§ 92-e. Municipal assistance state aid fund. 1. There is hereby established in the custody of the comptroller a special fund to be known as the municipal assistance state aid fund. Within such fund, there is hereby established a special account for each municipal assistance corporation created under Article 10 of the public authorities law.

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2. Such fund shall consist of per capita aid apportioned thereto pursuant to section fifty-four of this chapter and, for all cities except the city of New York, all other amounts from the general fund local assistance account payable to a city in aid of which a municipal assistance corporation has been created.

3. Such amounts, including per capita aid apportioned to a city in aid of which a municipal assistance corporation has been created, shall be deposited by the comptroller to the credit of the special account established for the municipal assistance corporation which has been created in aid of such city in order to enable such corporation to fulfill the terms of any agreements made with the holders of its notes and bonds and to carry out its corporate purposes, including the maintenance of the capital reserve fund securing such bonds and notes, and, subject to the provisions of section fifty-four of this chapter, and subdivisions five and five-a of this section, the balance, if any, shall be paid to the chief fiscal officer of the city in aid of which such corporation has been created as hereinafter provided.

4. Revenues in any special account in the municipal assistance state aid fund shall be kept separate and shall not be commingled with any other moneys in the custody of the comptroller. All deposits of such revenues shall, if required by the comptroller, be secured by obligations of the United States or of the state having a market value equal at all times to the amount of such deposits and all banks and trust companies are authorized to give security for such deposits. Any such revenues in such fund may, in the discretion of the comptroller, be invested in obligations of the United States or of the state or in obligations the principal of and interest on which are guaranteed by the United States or by the state.

5. Upon receipt by the comptroller of a certificate or certificates from the chairman of a municipal assistance corporation that such corporation requires a payment or payments in order to comply with any agreement with the holders of its notes and bonds and to carry out its corporate purposes, including the maintenance of the capital reserve fund securing such bonds, from the appropriate special account established for such corporation, each of which certificates shall specify the required payment or payments and the date when the payment or payments is required, the comptroller shall pay from such special account on or before the specified date or within thirty days after receipt of such certificate or certificates, whichever is later, to such corporation, as the chairman thereof may direct in any such certificate, the amount or amounts so certified. The comptroller shall from time to time, but in no event later than the fifteenth day of October, January and April and the last day of June of each fiscal year, pay over and distribute to the chief fiscal officer of the city in aid of which such municipal assistance corporation has been created to be paid into the treasury of such city to the credit of the general fund all revenues in the special account established for such corporation in the municipal assistance state aid fund, if any, in excess of (i) the aggregate amount which the chairman of such corporation has certified to the comptroller and which has been previously paid to such corporation as herein above authorized, and (ii) amounts to be refunded to the general fund of the state of New York pursuant to subdivision five-a of this section. In no event shall the comptroller pay over and distribute any revenues to any person other than the municipal assistance corporation unless and until the aggregate of all payments certified to the comptroller as required by such corporation as of such date in order to comply with its agreements with the holders of its notes and bonds and to carry out its corporate purposes, including the maintenance of the capital reserve fund securing such bonds, which remain unpaid to such corporation shall have been paid in full to such corporation; provided, however, that no person, including such corporation or the holders of its notes or bonds shall have any lien on such revenues and such agreement shall be executory only to the extent of such revenues available to the state in such special account.

5-a. (a) In no event shall the comptroller pay over any revenues to the city in aid of which such municipal assistance corporation has been created as specified in subdivision five of this section unless and until the director of the budget certifies the amount or amounts to be refunded to the general fund of the state of New York pursuant to section fifty-four of this chapter. Such amount shall be deducted from the first amounts available for payment to such city after certification by the chairman of, and payment to, if required, the municipal assistance corporation as specified in subdivision five of this section and refunded to the general fund of the state. The remainder shall be paid to the chief fiscal officer of the city in aid of which such municipal assistance corporation has been created.

(b) Notwithstanding anything in this section to the contrary, amounts in the special account established within the municipal assistance state aid fund for the municipal assistance corporation for the city of Troy, which amounts have been deposited into such special account pursuant to section twenty of a chapter of the laws of nineteen hundred ninety-six entitled "AN ACT to amend chapter 721 of the laws of 1994 authorizing the city of Troy to issue serial bonds for the purpose of liquidating cumulative and projected deficits in the city's general fund, establishing a supervisory board, and establishing a debt service fund, in relation to granting a lien to the county of Rensselaer relating to certain taxes collected on behalf of such county by the city of Troy" which chapter added this paragraph (b), shall be paid by the comptroller in accordance with this paragraph. No portion of such amounts shall be paid by the comptroller to meet the requirements of such corporation for the payment of debt service as certified to the comptroller and the governor pursuant to § 3056 of the public authorities law unless at the time of such payment no other moneys are available for payment to such corporation for said purpose from such special account or from the special account established for such corporation within the municipal assistance tax fund in accordance with subdivision one of section ninety-two-d of this article. Any portion of such amount not required by such corporation for the payment of its debt service during the state fiscal year for which such amount has been appropriated shall be refunded to the general fund of the state of New York prior to the end of such fiscal year.

6. All payments of moneys from the municipal assistance state aid fund shall be made on the audit and warrant of the state comptroller.