Section 2664. Return of moneys to the county of Schenectady  


Latest version.
  • 1. In the
      event that the revenues of the authority exceed its current  liabilities
      by  more  than  fifty percent at the end of its first fiscal year, or by
      more than ten percent at the end of its fiscal year of each fiscal  year
      after  its first fiscal year, after a lawful deposit in its reserve fund
      of not less than five percent  of  its  revenues,  and  after  a  lawful
      deposit  into  its  construction  and  development account in the amount
      necessary to provide payment for the anticipated projects  of  the  next
      fiscal   year,  then  the  authority  shall  return  to  the  county  of
      Schenectady seventy-five percent of such surplus amount.
        2. In the event that the revenues of the authority do not  exceed  its
      current  liabilities  by more than fifty percent at the end of its first
      fiscal year, or by more than ten percent at the end of its  fiscal  year
      of  each fiscal year after its first fiscal year, after a lawful deposit
      in its reserve fund of not less than five percent of  its  revenues  and
      after  a lawful deposit into its construction and development account in
      the amount necessary to provide payment for the anticipated projects  of
      the next fiscal year, or that sufficient funds are not available for the
      authority  to make a lawful deposit in its reserve fund of not less than
      five percent of its revenues, and a lawful deposit into its construction
      and development account, then the authority shall  not  be  required  to
      return any funds to the county of Schenectady for that fiscal year.
        3.  The  authority  shall  not  return  any  funds  to  the  county of
      Schenectady that have been received by the authority from sources  other
      than the dedicated one-half of one percent of the sales tax.