ยง 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.