Section 92-AA. Special school purpose school aid

1. School aid shall
  consist of all public funds apportioned or otherwise made payable by the
  state to the school district of a special school purpose municipality as
  provided for by article seventy-three of the education law.
    2. For purposes of  this  section,  the  terms  school  aid  revenues,
  special  school  purpose  municipality, special school purpose bonds and
  special school purpose school aid revenues shall have the  meanings  set
  forth  in  section  two  thousand  four hundred thirty-two of the public
  authorities law.
    3. Upon receipt by the comptroller of a  certificate  or  certificates
  from  the  chairman  of the state of New York municipal bond bank agency
  pursuant to section two thousand four hundred thirty-six-a of the public
  authorities law, the comptroller shall pay the school  aid  revenues  to
  said  agency,  in  accordance  with  such  certification  and subject to
  agreements with holders of outstanding special school purpose  bonds  of
  said  agency.  Any  such  payment  shall  be  made within thirty days of
  receipt  of  the  certification  or  at  the  time  specified   in   the
  certification,  whichever  is  later;  provided that any such school aid
  revenues shall have been first appropriated by the state as  school  aid
  or  shall have been otherwise made available. Any such payment of school
  aid revenues to the agency shall not obligate the  state  to  make,  nor
  entitle  such  special  school  purpose  municipality  to  receive,  any
  additional school aid.
    4. Nothing contained herein shall be construed to create a debt of the
  state within the meaning of any constitutional or statutory  provisions.
  Any provision with respect to school aid or school aid revenues shall be
  deemed executory only to the extent of moneys available and no liability
  shall  be  incurred  by  the  state beyond the moneys available for that
  purpose, and any such payment by the comptroller of school aid  revenues
  is   subject  to  annual  appropriation  of  school  aid  by  the  state
  legislature.
    5. Nothing contained herein shall be deemed to restrict the  right  of
  the   state   to  amend,  repeal,  modify  or  otherwise  alter  article
  seventy-three of the education law. The state of New York municipal bond
  bank agency  shall  not  include  within  any  resolution,  contract  or
  agreement  with  holders  of  its  bonds  or  notes  any provision which
  provides that a default occurs as a result of the state  exercising  its
  right  to amend, repeal, modify or otherwise alter article seventy-three
  of the education law.
    6. During the period that the comptroller is required to make payments
  to the state of New York municipal bond bank agency as provided in  this
  section,  each special school purpose municipality that has entered into
  a special school  purpose  agreement  shall  have  no  right,  title  or
  interest in or to school aid revenues.
    7. Any school aid not required to be transferred by the comptroller to
  the  state of New York municipal bond bank agency as school aid revenues
  pursuant to subdivision three of this section shall  be  transferred  as
  special  school  purpose  school  aid  revenue by the comptroller to the
  special school purpose  municipality  pursuant  to  section  twenty-five
  hundred  eighty  of  the  education law and the applicable provisions of
  article seventy-three of such law.