N.Y. Tax Law 1262-L*2 – Allocation and distribution of certain net collections in Warren county
* § 1262-l. Allocation and distribution of certain net collections in Warren county. (a) If the county of Warren enters into an agreement pursuant to the authority of subdivision (c) of section twelve hundred sixty-two of this article with the city of Glens Falls to allocate and distribute a portion of net collections due the county from its taxes imposed pursuant to the authority of subdivision (a) of section twelve hundred ten of this article, the agreement may be for a term not exceeding forty years and the state comptroller shall not disapprove such agreement based on the length of its term, provided that such term shall not exceed forty years.
Terms Used In N.Y. Tax Law 1262-L*2
- county: shall mean any county in this state, except a county wholly within a city. See N.Y. Tax Law 1215
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Trustee: A person or institution holding and administering property in trust.
(b) Notwithstanding any contrary provision of this article or of any agreement between the city of Glens Falls and the county of Warren pursuant to the authority of subdivision (c) of section twelve hundred sixty-two of this article, if at any time the board of supervisors of Warren county shall pledge all or a portion of net collections from sales and compensating use taxes imposed by such county as described in section twelve hundred sixty-one-a of this article, any obligation of the county of Warren to allocate and distribute net collections to the city of Glens Falls under any such agreement between such city and such county shall be satisfied if the amounts due such city under such agreement are instead paid by such county from moneys returned to such county each month by the Warren and Washington county industrial development agency or trustee, as the case may be, as provided in such section twelve hundred sixty-one-a; or, in the event such moneys so returned to such county are insufficient in any month to allow such county to pay to such city the amounts required under such agreement, such county shall make such payments to such city in the amounts and in the manner set forth in such agreement.
* NB There are 2 § 1262-l's