties as the counties have agreed upon with such
agency, at least ninety days prior to the date that the comptroller is
expected to make the first payment under this section, the comptroller
shall, notwithstanding any provision of section twelve hundred sixty-one
of this article to the contrary, pay, on or before the fifteenth day of
each month, all or a portion of the net collections due Warren county,
but only out of net collections attributable to taxes imposed by such
county at the rate of one and one half percent pursuant to the authority
of subdivision (a) of section twelve hundred ten of this article (or, in
the event that Warren county's pledge is substituted, then only out of
net collections available to such county as a result of such substituted
pledge, as such substituted pledge and net collections are described in
subdivision i of section one of chapter five hundred one of the laws of
nineteen hundred ninety-nine, as added by the chapter of the laws of two
thousand which added this subdivision) and all or a portion of the net
collections due Washington county, but only out of the net collections
attributable to taxes imposed by such county at the rate of three
percent pursuant to the authority of subdivision (a) of such section
twelve hundred ten, as authorized by such counties' resolutions, to such
agency, on account of, and for the benefit of, such counties to meet
such counties' responsibilities under agreements amongst such counties
and such agency and the holders of such bonds, notes or other
obligations which are subject to such a pledge, or to the trustee of
such bonds, notes or other obligations. If so requested by both the
agency, as indicated in its notice to the comptroller, and by the
counties, as indicated in their concurring resolutions filed with the
comptroller, the comptroller shall make such payments to a trustee
pursuant to an indenture for bondholders or holders of notes or other
obligations, issued by such agency with respect to the Adirondack
resource recovery facility pursuant to the authority of the law which
enacted this section. Such payments by the comptroller on behalf of such
counties shall be applied monthly by such agency or, if paid directly to
the trustee, by such trustee, to pay the portion of service fees
measured by debt service costs or such other or additional portions of
the service fees that the counties shall authorize by resolution of each
of their respective boards of supervisors for solid waste disposal for
the counties pursuant to agreements entered into or to be entered into
concerning solid waste disposal fees, which agreements shall require
such agency or such trustee to electronically transfer the balances of
such payments not required to meet contractual obligations to the
respective county on or before the first day of the next succeeding
month.

(c) The comptroller shall not be responsible for any inaccuracy in the
amount of such payments based upon the schedule in the notice furnished
by such agency. The comptroller shall not be required to make payments
under this subdivision which are greater than the amounts of net
collections due Warren county from its tax imposed at the rate of one
and one half percent (or, in the event that Warren county's pledge is
substituted, due such county from its tax as available in the event of
such substituted pledge, as such substituted pledge and net collections
are described in subdivision i of section one of chapter five hundred
one of the laws of nineteen hundred ninety-nine, as added by the chapter
of the laws of two thousand which added this subdivision) or due
Washington county from its tax imposed at the rate of three percent and
available in the account described in subdivision (c) of section twelve
hundred sixty-one of this article, as certified to the comptroller by
the commissioner as provided in such subdivision (c) of section twelve
hundred sixty-one. Any balance of net collections due such counties
after the comptroller makes any payments required under this section
shall be paid to such counties in the manner provided in such
subdivision (c) of section twelve hundred sixty-one. The comptroller
shall be required to make payments under this section for only so long
as the counties are required to make payments of such net collections
under the payment schedule set forth in such agency's notice to the
comptroller.

(d) The comptroller may rely, without further inquiry, that Washington
county has incurred obligations to the agency, and Warren county
similarly has incurred obligations of Warren county to Washington county
and/or the agency, and that agreements have been duly approved by the
board of supervisors for each county and executed by the chairman of the
board of supervisors for each county authorizing use of net collections
as authorized in this section, payable by them, for all or a portion of
service fees measured by debt service and payments to reserve funds in
connection with any outstanding bonds, notes or other obligations now,
or hereafter issued by the agency for such purposes or such other
portions or additional portions of the service fees that the counties
shall authorize by resolution of each of their respective boards of
supervisors, and arising out of financing or refinancing of the
Adirondack resource recovery facility including the financing of the
purchase of any rights of private parties to acquire such facility
through an installment sale.