§ 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.