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