New York Laws
Article 6 - Funds of the State
92-H - Sales Tax Revenue Bond Tax Fund.

(b) No later than thirty days after the submission of the executive
budget in accordance with article seven of the constitution, the
director of the budget shall prepare a certificate of the amount of
monthly receipts anticipated to be deposited pursuant to subdivision two
of this section during the fiscal year beginning April first of that
year together with the monthly amounts necessary to be set aside from
the receipts of such fund, as shall be sufficient to meet the total cash
requirements of authorized issuers, as defined by section sixty-nine-m
of this chapter during such fiscal year, based on information that shall
be provided by such authorized issuers, consistent with the terms of any
contract with outstanding bondholders. Except for the purpose of meeting
cash requirements of an authorized issuer that are due on a monthly or
more frequent basis, prior to transferring any moneys from the account
pursuant to paragraph (a) of this subdivision, the comptroller shall set
aside on a monthly basis all revenues deposited pursuant to this
subdivision as received until the amount set aside is equal to one-fifth
of the interest due on such obligations on the next succeeding interest
payment date multiplied by the number of months from the last such
payment and one-eleventh of the next principal installment due on such
obligations multiplied by the number of months from the last such
principal installment where principal is due on an annual basis or
one-fifth of the next principal installment due on such obligations
multiplied by the number of months from the last such principal
installment where principal is due on a semiannual basis. For the

purpose of meeting cash requirements of an authorized issuer that are
due on a monthly basis or more frequently, the comptroller shall set
aside all revenues deposited pursuant to subdivision two of this section
as received until the amount so set aside is, in the reasonable judgment
of the director of the budget as set forth in such certificate,
sufficient to make the required payment on or before such payment date.
Notwithstanding subdivision three of, section seventy-two of this
article or any other provision of law, all moneys set aside in the sales
tax revenue bond tax fund to meet the annual cash requirements of
authorized issuers pursuant to a certificate or certificates as required
in this paragraph shall remain in the sales tax revenue bond tax fund
until needed for payment to authorized issuers, as provided in this
section. In the event that the amount set aside by the state comptroller
pursuant to this paragraph is not sufficient to meet the cash
requirements required pursuant to a certificate or certificates
submitted by the director of the budget, the state comptroller shall
immediately transfer from the general fund to the sales tax revenue bond
tax fund an amount which, when combined with the amount set aside
pursuant to this paragraph, shall be sufficient to meet the payment
required pursuant to such certificate or certificates. The director of
the budget may revise such certification at such times as shall be
necessary, provided, however, that the director of the budget shall, as
necessary, revise such certification not later than thirty days after
the issuance of any revenue bonds, including refunding bonds, and after
the adoption of any interest rate exchange or other financial
arrangement affecting the cash requirements of the authorized issuers.
In no event shall the state comptroller be held liable for the failure
to set aside an amount sufficient to pay any required payment of an
authorized issuer.
6. All payments of moneys from the revenue bond tax fund shall be made
on the audit and warrant of the state comptroller.

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