Section 3864. Intercept of city tax revenues, school district tax revenues and state aid revenues

1. The state  comptroller,  in  accordance  with  section  twelve  hundred  sixty-one  of  the tax law, shall pay at least
  monthly to  the  authority,  (a)  for  the  period  beginning  upon  the
  effective  date  of  this  title  through  June  thirtieth, two thousand
  thirty-seven, city tax revenues and, (b) for the period  beginning  July
  first,  two  thousand  four,  and  ending  June  thirtieth, two thousand
  thirty-seven, during which the county sets  aside  net  collections  for
  educational  purposes  pursuant  to  the authority of subdivision (a) of
  section twelve hundred sixty-two of the tax  law,  school  district  tax
  revenues.  During  the  period  beginning  on the effective date of this
  title through June thirtieth,  two  thousand  thirty-seven,  the  county
  shall  impose such taxes pursuant to the authority of subdivision (a) of
  section twelve hundred ten of the tax law at a  rate  of  no  less  than
  three percent. In addition, during such periods, respectively, the state
  comptroller shall pay to the authority (i) city tax revenues pursuant to
  the  then  current  agreement  under  subdivision  (c) of section twelve
  hundred sixty-two of the tax law among the county and the cities in  the
  county  and  (ii) school district tax revenues; provided however, in the
  event that such agreement among the county and such  cities  shall  have
  expired or been terminated during such period, notwithstanding any other
  provision  of  general,  special or local law to the contrary, the state
  comptroller shall make  such  payments  of  city  tax  revenues  to  the
  authority pursuant to the provisions of paragraph two of subdivision (d)
  of section twelve hundred sixty-two of the tax law.
    2.  Commencing  on  the  effective  date of this title, and until June
  thirtieth, two thousand thirty-seven, the state  comptroller  shall  pay
  state aid revenues to the authority.
    3.  The  city  shall have no right, title, or interest in the city tax
  revenues or state aid revenues paid to the authority  pursuant  to  this
  section; and the school district shall have no right, title, or interest
  in  the  school  district tax revenues paid to the authority pursuant to
  this section.