§ 92-h. Sales tax revenue bond tax fund. 1. There is hereby\nestablished in the joint custody of the state comptroller and the\ncommissioner of taxation and finance a fund within the general debt\nservice fund to be known as the "sales tax revenue bond tax fund".\n 2. Such fund shall consist of the amount of revenue collected within\nthe state from the imposition of the sales and compensating use taxes\n(including interest and penalties) pursuant to section eleven hundred\nfive and section eleven hundred ten of the tax law equal to the amount\nattributable to a one percent rate of taxation, less such amounts as the\ncommissioner of taxation and finance may determine to be necessary for\nrefunds. On and after the date that all of the obligations and\nliabilities of the New York local government assistance corporation\nshall have been met or otherwise discharged, other than payment\nobligations required by section thirty-two hundred thirty-eight-a of the\npublic authorities law, it shall equal the amount attributable to a two\npercent rate of taxation, less such amounts as the commissioner of\ntaxation and finance may determine to be necessary for refunds. Such\nsales and compensating use tax revenues shall be separate and distinct\nfrom the sales and compensating use tax revenues deposited from time to\ntime in the local government assistance tax fund, pursuant to section\nninety-two-r of this chapter.\n 3. On or before the twelfth day of each month, the commissioner of\ntaxation and finance shall certify to the state comptroller the amounts\nspecified in subdivision two of this section relating to the preceding\nmonth and, in addition, no later than March thirty-first of each fiscal\nyear the commissioner of taxation and finance shall certify such amounts\nrelating to the last month of such fiscal year. The amounts so certified\nshall be deposited by the state comptroller in the sales tax revenue\nbond tax fund.\n 4. Moneys in the sales tax revenue bond tax fund shall be kept\nseparate and shall not be commingled with any other moneys in the\ncustody of the state comptroller and the commissioner of taxation and\nfinance. All deposits of such revenues shall, if required by the state\ncomptroller, be secured by obligations of the United States or of the\nstate having a market value equal at all times to the amount of such\ndeposits and all banks and trust companies are authorized to give\nsecurity for such deposits. Any such moneys in such fund may, in the\ndiscretion of the state comptroller, be invested in obligations in which\nthe state comptroller is authorized to invest pursuant to section\nninety-eight-a of this article.\n 5. (a) The state comptroller shall from time to time, but in no event\nlater than the fifteenth day of each month (other than the last month of\nthe fiscal year) and no later than the thirty-first day of the last\nmonth of each fiscal year, pay over and distribute to the credit of the\ngeneral fund of the state treasury all moneys in the sales tax revenue\nbond tax fund, if any, in excess of the aggregate amount required to be\nset aside for the payment of cash requirements pursuant to paragraph (b)\nof this subdivision, provided that an appropriation has been made to pay\nall amounts specified in any certificate or certificates delivered by\nthe director of the budget pursuant to paragraph (b) of this subdivision\nas being required by any authorized issuer as such term is defined in\nsection sixty-nine-m of this chapter for the payment of cash\nrequirements of such authorized issuers for such fiscal year. Subject to\nthe rights of holders of debt of the state, in no event shall the state\ncomptroller pay over and distribute any moneys on deposit in the sales\ntax revenue bond tax fund to any person other than an authorized issuer\npursuant to such certificate or certificates (i) unless and until the\naggregate of all cash requirements certified to the state comptroller as\nrequired by such authorize
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