2976 - Cost recovery on the issuance of certain bonds.

§  2976.  Cost  recovery  on  the  issuance  of  certain  bonds.    1.  Notwithstanding  any  other  law  to  the   contrary,   public   benefit  corporations   (which   for  purposes  of  this  section  shall  include  industrial development agencies created pursuant to title one of article  eighteen-A of the general municipal law or any other  provision  of  law  and  the  New York city housing development corporation created pursuant  to article twelve of the private housing finance law) which issue bonds,  notes or other obligations shall pay to the state a bond issuance charge  upon the issuance of such bonds in  an  amount  determined  pursuant  to  subdivision  two of this section. Such charge shall be paid to the state  department of taxation and finance, upon forms prescribed  therefor,  no  later  than  fifteen  days  from  the end of the month within which such  bonds are issued.    2. The bond issuance charge  shall  be  computed  by  multiplying  the  principal  amount  of  bonds  issued  by the percentage set forth in the  schedule  below,  provided  that:  (a)  the  charge  applicable  to  the  principal  amount of single family mortgage revenue bonds shall be seven  one-hundredths of one percent; (b)  the  issuance  of  bonds  shall  not  include  the  remarketing  of bonds; and (c) the issuance of bonds shall  not include the current refunding of short term bonds,  notes  or  other  obligations  for which the bond issuance charge provided by this section  has been paid, provided that such current refunding  (i)  occurs  within  one  year from the issuance of the refunded obligations, or (ii) is part  of a program created by a  single  indenture  or  bond  resolution  that  provides   for  the  periodic  issuance  and  refunding  of  short  term  obligations.                                  SCHEDULE  Principal Amount of Bonds Issued             Percentage Charge  a. $1,000,000 or less                            .168%  b. $1,000,001 to $5,000,000                      .336%  c. $5,000,001 to $10,000,000                     .504%  d. $10,000,001 to $20,000,000                    .672%  e. More than $20,000,000                         .84%    3. The provisions of subdivisions one and two of  this  section  shall  not apply to any public benefit corporation which enters into a contract  or  agreement  with  the director of the budget which otherwise provides  for cost recovery to  the  state  under  this  section  and  includes  a  provision  that,  in  accordance with this subdivision, subdivisions one  and two  of  this  section  shall  not  apply  to  such  public  benefit  corporation.  The  circumstances  for  the  entry  into such contract or  agreement may include, but shall not be  limited  to,  those  where  the  amount  to  be  paid thereunder equals or exceeds the amount of the bond  issuance  charge  which  would  otherwise  be  applicable  pursuant   to  subdivisions one and two of this section.    4.  The  provisions  of subdivisions one and two of this section shall  not apply to recovery  act  bonds  issued  by  the  state  of  New  York  municipal  bond  bank  agency in connection with local American Recovery  and Reinvestment Act pursuant  to  section  two  thousand  four  hundred  thirty-six-b of this chapter.