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This entry was published on 2014-09-22
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Payments to the corporation
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 26
§ 2540. Payments to the corporation. (a) Since the corporation's
continued discharge of its public and governmental purpose is of benefit
to the city, the city shall pay, within the appropriations available
therefor, the expenses of the establishment and continued operation of
the corporation.

(b) In the event of the failure or inability of the city to pay over
to the corporation, in full, on or before the first day of December, the
amount required to be paid by section twenty-five hundred thirty-seven
of this title, the chairman of the corporation shall forthwith certify
to the state comptroller the amount remaining unpaid and thereupon the
state comptroller shall pay such amount to the corporation out of the
first monies available for the next succeeding payments to the city from
the stock transfer tax fund established by section ninety-two-b of the
state finance law.

(c) In the event that the amount paid by the comptroller pursuant to
subdivision (b) of this section is inadequate to restore the capital
reserve fund to the capital reserve fund requirement, the state
comptroller shall pay to the corporation, out of the first monies
available for the next succeeding payments of (i) state aid apportioned
to the city of New York as per capita aid for the support of local
government pursuant to section fifty-four of the state finance law or
(ii) such other aid or assistance payable by the state to the city and
not otherwise allocated as shall supersede or supplement such state per
capita aid, including federal monies apportioned to the city by the
state, such amount remaining unpaid, after giving written notice to the
director of management and budget of each amount to be paid out of such
aid, until the amount in the capital reserve fund is restored to the
capital reserve fund requirement; except, however, that prior to any
deductions from any such aid or assistance, state aid monies, if any,
payable, pursuant to the provisions of any law the effective date of
which is prior to the effective date of this title, to a public benefit
corporation shall be paid in full to such corporation. Any amount so
paid over to the corporation shall be deducted from the corresponding
apportionment of such per capita state aid otherwise payable to the city
of New York, and shall not obligate the state to make nor entitle the
city to receive any additional apportionment or payment of per capita
state aid.