* § 92-r. Local government assistance tax fund. 1. There is hereby established in the joint custody of the comptroller and the commissioner of taxation and finance a special fund to be known as the local government assistance tax fund. 2. Such fund shall consist of the amount of revenue collected within the state from the imposition of the sales and compensating use taxes (including interest and penalties) pursuant to section eleven hundred five and section eleven hundred ten of the tax law equal to the amount attributable to a one percent rate of taxation, less such amounts as the commissioner of taxation and finance may determine to be necessary for refunds. 3. On or before the twelfth day of each month, the commissioner of taxation and finance shall certify to the comptroller the amounts specified in subdivision two of this section relating to the preceding month and, in addition on the last day of the fiscal year the commissioner shall certify such amounts relating to the last month of such fiscal year. The amount of revenues so certified shall be deposited by the comptroller in the local government assistance tax fund. 4. Revenues in the local government assistance tax fund shall be kept separate and shall not be commingled with any other moneys in the custody of the comptroller. All deposits of such revenues shall, if required by the 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 revenues in such fund may, in the discretion of the comptroller, be invested in obligations in which the comptroller is authorized to invest pursuant to section ninety-eight-a of this article. 5. (a) Upon receipt by the comptroller of a certificate or certificates from the chairperson of the local government assistance corporation submitted pursuant to section thirty-two hundred forty of the public authorities law, that such corporation requires a payment or payments, from the local government assistance tax fund, the comptroller shall pay from such fund pursuant to an appropriation on or before the date specified in such certificate or within thirty days after such receipt, whichever is later, to such corporation, as the chairperson thereof may direct in any such certificate, the amount or amounts so certified. The chairperson of such corporation shall furnish the commissioner of taxation and finance with copies of such certificates. In order to set aside the moneys necessary to meet the amounts required on the payment date or dates specified in such certificate or certificates, the comptroller shall comply with the provisions of paragraph (b) of this subdivision. The 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 the last day of the last month of the fiscal year of each fiscal year, pay over and distribute to the credit of the general fund of the state treasury all revenues in the local government assistance tax fund, if any, in excess of the aggregate amount required to be set aside pursuant to paragraph (b) of this subdivision provided that an appropriation has been made to pay all amounts specified in such certificate or certificates as being required by the corporation for such fiscal year, and provided further that an appropriation has been made to make all dedicated highway and bridge trust fund cooperative agreement payments specified in the certificate submitted by the chairperson of the New York state thruway authority pursuant to subdivision two of section three hundred eighty-five of the public authorities law. In no event shall the comptroller pay over and distribute any revenues (other than the amount to be deducted for administering, collecting and distributing such sales and compensating use taxes) to any person other than the local government assistance corporation (i) unless and until the aggregate of all payments certified to the comptroller as required by such corporation and required to be set aside pursuant to paragraph (b) of this subdivision for such fiscal year shall have been appropriated to such corporation in accordance with the schedule specified in the certificate or certificates filed by the chairperson of the corporation or (ii) if, after having been so certified and appropriated, any payment required to be set aside pursuant to paragraph (b) of this subdivision has not been made to the corporation on the date by which it was required to have been made pursuant to such schedule, or (iii) unless and until the aggregate of all dedicated highway and bridge trust fund cooperative agreement payments certified by the chairperson of the New York state thruway authority pursuant to subdivision two of section three hundred eighty-five of the public authorities law shall have been appropriated to such authority; provided, however, that no person including such corporation or the holders of its bonds or notes shall have any lien on such revenues and such agreement shall be executory only to the extent of such revenues available to the state in such fund and provided further that, if the state has appropriated and paid to the corporation the amounts necessary for the corporation to meet its requirements, for the current fiscal year, pursuant to the certificate or certificates submitted by the chairperson pursuant to section thirty-two hundred forty of the public authorities law and notwithstanding any other provision of law, the comptroller shall, on the last day of each fiscal year, pay to the general fund of the state all sums remaining in the local government assistance tax fund on such date.

(b) No later than the tenth business day of each month during any fiscal year in which a debt service or required payment on any issue of bonds, notes or other financial obligations of the corporation is due, the comptroller shall prepare a schedule of the amount of revenue anticipated to be deposited pursuant to subdivision two of this section during the balance of such fiscal year in such detail as is necessary to carry out the purposes of this paragraph, based upon estimates of such revenues filed with him by the director of the budget. Except for the purpose of meeting a debt service or required payment on any issue of bonds, notes or other financial obligations of the corporation that is due on a monthly basis or more frequently, commencing at any time that a debt service or required payment on any such issue equals ninety-five percent of the amount of revenues anticipated to be deposited pursuant to subdivision two of this section shown on such schedule to be received during the period ending on the date on which such payment is due, after deducting from such revenues the aggregate amount of all such payments on any other issue of bonds, notes or other financial obligations of the corporation due during such period and against which revenues have not, at such time, been collected and set aside pursuant to the provisions of this subdivision, the comptroller shall set aside all such revenues as received until the amount so set aside is sufficient to pay the amount of such payment on such issue and any other issue with a payment date on or before the payment date on such issue; provided, however, that the comptroller shall commence to set aside revenues no later than the fifteenth day prior to the date on which such payment is due and continue to set aside such revenues until the balance is sufficient to pay the amount of such payment when due and the amount of such payment on any other issue due on or before such date. For the purpose of meeting a debt service or required payment on any issue of bonds, notes or other financial obligations of the corporation that is due on a monthly basis or more frequently, the comptroller shall set aside all revenues deposited pursuant to subdivision two of this section as received until the amount so set aside is, in the reasonable judgment of the comptroller, sufficient to pay the debt service or other 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 comptroller pursuant to this paragraph on any payment date is not sufficient to meet the payments required pursuant to a certificate or certificates submitted by the chairperson pursuant to section thirty-two hundred forty of the public authorities law, the comptroller shall immediately transfer from the general fund to the fund established by this section 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. In no event shall the comptroller be held liable for the failure to set aside an amount sufficient to pay the debt service or required payment of the corporation. 6. All payments of moneys from the local government assistance tax fund shall be made on the audit and warrant of the comptroller. * NB Repealed six months after all liabilities of the New York Local Government Assistance Corporation are met or discharged.