State Codes and Statutes

Statutes > New-york > Pbg > Article-5 > 94

§  94.  Authorization to make subsidies.  A municipality is authorized  to make or  contract  to  make  capital  or  periodic  subsidies  to  an  authority  operating within the territorial limits of such municipality,  payable only with moneys locally appropriated therefor from the  general  or  other  funds  available  for  current expenses of such municipality.  Periodic subsidies shall not be contracted for a period longer than  the  life  of  the  project  assisted  thereby, and in no event for more than  fifty years. If the amount of any periodic subsidy shall be equal to  or  greater  than  the interest on and the amounts required annually for the  payment of the indebtedness contracted by the authority on account of  a  project  in  any year, such contract shall constitute a guarantee of the  principal of and the interest on such indebtedness,  and  such  contract  and  the payments thereunder may be pledged by the authority as security  in addition to all other security which the authority may give for  such  indebtedness.    A municipality may levy one or more of the taxes enumerated in section  one  hundred  ten for the purpose of making municipal subsidies, and the  revenues  resulting  from  the  imposition  of  such   tax   or   taxes,  notwithstanding  the  provisions of any general, special or local law to  the contrary, shall be deposited in the city treasury and credited to  a  separate  account.  During  each  fiscal  year  of such municipality, an  amount not in excess of the amount of the subsidies to be made  by  such  municipality  during  such  fiscal year shall be charged to such account  and credited to the general fund for the reduction of taxation  or  into  the  general  or  other  fund  available  for  current  expenses of such  municipality. No other payment shall be charged  to  such  account.  The  provisions  of section one hundred eleven shall be applicable to any tax  or taxes imposed pursuant to this section.

State Codes and Statutes

Statutes > New-york > Pbg > Article-5 > 94

§  94.  Authorization to make subsidies.  A municipality is authorized  to make or  contract  to  make  capital  or  periodic  subsidies  to  an  authority  operating within the territorial limits of such municipality,  payable only with moneys locally appropriated therefor from the  general  or  other  funds  available  for  current expenses of such municipality.  Periodic subsidies shall not be contracted for a period longer than  the  life  of  the  project  assisted  thereby, and in no event for more than  fifty years. If the amount of any periodic subsidy shall be equal to  or  greater  than  the interest on and the amounts required annually for the  payment of the indebtedness contracted by the authority on account of  a  project  in  any year, such contract shall constitute a guarantee of the  principal of and the interest on such indebtedness,  and  such  contract  and  the payments thereunder may be pledged by the authority as security  in addition to all other security which the authority may give for  such  indebtedness.    A municipality may levy one or more of the taxes enumerated in section  one  hundred  ten for the purpose of making municipal subsidies, and the  revenues  resulting  from  the  imposition  of  such   tax   or   taxes,  notwithstanding  the  provisions of any general, special or local law to  the contrary, shall be deposited in the city treasury and credited to  a  separate  account.  During  each  fiscal  year  of such municipality, an  amount not in excess of the amount of the subsidies to be made  by  such  municipality  during  such  fiscal year shall be charged to such account  and credited to the general fund for the reduction of taxation  or  into  the  general  or  other  fund  available  for  current  expenses of such  municipality. No other payment shall be charged  to  such  account.  The  provisions  of section one hundred eleven shall be applicable to any tax  or taxes imposed pursuant to this section.

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Pbg > Article-5 > 94

§  94.  Authorization to make subsidies.  A municipality is authorized  to make or  contract  to  make  capital  or  periodic  subsidies  to  an  authority  operating within the territorial limits of such municipality,  payable only with moneys locally appropriated therefor from the  general  or  other  funds  available  for  current expenses of such municipality.  Periodic subsidies shall not be contracted for a period longer than  the  life  of  the  project  assisted  thereby, and in no event for more than  fifty years. If the amount of any periodic subsidy shall be equal to  or  greater  than  the interest on and the amounts required annually for the  payment of the indebtedness contracted by the authority on account of  a  project  in  any year, such contract shall constitute a guarantee of the  principal of and the interest on such indebtedness,  and  such  contract  and  the payments thereunder may be pledged by the authority as security  in addition to all other security which the authority may give for  such  indebtedness.    A municipality may levy one or more of the taxes enumerated in section  one  hundred  ten for the purpose of making municipal subsidies, and the  revenues  resulting  from  the  imposition  of  such   tax   or   taxes,  notwithstanding  the  provisions of any general, special or local law to  the contrary, shall be deposited in the city treasury and credited to  a  separate  account.  During  each  fiscal  year  of such municipality, an  amount not in excess of the amount of the subsidies to be made  by  such  municipality  during  such  fiscal year shall be charged to such account  and credited to the general fund for the reduction of taxation  or  into  the  general  or  other  fund  available  for  current  expenses of such  municipality. No other payment shall be charged  to  such  account.  The  provisions  of section one hundred eleven shall be applicable to any tax  or taxes imposed pursuant to this section.