New York Laws
Article 4-A - State Assistance to Local Government
54-C - Emergency Financial Aid to Certain Cities.

(a) The amount of aid shall be calculated by (i) determining the
percentage which the assessed valuation of real property both wholly and
partially exempt from taxation for general city non-school purposes only
bears to the assessed valuation of real property taxable for such
purpose on the latest assessment roll completed prior to January first,
nineteen hundred seventy-five; (ii) applying such percentage to the
assessed valuation of real property taxable for general city non-school
purposes on the latest assessment roll completed prior to January first
of the calendar year preceding the year during which the aid is paid;
(iii) applying to such amount the tax rate for general city non-school
purposes for the same tax year of such city for which the assessment
roll in subparagraph (ii) above was completed, and for the payments
during two thousand four and two thousand five only; (iv) applying to
the result in subparagraph (iii) above the ratio of the tax rate used in
the payment during June, nineteen hundred seventy-six to the tax rate
used in the payment due in June of the then current year.
(b) Provided, however, that the total amount of any appropriation for
such aid which may be less than the amounts otherwise required to be
paid shall be distributed and paid among all such cities in amounts
which are proportionate to the otherwise rightful entitlement to aid of
such cities pursuant to this section.
(c) Provided further that should the calculations in paragraphs (a)
and (b) of this subdivision apportion less than three and one-half
million dollars minimum aid to one or more cities, such cities shall
each receive such minimum aid and the remaining amount of the
appropriation shall be distributed in proportion to the entitlement
under paragraph (a) of this subdivision, exclusive of such cities.
(d) Provided further that the assessed valuations and tax rates as
defined in paragraph (a) of this subdivision shall be submitted by the
commissioner of taxation and finance to the respective city for official
certification prior to its use in determining the amount of aid.
2. Upon certification by the commissioner of taxation and finance and
in the manner provided by law, two million dollars of state assistance
shall be paid during the month of March, two thousand four and during
the month of March, two thousand five to each city having a population
of less than one hundred twenty-five thousand and more than ninety
thousand which has determined and certified that the percentage which
the assessed valuation of real property, both wholly and partially
exempt from taxation for general city non-school purposes, exceeds one
hundred per centum of the assessed valuation of taxable real property
for such purpose for the assessment roll completed prior to January
first, nineteen hundred seventy-six by such city.
3. Notwithstanding any inconsistent provision of law the amount
payable and distributable in each year pursuant to the provisions of
subdivision one of this section shall in no event exceed the sum of
twenty-eight million dollars and the amount payable and distributable in
each year pursuant to the provisions of subdivision two of this section
shall in no event exceed the sum of two million dollars.
4. The provisions of this section shall remain in force and effect
only until July tenth, two thousand five.
* NB Expired July 10, 2005