N.Y.
State Finance Law Section 68-C
Payments to authorized issuers
1.
The state, acting through the director of the budget, and authorized issuers may enter into, amend, modify, or rescind one or more financing agreements providing for the specific manner, timing, and amount of payments to be made under this section, but only in conformity with this section.2.
No later than October first of each year, the authorized issuers shall certify to the director of the budget the anticipated cash requirements related to revenue bonds during the subsequent state fiscal year in such detail as the director may require.3.
Upon receipt of a voucher from any authorized issuer requesting payment for such amount or amounts certified by the director of the budget pursuant to paragraph (a) of subdivision five of § 92-Z (Revenue bond tax fund)section ninety-two-z of this chapter, the state comptroller shall pay such amount or amounts to the authorized issuer from appropriations for such purpose.4.
The agreement of the state contained in this section shall be deemed executory only to the extent of appropriations available for payments under this section, and no liability on account of any such payment shall be incurred by the state beyond such appropriations.5.
Nothing contained in this article shall be deemed to restrict the right of the state to amend, repeal, modify or otherwise alter statutes imposing or relating to the taxes imposed pursuant to article twenty-two, article twenty-four, and article twenty-four-A of the tax law. The authorized issuers shall not include within any resolution, contract or agreement with holders of the revenue bonds issued under this article any provision which provides that a default occurs as a result of the state exercising its right to amend, repeal, modify or otherwise alter the taxes imposed pursuant to article twenty-two, article twenty-four, and article twenty-four-A of the tax law.6.
Any resolution or other agreement authorizing revenue bonds under this article shall reserve the right of the state, upon amendment of the New York state constitution allowing the issuance or assumption of bonds, notes or other obligations secured by revenues, which may include the revenues securing revenue bonds of authorized issuers (a) to assume, in whole or in part, revenue bonds of the authorized issuers, (b) to extinguish the existing lien of such resolution, or other agreement and (c) to substitute security for the revenue bonds of the authorized issuers, in each case only so long as such assumption, extinguishment or substitution is done in accordance with such resolution or other agreement.
Source:
Section 68-C — Payments to authorized issuers, https://www.nysenate.gov/legislation/laws/STF/68-C (updated Apr. 23, 2021; accessed Oct. 26, 2024).
