New York Laws
Title 2 - Buffalo Fiscal Stability Authority
3865 - Resources of the Authority.

(b) Nothing contained in this title shall be construed to create a
debt of the state within the meaning of any constitutional or statutory
provisions. Any provision with respect to state aid or state aid
revenues shall be deemed executory only to the extent of moneys
available, and no liability shall be incurred by the state beyond the
moneys available for that purpose, and any such payment by the
comptroller of state aid revenues is subject to annual appropriation of
state aid by the state legislature.
(c) Nothing contained in this title shall be deemed to restrict the
right of the state to amend, repeal, modify, or otherwise alter section
fifty-four of the state finance law or any provision relating to state

aid to municipalities. The authority shall include within any
resolution, contract, or agreement with holders of its bonds, notes or
other obligations a provision which states that no default occurs as a
result of the state's exercising its right to amend, repeal, modify, or
otherwise alter section fifty-four of the state finance law or any other
provision relating to state aid to municipalities.
7. On a monthly basis, the authority shall prepare and provide to the
city and the city's dependent school district a detailed separate
accounting of all revenues received and payments and debt service set
asides made, as attributable to the city and the city's dependent school
district. Such accounting shall reflect (a) the amount of state aid
revenues, city tax revenues and school district tax revenues received
during such month, (b) the respective portion of debt service paid or
set aside during such month by the authority for its notes, bonds and
other obligations attributable to the city and the city's dependent
school district; (c) the respective portion of reserve fund
replenishment made or set aside during such month by the authority in
connection with its notes, bonds and other obligations attributable to
the city and the city's dependent school district; and (d) the
respective portion of administrative expenses of the authority paid or
set aside during such month by the authority attributable to the city
and the city's dependent school district. As soon as practicable after
each monthly payment or set aside, the authority shall make respective
payments of the remaining monthly balance or revenues to the city and
the city's dependent school district in accordance with such separate
accounting. To the extent that such respective monthly payments of the
remaining balance of revenues result in an overpayment or underpayment
to the city or the city's dependent school district, the authority shall
in the immediately subsequent month, after making debt service payments
or debt service set asides, replenishing any reserve funds and paying
the administrative expenses of the authority for such month, make an
adjustment in favor of the city or the city's dependent school district,
as the case may be, before determining the remaining amount of the
balance of revenues for such subsequent month and paying such remaining
monthly balance of revenues to the city and the city's dependent school
district. Nothing in this title shall be deemed to restrict the
authority of the state comptroller and the commissioner of taxation and
finance to adjust for overpayments or underpayments pursuant to the tax
law.