New York Laws
Title 4 - New York Local Government Assistance Coporation
3240 - Payments to the Corporation.

(a) the amount, if any, due to any provider of any bond or note
facility, representing payments made by it as provided in the applicable
resolution or trust indenture as a result of any previous failure of the
state to make any payment provided for in this section, including any
related reasonable interest, fees or charges so provided,
(b) the amount, if any, required to restore the capital reserve fund
to the capital reserve fund requirement to the extent any deficiency
therein has resulted directly or indirectly from failure by the state to
make any payment provided for in this section,
(c) the amount, if any, required to be rebated to the United States to
provide for continued federal tax exemption for bonds and notes of the
corporation, and
(d) the expenses of the establishment and continued operating expenses
of the corporation, but not in excess of one hundred thousand dollars,
exclusive of trustees' fees, fees payable to providers of bond or note
facilities, fees for issuing and paying agents, remarketing agents and
dealers, counsels, financial advisors, independent auditors, providers
of interest rate exchange agreements, rating agencies, transfer or
information agents, the publication of advertisements and notices,
surety arrangements, and printers; fees or charges incurred by the
corporation to comply with applicable federal and state securities or
tax laws; and any other costs of issuance in excess of the amount
provided therefor in the proceeds of the sale of bonds or notes of the
corporation, to the extent that any of the foregoing amounts or expenses
are not to be paid from other resources available to the corporation for
such purpose.
1-a. The chairperson of the corporation may revise such certification
at such times as shall be determined by the chairperson, provided,
however, that the chairperson of the corporation shall revise such
certification not later than thirty days after the issuance of any bonds
or notes of the corporation including refunding bonds, and the adoption
of any interest rate exchange or other financial arrangement affecting
the cash requirements of the corporation.

2. The schedule accompanying such certification shall provide for
payments on such dates as the corporation deems appropriate to ensure
that sufficient funds will be available from the sources identified in
this section to enable it to meet its current obligations as they become
due.
3. Upon receipt of such certification, or any revision thereof, the
comptroller shall pay such amount to the corporation for payment or
deposit in accordance with such certification, from the local government
assistance tax fund established by section ninety-two-r of the state
finance law or from any other amount appropriated for such purpose to
the extent that moneys in such fund are insufficient for such purpose.
Any such payment shall be made within thirty days of the receipt of the
certification or at the time specified within the certification,
whichever is later, provided that any such amounts shall have been first
appropriated by the state.
* 4. In any year in which the state appropriates money out of any
other funds available to it directly for the payment of debt service of
the corporation or for any other corporate purposes for which payments
out of the local government assistance fund may be made, except any
appropriated amount in respect of a deficiency in such fund, the amount
certified by the chairperson of the corporation shall be reduced by the
amount of such direct state payments. Provided however, this subdivision
shall not apply for payments made pursuant to section thirty-two hundred
thirty-eight-a of this title.
* NB Effective until July 1, 2034
* 4. In any year in which the state appropriates money out of any
other funds available to it directly for the payment of debt service of
the corporation or for any other corporate purposes for which payments
out of the local government assistance fund may be made, except any
appropriated amount in respect of a deficiency in such fund, the amount
certified by the chairperson of the corporation shall be reduced by the
amount of such direct state payments.
* NB Effective July 1, 2034
* 5. The agreement of the state contained in this section shall be
deemed executory only to the extent of appropriations available for
payments under this section and no liability on account of any such
payment shall be incurred by the state beyond such appropriations. The
state, acting through the director of the budget, and the corporation
may enter into, amend, modify, or rescind one or more agreements
providing for the specific manner, timing, and amount of payments to be
made under this section, but only in conformity with this section.
Provided however, this subdivision shall not apply for payments made
pursuant to section thirty-two hundred thirty-eight-a of this title.
* NB Effective until July 1, 2034
* 5. The agreement of the state contained in this section shall be
deemed executory only to the extent of appropriations available for
payments under this section and no liability on account of any such
payment shall be incurred by the state beyond such appropriations. The
state, acting through the director of the budget, and the corporation
may enter into, amend, modify, or rescind one or more agreements
providing for the specific manner, timing, and amount of payments to be
made under this section, but only in conformity with this section.
* NB Effective July 1, 2034
6. Nothing contained in this title shall be deemed to restrict the
right of the state to amend, repeal, modify or otherwise alter statutes
imposing or relating to the taxes imposed pursuant to sections eleven
hundred five and eleven hundred ten of the tax law. The corporation
shall not include within any resolution, contract or agreement with

holders of the bonds or notes issued under this title any provision
which provides that a default occurs as a result of the state exercising
its right to amend, repeal, modify or otherwise alter the taxes imposed
pursuant to sections eleven hundred five and eleven hundred ten of the
tax law.