§ 8-a. Establishment and application of a general debt service fund.\n(a) The city shall establish a general debt service fund for the purpose\nof paying debt service due or becoming due in the then current fiscal\nyear and in subsequent fiscal years and for making payments to the\ncounty of Rensselaer in accordance with section eight-b of this act. All\nmonies in the fund shall be held by the comptroller, who shall\nadminister and maintain the fund in accordance with the provisions of\nthis section and section eight-b.\n (b) All payments of or on account of real estate taxes or assessments\ncollected by the city on its own behalf or on behalf of the county of\nRensselaer shall be immediately upon receipt deposited in such fund. On\nor before the fifth business day of each month, the city shall certify\nto the comptroller the amount of deposits during the immediately\npreceding month that constitute collections of or on account of real\nestate taxes or assessments on behalf of the county of Rensselaer.\nExcept as otherwise provided in section eight-b of this act, the\ncomptroller shall retain, disburse and apply monies in the fund during\neach month as follows:\n 1. During the first month of each fiscal quarter, there shall be\nretained in the fund, subject to the provisions of subdivision (c) of\nthis section, all real estate tax payments deposited in the fund until\nthere shall have been retained from monies so deposited during such\nmonth an amount equal to the total monthly debt service, computed as of\nthe date of any disbursement of money from the fund, for the second and\nthird months of such fiscal quarter; provided that such amount shall be\nreduced by any amount already on deposit in the fund which may be used\nto pay the monthly debt service for such months.\n For purposes of this section, fiscal quarter shall mean the\nthree-month period beginning January first, April first, July first or\nOctober first, and monthly debt service shall mean, as of any date of\ncomputation, the amount of monies equal to the aggregate of (i) all\ninterest payable during such month on bonds and notes of the city, plus\n(ii) the amount of principal (including payments into sinking funds)\nmaturing or otherwise coming due during such month on all bonds of the\ncity (excluding principal payments made from sinking funds required by\nthe terms of certain city bonds), plus (iii) the amount of principal to\nbe paid on notes of the city during such month from sources other than\nthe proceeds of bonds or renewal notes (exclusive of revenue\nanticipation notes and tax anticipation notes or renewals thereof issued\nless than two years prior to the date of computation).\n 2. During the second and third months of each fiscal quarter, there\nshall be retained in the fund, subject to the provisions of subdivision\n(c) of this section, all real estate tax payments deposited in the fund\nuntil there shall have been retained from monies so deposited during\nsuch month an amount equal to the total monthly debt service, computed\nas of the date of any disbursement of monies from the fund, for the\nfirst month of the next succeeding fiscal quarter; provided that such\namount shall be reduced by any amount already on deposit in the fund\nwhich may be used to pay the monthly debt service for such month.\n 3. The city may at any time pay into the fund any monies required by\nlaw to be used to pay monthly debt service and any other monies\navailable for such purpose.\n (c) The board may approve, subject to agreements made with the holders\nor guarantors of outstanding notes or bonds issued by or for the benefit\nof the city after the effective date of this act, criteria for\ncalculating a proportion of real estate tax receipts to be retained in\nthe fund in order to provide for the retention of amounts required by\nthe provisions of subdivision (b) of this section in lieu of the\nretention of all initial receipts as required by such subdivision;\nprovide
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.