§ 2436-b. Local ARRA bonds. (1) The agency may purchase local ARRA\nbonds using the proceeds of recovery act bonds, subject to the\nprovisions of this section and to any other provision of law applicable\nto the municipality and bonds it issues, including any debt limitation\napplicable to the municipality that issued the local ARRA bond, as well\nas to the other provisions of this title. To the extent that any such\nother provision of law conflicts with a provision of this section, the\nprovision of this section shall control, except as otherwise stated.\n (2) Subject to the provisions of this section:\n (a) Local ARRA bonds issued by a county, except a county wholly within\na city, may be additionally secured by a pledge to the agency of its\navailable county sales tax revenues subject to the provisions of\nsubdivision five of this section.\n (b) Local ARRA bonds issued by a city may be additionally secured by a\npledge to the agency of its available city sales tax revenues or its\navailable mortgage recording tax revenues, or both subject to the\nprovisions of subdivision five of this section.\n (c) Local ARRA bonds issued by a town may be additionally secured by a\npledge to the agency of its available mortgage recording tax revenues\nsubject to the provisions of subdivision five of this section.\n (d) Local ARRA bonds issued by a village may be additionally secured\nby a pledge to the agency of its available mortgage recording tax\nrevenues subject to the provisions of subdivision five of this section.\n (3) (a) Nothing contained in this title shall limit the right and\nobligations of a municipality to comply with the provisions of any\nexisting contract with or for the benefit of the holders of any of its\nother bonds, notes or other obligations.\n (b) Nothing contained in this title shall be construed to limit the\npower of a municipality to determine, from time to time, within\navailable funds for the municipality, the purposes for which\nexpenditures are to be made by the municipality and the amounts of such\nexpenditures.\n (c) Nothing contained in this title shall alter, limit, modify or\nimpair the right of any school district or of any city, town, or village\nwithin a county to receive from the county net collections, as\nauthorized by section twelve hundred sixty-two of the tax law or other\napplicable provision of part four of article twenty-nine of the tax law\nor by an unconsolidated state law that notwithstands such provision of\nthe tax law, from the county's sales and compensating use taxes imposed\npursuant to the authority of subpart B of part one of article\ntwenty-nine of the tax law. Further, nothing contained in this title\nshall alter, limit, modify or impair the right of any city or town\nwithin a county to receive from the county the net amount of mortgage\nrecording tax revenues imposed by subdivision one of section two hundred\nfifty-three of the tax law, as authorized by subdivision three of\nsection two hundred sixty-one of the tax law.\n (d) The agency's recovery act bonds secured by payments of principal\nand interest due with respect to local ARRA bonds shall not be a debt of\neither the state or any municipality, and neither the state nor any\nmunicipality shall be liable thereon, nor shall they be payable out of\nany funds other than those of the agency; and such recovery act bonds\nshall contain on the face thereof a statement to such effect.\n (e) Subject to the provisions of any contract with holders of bonds,\nnotes or other obligations, proceeds of recovery act bonds to be paid to\na municipality to purchase its local ARRA bonds shall be paid to the\nmunicipality and shall not be commingled with any other money of the\nagency.\n (f) Nothing contained in this title shall be construed to create a\ndebt of the state within the meaning of any constitutional or statutory\nprovisions. Any provision with respect to state aid shall be deemed\nexecutory only to the extent of moneys
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