Section 92-F. Special sales and compensating use tax fund for the city of Yonkers

1. There is hereby  created  in  the  joint  custody  of  the
  comptroller and the commissioner of taxation and finance a special fund,
  to  be  known as the special sales and compensating use tax fund for the
  city of Yonkers.
    2. Such fund shall consist of revenues derived from the imposition  of
  the  additional  one  percent  sales  and use tax by the city of Yonkers
  authorized pursuant to section twelve hundred ten of the tax  law,  less
  the  amount  which the commissioner of taxation and finance shall deduct
  pursuant to  section  twelve  hundred  sixty-one  of  the  tax  law  for
  reasonable   costs   of  the  state  tax  commission  in  administering,
  collecting and distributing such tax, and all other moneys  credited  or
  transferred thereto from any other fund or sources pursuant to law.
    3.  Except  as  otherwise provided in this section, the moneys in such
  fund shall be used to pay debt service on the serial bonds issued by the
  city of Yonkers pursuant to the authority of section three of a  chapter
  of  the  laws  of  nineteen  hundred  seventy-five,  entitled "AN ACT in
  relation to enacting the New York state financial emergency act for  the
  city  of  Yonkers;  to amend the tax law, in relation to authorizing the
  city of Yonkers to increase the rates of sales, use  and  related  taxes
  and  to amend the state finance law, in relation to creating the special
  sales and compensating  use  tax  fund  for  the  city  of  Yonkers  and
  authorizing the city of Yonkers to finance a certain deficit by issuance
  of  serial  bonds"  and  for  no  other  purpose.  Upon  receipt  by the
  comptroller  and  the  commissioner  of  taxation  and  finance   of   a
  certificate  from the chairman of the New York state emergency financial
  control board for the city of Yonkers, that  moneys  in  such  fund  are
  required  to pay debt service on such bonds of the city of Yonkers, each
  of which certificates shall specify the required payment  and  the  date
  when  the  payment  is required, the comptroller and the commissioner of
  taxation and finance,  shall  pay  from  such  fund  on  or  before  the
  specified  date  or  within thirty days after such receipt, whichever is
  later, to the comptroller of the city of Yonkers,  as  the  chairman  of
  such  financial  control  board  may direct in any such certificate, the
  amount so certified.
    4. In the event that the amount of revenues in the fund shall  at  any
  time  be  more  than  the  amount necessary to pay the maximum amount of
  principal of and interest on obligations, issued pursuant to subdivision
  three, payable in any consecutive twelve-month period, and such fact  is
  certified  to  the  comptroller  and  the  commissioner  of taxation and
  finance by the chairman of the New York state  financial  control  board
  for the city of Yonkers, such excess shall be paid to the comptroller of
  the  city  of Yonkers for deposit in the treasury of the city of Yonkers
  to the credit of the city treasury. The said certificate of the chairman
  of the New York state financial control board for the  city  of  Yonkers
  shall  also  specify  the amount to be paid and the date when payment is
  requested to be made and such payment shall be made  on  or  before  the
  specified  date or within thirty days after receipt of such certificate,
  whichever is later.
    5. Revenues in such fund shall be  kept  separate  and  shall  not  be
  commingled with any other money in the custody of the comptroller or the
  commissioner  of  taxation  and  finance.  All deposits of such revenues
  shall, if required by the comptroller and the commissioner  of  taxation
  and  finance,  be  secured by obligations of the United States or of the
  state having a market value equal at all times to  the  amount  of  such
  deposits  and  all  banks  and  trust  companies  are authorized to give
  security for such deposits. Any such revenues in such fund may,  in  the
  discretion  of  the  comptroller  and  the  commissioner of taxation and

  finance, be invested in obligations of the United States or of the state
  or in obligations the principal of and interest on which are  guaranteed
  by the United States or by the state.