N.Y. Public Authorities Law 2664 – Return of moneys to the county of Schenectady
§ 2664. Return of moneys to the county of Schenectady. 1. In the event that the revenues of the authority exceed its current liabilities by more than fifty percent at the end of its first fiscal year, or by more than ten percent at the end of its fiscal year of each fiscal year after its first fiscal year, after a lawful deposit in its reserve fund of not less than five percent of its revenues, and after a lawful deposit into its construction and development account in the amount necessary to provide payment for the anticipated projects of the next fiscal year, then the authority shall return to the county of Schenectady seventy-five percent of such surplus amount.
Terms Used In N.Y. Public Authorities Law 2664
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
2. In the event that the revenues of the authority do not exceed its current liabilities by more than fifty percent at the end of its first fiscal year, or by more than ten percent at the end of its fiscal year of each fiscal year after its first fiscal year, after a lawful deposit in its reserve fund of not less than five percent of its revenues and after a lawful deposit into its construction and development account in the amount necessary to provide payment for the anticipated projects of the next fiscal year, or that sufficient funds are not available for the authority to make a lawful deposit in its reserve fund of not less than five percent of its revenues, and a lawful deposit into its construction and development account, then the authority shall not be required to return any funds to the county of Schenectady for that fiscal year.
3. The authority shall not return any funds to the county of Schenectady that have been received by the authority from sources other than the dedicated one-half of one percent of the sales tax.