§ 8-b. Certain taxes collected by the city of Troy on behalf of the
county of Rensselaer. (a) As long as the municipal assistance
corporation for the city of Troy shall exist, the county of Rensselaer
shall have a statutory first lien upon all monies paid as or on account
of taxes or assessments on real property collected by the city of Troy
on behalf of such county. Such lien shall not require any segregation of
funds, physical delivery or any other action, filing or agreement in
order to evidence, perfect, or preserve its priority and shall be valid,
binding, and perfected as against all parties, with or without notice
thereof, having claims of any kind in tort, contract or otherwise
against such city.

(b) In addition to amounts retained in the general debt service fund
pursuant to section eight-a of this act for the payment of debt service,
monies in the fund constituting real property taxes or assessments
collected on behalf of the county of Rensselaer shall be retained in the
fund until paid to the county in accordance with the following
procedure: not less than five business days prior to the date required
by the real property tax law, the charter of the city, or an agreement
between the city and the county for the payment to the county of real
property taxes and assessments collected on behalf of the county and
deposited pursuant to subdivision (b) of section eight-a of this act,
the city shall certify to the comptroller the amount of the payment due
and owing to the county. On the date such payment is due, the
comptroller shall pay to such county:

(i) the amount certified as due and owing to the county, or

(ii) in the event no such certification has been made by the city, an
amount equal to the payment which was due for the equivalent period one
year prior to the date for which no certification was made. In such
event, upon subsequent certification by the city, not less than five
business days following the date of such certification, the county shall
pay to the comptroller for deposit into the general debt service fund
the positive remainder, if any, resulting when the amount certified as
due and owing to the county is deducted from the amount paid to the
county pursuant to this paragraph or, the comptroller shall pay to such
county the balance of such payment due and owing to the county.

No certification by the city shall be deemed conclusive and binding
upon the county.

(c) Failure by the city to provide the comptroller with any
certification required by this section or by section eight-a of this act
shall, except in extraordinary circumstances determined by the
comptroller and for not more than sixty days, preclude the comptroller
from releasing any amounts in the fund which may be available to the
city, after amounts retained for debt service and amounts paid to the
county pursuant to the provisions of subdivision (b) of this section,
pursuant to such section eight-a, until such certification is provided.

(d) Nothing in this section or in section eight-a of this act shall be
deemed to affect any right of the county of Rensselaer to receive
interest from the city of Troy related to any payments of or on account
of taxes or assessments on real property collected by such city on
behalf of such county and not remitted to the county when due.

(e) Nothing in this section or in section eight-a of this act shall be
deemed to alter, modify, amend, change or supersede any term, provision
or condition of any agreement between the city and the county for the
collection of real property taxes.