New York Laws
Title 28-B - Schenectady Metroplex Development Authority
2664 - Return of Moneys to the County of Schenectady.

§ 2664. Return of moneys to the county of Schenectady. 1. In the
event that the revenues of the authority exceed its current liabilities
by more than fifty percent at the end of its first fiscal year, or by
more than ten percent at the end of its fiscal year of each fiscal year
after its first fiscal year, after a lawful deposit in its reserve fund
of not less than five percent of its revenues, and after a lawful
deposit into its construction and development account in the amount
necessary to provide payment for the anticipated projects of the next
fiscal year, then the authority shall return to the county of
Schenectady seventy-five percent of such surplus amount.

2. In the event that the revenues of the authority do not exceed its
current liabilities by more than fifty percent at the end of its first
fiscal year, or by more than ten percent at the end of its fiscal year
of each fiscal year after its first fiscal year, after a lawful deposit
in its reserve fund of not less than five percent of its revenues and
after a lawful deposit into its construction and development account in
the amount necessary to provide payment for the anticipated projects of
the next fiscal year, or that sufficient funds are not available for the
authority to make a lawful deposit in its reserve fund of not less than
five percent of its revenues, and a lawful deposit into its construction
and development account, then the authority shall not be required to
return any funds to the county of Schenectady for that fiscal year.

3. The authority shall not return any funds to the county of
Schenectady that have been received by the authority from sources other
than the dedicated one-half of one percent of the sales tax.