§ 253-a. Recording tax by a city of one million or more. 1. Any city\nin this state having a population of one million or more, acting through\nits local legislative body, is hereby authorized and empowered to adopt\nand amend local laws imposing in any such city (A) prior to February\nfirst, nineteen hundred eighty-two a tax of fifty cents, (B) on or after\nFebruary first, nineteen hundred eighty-two and before July first,\nnineteen hundred eighty-two with respect to (i) one, two or three-family\nhouses, individual cooperative apartments and individual residential\ncondominium units, and (ii) real property securing a principal debt or\nobligation of less than five hundred thousand dollars, a tax of fifty\ncents, and with respect to all other real property a tax of one dollar\nand twelve and one-half cents, (C) on and after July first, nineteen\nhundred eighty-two and before August first, nineteen hundred ninety with\nrespect to real property securing a principal debt or obligation of less\nthan five hundred thousand dollars, a tax of fifty cents, with respect\nto one, two or three-family houses, individual cooperative apartments\nand individual residential condominium units securing a principal debt\nor obligation of five hundred thousand dollars or more, a tax of\nsixty-two and one-half cents, and with respect to all other real\nproperty a tax of one dollar and twenty-five cents, and (D) on and after\nAugust first, nineteen hundred ninety with respect to real property\nsecuring a principal debt or obligation of less than five hundred\nthousand dollars, a tax of one dollar, with respect to one, two or\nthree-family houses and individual residential condominium units\nsecuring a principal debt or obligation of five hundred thousand dollars\nor more, a tax of one dollar and twelve and one-half cents, and with\nrespect to all other real property a tax of one dollar and seventy-five\ncents, for each one hundred dollars and each remaining major fraction\nthereof of principal debt or obligation which is or under any\ncontingency may be secured at the date of execution thereof, or at any\ntime thereafter, by a mortgage on such real property situated within\nsuch city and recorded on or after the date upon which such tax takes\neffect and a tax of one dollar on such mortgage if the principal debt or\nobligation which is or by any contingency may be secured by such\nmortgage is less than one hundred dollars. In each instance where the\ntax imposed pursuant to this subdivision is one dollar and twenty-five\ncents for each one hundred dollars and each remaining major fraction\nthereof of such principal debt or obligation, fifty percent of the total\namount of such tax, including fifty percent of any interest or penalties\nthereon, shall be set aside in a special account by the commissioner of\nfinance of such city. In each instance where the tax imposed pursuant to\nthis subdivision is one dollar and seventy-five cents for each one\nhundred dollars and each remaining major fraction thereof of such\nprincipal debt or obligation, thirty-five and seven-tenths percent of\nthe total amount of such tax, including thirty-five and seven-tenths\npercent of any interest or penalties thereon, shall also be set aside in\nsuch special account. Moneys in such account shall be used for payment\nby such commissioner to the state comptroller for deposit in the urban\nmass transit operating assistance account of the mass transportation\noperating assistance fund of any amount of insufficiency certified by\nthe state comptroller pursuant to the provisions of subdivision six of\nsection eighty-eight-a of the state finance law, and, on the fifteenth\nday of each month, such commissioner shall transmit all funds in such\naccount on the last day of the preceding month, except the amount\nrequired for the payment of any amount of insufficiency certified by the\nstate comptroller and such amount as he deems necessary for refunds and\nsuch other amounts necessar
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