92-J - State aid and local assistance revenue withholding fund.
§ 92-j. State aid and local assistance revenue withholding fund. 1. There is hereby established in the custody of the state comptroller a special fund to be known as the state aid and local assistance revenue withholding fund. Such fund shall consist of separate accounts to which shall be credited, respectively, amounts appropriated for each specific type of state aid and local assistance otherwise payable to the city of New York deducted and withheld in amounts sufficient to pay when due the principal of and interest on revenue anticipation notes issued in anticipation thereof pursuant to the provisions of paragraph j of section 25.00 of the local finance law. 2. All moneys contained in such fund shall be paid (i) to the paying agent designated by the city of New York for any issue of revenue anticipation notes issued by such city pursuant to the provisions of paragraph j of section 25.00 of the local finance law, and (ii) to such city for its general fund after all payments from an account in such fund required to be made to the paying agent or agents of notes issued in anticipation of the state aid or local assistance with respect to which such account has been established have been made, the balance, if any, in such account. 3. Moneys in any account in the state aid and local assistance revenue withholding fund shall be kept separate and shall not be commingled with any other moneys in the custody of the state comptroller. All deposits of such revenue 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 shall be 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 of the United States or in obligations the principal of and interest on which are guaranteed by the United States. The state comptroller shall make payment to such paying agent of the amounts required to pay the principal and/or interest due on each issue of revenue anticipation notes issued under paragraph j of section 25.00 of the local finance law in accordance with the provisions of subdivision five of such paragraph from amounts on deposit in the respective accounts in the state aid and local assistance revenue withholding fund. 4. All payments of moneys from the state aid and local assistance revenue withholding fund shall be made on the audit and warrant of the state comptroller.