§ 4. The sale agreement. * 1. The state representative, upon the\nexecution of a sale agreement on behalf of the state may sell to the\ncorporation, and the corporation may purchase, for cash or other\nconsideration and in one or more installments, all or a portion of the\nstate's share. Any such agreement shall provide, among other matters,\nthat the purchase price payable by the corporation to the state for such\nstate's share or portion thereof shall consist of the net proceeds of\nthe bonds issued to finance such purchase price and the residual\ninterests, if any. Notwithstanding section 121 of the state finance law\nor any other law to the contrary, the residual interests shall be\ndeposited into the Medicaid management information system (MMIS)\nstatewide escrow fund within thirty days upon the availability of such\nresidual interests to fund a portion of the cumulative non-federal share\nof expenses related to the state takeover of the local share of Medicaid\ngrowth pursuant to part F of chapter 56 of the laws of 2012. Such\ndeposit shall be in an amount equal to (a) the amount of residual\ninterests scheduled for deposit into the MMIS statewide escrow fund in\nthe applicable year's enacted budget financial plan as updated or (b)\nthe total amount of residual interests available if the total amount of\nsuch residual interests is less than the total amount of residual\ninterests scheduled for deposit into the MMIS statewide escrow fund in\nthe applicable year's enacted budget financial plan as updated. At the\ndiscretion of the state representative, any residual interests which\nexceed the amount scheduled for deposit into the MMIS statewide escrow\nfund in the applicable year's enacted budget financial plan as updated\nmay either be deposited into the (i) MMIS statewide escrow fund to fund\na portion, as determined by the state representative, of the cumulative\nnon-Federal share of expenses related to the state takeover of the local\nshare of Medicaid growth, pursuant to part F of chapter 56 of the laws\nof 2012, or (ii) the state general fund; provided, however that any\nresidual interest derived from other assets shall be applied as directed\nby statute. Notwithstanding any other law to the contrary, the amount\nused from such deposit to fund a portion of the cumulative non-Federal\nshare of expenses related to the State takeover of the local share of\nMedicaid growth shall be paid without appropriation. Any such sale shall\nbe pursuant to one or more sale agreements which may contain such terms\nand conditions deemed necessary by the state representative to carry out\nand effectuate the purposes of this section, including covenants binding\nthe state in favor of the corporation and its assignees, including the\nowners of its bonds such as covenants with respect to the enforcement at\nthe expense of the state of the payment provisions of the master\nsettlement agreement, the diligent enforcement at the expense of the\nstate of the qualifying statute, the application and use of the proceeds\nof the sale of the state's share to preserve the tax-exemption on the\nbonds, the interest on which is intended to be exempt from federal\nincome tax, issued to finance the purchase thereof and otherwise as\nprovided in this act. Notwithstanding the foregoing, neither the state\nrepresentative nor the corporation shall be authorized to make any\ncovenant, pledge, promise or agreement purporting to bind the state with\nrespect to pledged tobacco revenues, except as otherwise specifically\nauthorized by this act.\n * NB Effective until March 31, 2027\n * 1. The state representative, upon the execution of a sale agreement\non behalf of the state may sell to the corporation, and the corporation\nmay purchase, for cash or other consideration and in one or more\ninstallments, all or a portion of the state's share. Any such agreement\nshall provide, among other matters, that the purchase price payable by\nthe corporation to the state
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