* § 2473. State aid guarantee; withholding thereof. 1. In the event that a participating municipality fails to make its required payment, in whole or in part, to the authority, the chairman of the authority shall certify to the comptroller that such municipality has failed to meet its obligations. Such certificate shall be in such form as the authority deems desirable, but shall include the exact amount of payment required to satisfy such municipality's obligation to the authority.

Terms Used In N.Y. Public Authorities Law 2473

  • Chairman: means the chairman of the dormitory authority. See N.Y. Public Authorities Law 1695
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • 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.

2. The comptroller, upon receipt of such certificate from the authority, shall withhold from the city, county, town or village or, in the event the participating municipality is a public benefit corporation from the city, county, town or village on whose behalf such corporation was created, state aid payable to such city, county, town or village to the extent necessary to meet the required amount of payments. The comptroller shall immediately pay over to the sports facilities income fund account the amount so withheld.

* NB (Disbanded March, 1980)

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