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This entry was published on 2014-09-22
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Payments to authorized issuers
State Finance (STF) CHAPTER 56, ARTICLE 5-F
§ 69-o. Payments to authorized issuers. 1. The state, acting through
the director of the budget, and authorized issuers may enter into,
amend, modify or rescind one or more financing agreements providing for
the specific manner, timing, and amount of payments to be made under
this section, but only in conformity with this section.

2. No later than October first of each year, the authority issuers
shall certify to the director of the budget the anticipated cash
requirements related to revenue bonds during the subsequent state fiscal
year in such detail as the director may require.

3. Upon receipt of a voucher from any authorized issuer requesting
payment for such amount or amounts certified by the director of the
budget pursuant to paragraph (a) of subdivision five of section
ninety-two-h of this chapter, the state comptroller shall pay such
amount or amounts to be authorized issuer from appropriations for such

4. The agreement of the state contained in this section shall be
deemed executory only to the extent of appropriations available for
payments under this section, and no liability on account of any such
payment shall be incurred by the state beyond such appropriations.

5. Nothing contained in this article shall be deemed to restrict the
right of the state to amend, repeal, modify or otherwise alter statutes
imposing or relating to the taxes imposed pursuant to section eleven
hundred five and section eleven hundred ten of the tax law. The
authorized issuers shall not include within any resolution, contract or
agreement with holders of the revenue bonds issued under this article
any provision which provides that a default occurs as a result of the
state exercising its right to amend, repeal, modify or otherwise alter
the taxes imposed pursuant to section eleven hundred five and section
eleven hundred ten of the tax law.

6. Any resolution or other agreement authorizing revenue bonds under
this article shall reserve the right of the state, upon amendment of the
New York state constitution allowing the issuance or assumption of
bonds, notes or other obligations secured by revenues, which may include
the revenues securing revenue bonds of authorized issuers (a) to assume,
in whole or in part, revenue bonds of the authorized issuers, (b) to
extinguish the existing lien of such resolution, or other agreement and
(c) to substitute security for the revenue bonds of the authorized
issuers, in each case only so long as such assumption, extinguishment or
substitution is done in accordance with such resolution or other