§ 1261-a. Revenues from certain taxes imposed by Washington and Warren\ncounties. (a) In the event that the Warren and Washington county\nindustrial development agency established under article eighteen-A of\nthe general municipal law issues bonds, notes or other obligations\nsecured by the service fee obligations of the counties which, in turn,\nare secured by a pledge by Warren and Washington counties of payments of\nnet collections from taxes imposed by such counties pursuant to the\nauthority of subdivision (a) of section twelve hundred ten of this\narticle, as authorized by the act which enacted this section, such\nindustrial development agency shall provide a certified written notice\nto the state comptroller that it has issued, or is about to issue, such\nnotes, bonds or other obligations. Such notice shall set forth in detail\nthe term, amount, interest rate and payment schedule of such bonds,\nnotes or other obligations, and the amounts due from each county\nattributable to net collections from the respective counties, as\ndescribed in subdivision (b) of this section, together with such other\ninformation as the comptroller shall require. Such agency shall provide\na copy of such notice to the chief fiscal officer of each such county.\nSuch agency shall provide the first of such notices to the comptroller\nat least ninety days prior to the date that the comptroller is expected\nto pay net collections, as described in subdivision (b) of this section,\nand then at least ninety days prior to the beginning of each county's\nfiscal year thereafter, until the comptroller is no longer expected to\nmake such payments of such net collections, provided that the first\nnotice to the comptroller under this section may contain estimates of\nthe term, amount, interest rate and payment schedules before the bonds,\nnotes or other obligations are issued in which case such agency shall\ngive a corrected notice to the comptroller within ten days after such\nbonds, notes or other obligations are issued. If such agency gives such\nan estimated notice and such bonds, notes or other obligations are not\nissued, such agency shall give further notice to the comptroller that\nnet collections shall not be withheld from the counties.\n (b) Upon the comptroller receiving (i) such complete, certified\nwritten notice from such agency, and (ii) certified copies of\nresolutions adopted by majority vote of the board of supervisors of each\nsuch county (both and each of such boards concurring) authorizing and\nrequesting the comptroller to make such payments from such net\ncollections due such counties as the counties have agreed upon with such\nagency, at least ninety days prior to the date that the comptroller is\nexpected to make the first payment under this section, the comptroller\nshall, notwithstanding any provision of section twelve hundred sixty-one\nof this article to the contrary, pay, on or before the fifteenth day of\neach month, all or a portion of the net collections due Warren county,\nbut only out of net collections attributable to taxes imposed by such\ncounty at the rate of one and one half percent pursuant to the authority\nof subdivision (a) of section twelve hundred ten of this article (or, in\nthe event that Warren county's pledge is substituted, then only out of\nnet collections available to such county as a result of such substituted\npledge, as such substituted pledge and net collections are described in\nsubdivision i of section one of chapter five hundred one of the laws of\nnineteen hundred ninety-nine, as added by the chapter of the laws of two\nthousand which added this subdivision) and all or a portion of the net\ncollections due Washington county, but only out of the net collections\nattributable to taxes imposed by such county at the rate of three\npercent pursuant to the authority of subdivision (a) of such section\ntwelve hundred ten, as authorized by such counties' resolutions, to such\nagency, on account of, and f
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