Section 92-Z. Revenue bond tax fund

1. There is hereby established in the
  joint custody of the state comptroller and the commissioner of  taxation
  and  finance  a fund within the general debt service fund to be known as
  "the revenue bond tax fund".
    2. Such fund shall consist of twenty-five percent of receipts from the
  imposition of personal income taxes pursuant to  article  twenty-two  of
  the  tax  law,  less  such  amounts  as the commissioner of taxation and
  finance may determine to be necessary for refunds.
    3. Beginning on the first day of each  month,  the  comptroller  shall
  deposit  all  of  the receipts collected pursuant to section six hundred
  seventy-one of the tax law in the revenue bond tax fund until the amount
  of  monthly  receipts  anticipated  to  be  deposited  pursuant  to  the
  certificate  required  in  paragraph  (b)  of  subdivision  five of this
  section are met. On or  before  the  twelfth  day  of  each  month,  the
  commissioner  of  taxation  and  finance  shall  certify  to  the  state
  comptroller the amounts specified in subdivision  two  of  this  section
  relating  to  the  preceding month and, in addition, no later than March
  thirty-first of each  fiscal  year  the  commissioner  of  taxation  and
  finance  shall  certify  such amounts relating to the last month of such
  fiscal year. The amounts so certified shall be deposited  by  the  state
  comptroller in the revenue bond tax fund.
    4.  Moneys  in  the  revenue  bond tax fund shall be kept separate and
  shall not be commingled with any other moneys  in  the  custody  of  the
  state  comptroller  and  the  commissioner  of taxation and finance. All
  deposits of such revenues shall, if required by the  state  comptroller,
  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 moneys in such fund may, in the  discretion  of  the
  state  comptroller,  be  invested  in  obligations  in  which  the state
  comptroller is authorized to invest pursuant to  section  ninety-eight-a
  of this article.
    5.  (a) The state comptroller shall from time to time, but in no event
  later than the fifteenth day of each month (other than the last month of
  the fiscal year) and no later than the  thirty-first  day  of  the  last
  month  of each fiscal year, pay over and distribute to the credit of the
  general fund of the state treasury all moneys in the  revenue  bond  tax
  fund, if any, in excess of the aggregate amount required to be set aside
  for  the  payment of cash requirements pursuant to paragraph (b) of this
  subdivision, provided that an appropriation has been  made  to  pay  all
  amounts  specified  in  any certificate or certificates delivered by the
  director of the budget pursuant to paragraph (b) of this subdivision  as
  being  required  by  each  authorized  issuer as such term is defined in
  section  sixty-eight-a  of  this  chapter  for  the  payment   of   cash
  requirements of such issuers for such fiscal year. Subject to the rights
  of holders of debt of the state, in no event shall the state comptroller
  pay  over  and  distribute any moneys on deposit in the revenue bond tax
  fund to any person other than an  authorized  issuer  pursuant  to  such
  certificate  or  certificates  (i) unless and until the aggregate of all
  cash requirements certified to the state comptroller as required by such
  authorized issuers to be set aside pursuant to  paragraph  (b)  of  this
  subdivision  for  such  fiscal year shall have been appropriated to such
  authorized issuers in accordance with  the  schedule  specified  in  the
  certificate  or certificates filed by the director of the budget or (ii)
  if, after  having  been  so  certified  and  appropriated,  any  payment
  required  to  be  made pursuant to paragraph (b) of this subdivision has
  not been made to the authorized issuers which was required to have  been
  made  pursuant  to  such certificate or certificates; provided, however,

  that no person, including such authorized  issuers  or  the  holders  of
  revenue  bonds,  shall have any lien on moneys on deposit in the revenue
  bond  tax  fund.  Any  agreement  entered  into  pursuant   to   section
  sixty-eight-c  of this chapter related to any payment authorized by this
  section shall be executory only to the extent of such revenues available
  to the state in such fund. Notwithstanding subdivisions two and three of
  this section, in the  event  the  aggregate  of  all  cash  requirements
  certified  to  the  state  comptroller  as  required  by such authorized
  issuers to be set aside pursuant to paragraph (b)  of  this  subdivision
  for  the  fiscal  year  beginning  on  April  first  shall not have been
  appropriated to such authorized issuers in accordance with the  schedule
  specified  in  the  certificate or certificates filed by the director of
  the budget or, (ii) if, having been so certified and  appropriated,  any
  payment   required  to  be  made  pursuant  to  paragraph  (b)  of  this
  subdivision  has  not  been  made  pursuant  to  such   certificate   or
  certificates,  all  receipts  collected  pursuant to section six hundred
  seventy-one of the tax law shall be deposited in the  revenue  bond  tax
  fund  until  the greater of twenty-five percent of the receipts from the
  imposition of the personal income tax imposed by article  twenty-two  of
  the  tax  law  for  the  fiscal  year  beginning  on  April first and as
  specified in the certificate or certificates filed by  the  director  of
  the  budget  pursuant  to this paragraph or six billion dollars has been
  deposited in the  revenue  bond  tax  fund.  Notwithstanding  any  other
  provision  of  law,  if  the  state  has  appropriated  and  paid to the
  authorized issuers the amounts necessary for the authorized  issuers  to
  meet  their  requirements  for  the  current fiscal year pursuant to the
  certificate or certificates submitted by  the  director  of  the  budget
  pursuant  to paragraph (b) of this section, the state comptroller shall,
  on the last day of each fiscal year, pay to  the  general  fund  of  the
  state  all  sums  remaining  in  the  revenue bond tax fund on such date
  except such amounts as the director of the budget may certify are needed
  to  meet  the  cash  requirements  of  authorized  issuers  during   the
  subsequent fiscal year.
    (b)  No  later  than thirty days after the submission of the executive
  budget in  accordance  with  article  seven  of  the  constitution,  the
  director  of  the  budget  shall  prepare a certificate of the amount of
  monthly receipts anticipated to be deposited pursuant to subdivision two
  of this section during the fiscal year beginning  April  first  of  that
  year  together  with  the monthly amounts necessary to be set aside from
  the receipts of such fund, as shall be sufficient to meet the total cash
  requirements of authorized issuers, as defined by section  sixty-eight-a
  of this chapter during such fiscal year, based on information that shall
  be provided by such authorized issuers, consistent with the terms of any
  contract  with  outstanding  bondholders.  Such monthly set asides shall
  equal not less than the total  debt  service  requirements  due  to  all
  authorized  issuers  in  the  following  month  and  as certified by the
  director of the budget, except in  the  case  of  revenue  bonds  of  an
  authorized  issuer that are due on a monthly or more frequent basis. The
  state comptroller shall set aside all such moneys  as  received  in  the
  revenue bond tax fund until the amount set aside is equal to the monthly
  amount of cash requirements, as certified by the director of the budget.
  Notwithstanding subdivision three of section seventy-two of this article
  or  any other provision of law, all moneys set aside in the revenue bond
  tax fund to meet the annual  cash  requirements  of  authorized  issuers
  pursuant  to a certificate or certificates as required in this paragraph
  shall remain in the revenue bond tax fund until needed  for  payment  to
  authorized  issuers,  as  provided  in  this section. For the purpose of
  meeting any required payment  on  any  issue  of  revenue  bonds  of  an

  authorized  issuer  that is due on a monthly or more frequent basis, the
  state comptroller shall set aside all  receipts  deposited  pursuant  to
  subdivision  three  of  this section as received until the amount so set
  aside  is, in accordance with the schedule set forth for such purpose by
  the director of the budget, sufficient to pay the  required  payment  on
  such  issue  and  any  other such issue with a payment date on or before
  such payment date. In the event that the amount set aside by  the  state
  comptroller  pursuant  to  this  paragraph is not sufficient to meet the
  cash requirements required pursuant to  a  certificate  or  certificates
  submitted  by  the  director  of the budget, the state comptroller shall
  immediately transfer from the general fund to the revenue bond tax  fund
  an  amount  which,  when  combined with the amount set aside pursuant to
  this paragraph,  shall  be  sufficient  to  meet  the  payment  required
  pursuant to such certificate or certificates. The director of the budget
  may  revise  such  certification  at  such  times as shall be necessary,
  provided, however, that the director of the budget shall, as  necessary,
  revise  such certification not later than thirty days after the issuance
  of any revenue bonds, including refunding bonds, and after the  adoption
  of  any  interest rate exchange or other financial arrangement affecting
  the cash requirements of the authorized issuers. In no event  shall  the
  state  comptroller be held liable for the failure to set aside an amount
  sufficient to pay any required payment of an authorized issuer.
    6. All payments of moneys from the revenue bond tax fund shall be made
  on the audit and warrant of the state comptroller.