* § 92-r. Local government assistance tax fund. 1. There is hereby\nestablished in the joint custody of the comptroller and the commissioner\nof taxation and finance a special fund to be known as the local\ngovernment assistance 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.\n 3. On or before the twelfth day of each month, the commissioner of\ntaxation and finance shall certify to the comptroller the amounts\nspecified in subdivision two of this section relating to the preceding\nmonth and, in addition on the last day of the fiscal year the\ncommissioner shall certify such amounts relating to the last month of\nsuch fiscal year. The amount of revenues so certified shall be deposited\nby the comptroller in the local government assistance tax fund.\n 4. Revenues in the local government assistance tax fund shall be kept\nseparate and shall not be commingled with any other moneys in the\ncustody of the comptroller. All deposits of such revenues shall, if\nrequired by the comptroller, be secured by obligations of the United\nStates or of the state having a market value equal at all times to the\namount of such deposits and all banks and trust companies are authorized\nto give security for such deposits. Any such revenues in such fund may,\nin the discretion of the comptroller, be invested in obligations in\nwhich the comptroller is authorized to invest pursuant to section\nninety-eight-a of this article.\n 5. (a) Upon receipt by the comptroller of a certificate or\ncertificates from the chairperson of the local government assistance\ncorporation submitted pursuant to section thirty-two hundred forty of\nthe public authorities law, that such corporation requires a payment or\npayments, from the local government assistance tax fund, the comptroller\nshall pay from such fund pursuant to an appropriation on or before the\ndate specified in such certificate or within thirty days after such\nreceipt, whichever is later, to such corporation, as the chairperson\nthereof may direct in any such certificate, the amount or amounts so\ncertified. The chairperson of such corporation shall furnish the\ncommissioner of taxation and finance with copies of such certificates.\nIn order to set aside the moneys necessary to meet the amounts required\non the payment date or dates specified in such certificate or\ncertificates, the comptroller shall comply with the provisions of\nparagraph (b) of this subdivision. The comptroller shall from time to\ntime, but in no event later than the fifteenth day of each month (other\nthan the last month of the fiscal year) and the last day of the last\nmonth of the fiscal year of each fiscal year, pay over and distribute to\nthe credit of the general fund of the state treasury all revenues in the\nlocal government assistance tax fund, if any, in excess of the aggregate\namount required to be set aside pursuant to paragraph (b) of this\nsubdivision provided that an appropriation has been made to pay all\namounts specified in such certificate or certificates as being required\nby the corporation for such fiscal year, and provided further that an\nappropriation has been made to make all dedicated highway and bridge\ntrust fund cooperative agreement payments specified in the certificate\nsubmitted by the chairperson of the New York state thruway authority\npursuant to subdivision two of section three hundred eighty-five of the\npublic authorities law. In no event shall the comptroller pay over and\ndistribute any revenues (other than the amount to be deducted for\nadministering, collecting and distributing such sales an
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