Section 54-C. Emergency financial aid to certain cities

1.  Upon
  certification by the state board of real property services  and  in  the
  manner  provided  by law state assistance shall be paid during the month
  of March, two thousand four and during the month of March, two  thousand
  five  to each city having a population of less than one million and more
  than one hundred  twenty-five  thousand,  in  an  amount  determined  in
  accordance with the following formula:
    (a)  The  amount  of  aid  shall  be calculated by (i) determining the
  percentage which the assessed valuation of real property both wholly and
  partially exempt from taxation for general city non-school purposes only
  bears to the assessed  valuation  of  real  property  taxable  for  such
  purpose  on the latest assessment roll completed prior to January first,
  nineteen hundred seventy-five; (ii)  applying  such  percentage  to  the
  assessed  valuation of real property taxable for general city non-school
  purposes on the latest assessment roll completed prior to January  first
  of  the  calendar  year preceding the year during which the aid is paid;
  (iii) applying to such amount the tax rate for general  city  non-school
  purposes  for  the  same  tax year of such city for which the assessment
  roll in subparagraph (ii) above was  completed,  and  for  the  payments
  during  two  thousand  four and two thousand five only; (iv) applying to
  the result in subparagraph (iii) above the ratio of the tax rate used in
  the payment during June, nineteen hundred seventy-six to  the  tax  rate
  used in the payment due in June of the then current year.
    (b)  Provided, however, that the total amount of any appropriation for
  such aid which may be less than the amounts  otherwise  required  to  be
  paid  shall  be  distributed  and  paid among all such cities in amounts
  which are proportionate to the otherwise rightful entitlement to aid  of
  such cities pursuant to this section.
    (c)  Provided  further  that should the calculations in paragraphs (a)
  and (b) of this subdivision  apportion  less  than  three  and  one-half
  million  dollars  minimum  aid  to one or more cities, such cities shall
  each  receive  such  minimum  aid  and  the  remaining  amount  of   the
  appropriation  shall  be  distributed  in  proportion to the entitlement
  under paragraph (a) of this subdivision, exclusive of such cities.
    (d) Provided further that the assessed valuations  and  tax  rates  as
  defined  in  paragraph (a) of this subdivision shall be submitted by the
  state board of  real  property  services  to  the  respective  city  for
  official  certification  prior  to  its use in determining the amount of
  aid.
    2. Upon certification by the state board of real property services and
  in the manner provided by law, two million dollars of  state  assistance
  shall  be  paid  during the month of March, two thousand four and during
  the month of March, two thousand five to each city having  a  population
  of  less  than  one  hundred  twenty-five  thousand and more than ninety
  thousand which has determined and certified that  the  percentage  which
  the  assessed  valuation  of  real  property,  both wholly and partially
  exempt from taxation for general city non-school purposes,  exceeds  one
  hundred  per  centum  of the assessed valuation of taxable real property
  for such purpose for the assessment  roll  completed  prior  to  January
  first, nineteen hundred seventy-six by such city.
    3.  Notwithstanding  any  inconsistent  provision  of  law  the amount
  payable and distributable in each year pursuant  to  the  provisions  of
  subdivision  one  of  this  section  shall in no event exceed the sum of
  twenty-eight million dollars and the amount payable and distributable in
  each year pursuant to the provisions of subdivision two of this  section
  shall in no event exceed the sum of two million dollars.
    4.  The  provisions  of  this section shall remain in force and effect
  only until July tenth, two thousand five.

    * NB Expired July 10, 2005