§ 1261-a. Revenues from certain taxes imposed by Washington and Warren counties. (a) In the event that the Warren and Washington county industrial development agency established under Article 18-A of the general municipal law issues bonds, notes or other obligations secured by the service fee obligations of the counties which, in turn, are secured by a pledge by Warren and Washington counties of payments of net collections from taxes imposed by such counties pursuant to the authority of subdivision (a) of section twelve hundred ten of this article, as authorized by the act which enacted this section, such industrial development agency shall provide a certified written notice to the state comptroller that it has issued, or is about to issue, such notes, bonds or other obligations. Such notice shall set forth in detail the term, amount, interest rate and payment schedule of such bonds, notes or other obligations, and the amounts due from each county attributable to net collections from the respective counties, as described in subdivision (b) of this section, together with such other information as the comptroller shall require. Such agency shall provide a copy of such notice to the chief fiscal officer of each such county. Such agency shall provide the first of such notices to the comptroller at least ninety days prior to the date that the comptroller is expected to pay net collections, as described in subdivision (b) of this section, and then at least ninety days prior to the beginning of each county's fiscal year thereafter, until the comptroller is no longer expected to make such payments of such net collections, provided that the first notice to the comptroller under this section may contain estimates of the term, amount, interest rate and payment schedules before the bonds, notes or other obligations are issued in which case such agency shall give a corrected notice to the comptroller within ten days after such bonds, notes or other obligations are issued. If such agency gives such an estimated notice and such bonds, notes or other obligations are not issued, such agency shall give further notice to the comptroller that net collections shall not be withheld from the counties.

(b) Upon the comptroller receiving (i) such complete, certified written notice from such agency, and (ii) certified copies of resolutions adopted by majority vote of the board of supervisors of each such county (both and each of such boards concurring) authorizing and requesting the comptroller to make such payments from such net collections due such counties as the counties have agreed upon with such agency, at least ninety days prior to the date that the comptroller is expected to make the first payment under this section, the comptroller shall, notwithstanding any provision of section twelve hundred sixty-one of this article to the contrary, pay, on or before the fifteenth day of each month, all or a portion of the net collections due Warren county, but only out of net collections attributable to taxes imposed by such county at the rate of one and one half percent pursuant to the authority of subdivision (a) of section twelve hundred ten of this article (or, in the event that Warren county's pledge is substituted, then only out of net collections available to such county as a result of such substituted pledge, as such substituted pledge and net collections are described in subdivision i of section one of chapter five hundred one of the laws of nineteen hundred ninety-nine, as added by the chapter of the laws of two thousand which added this subdivision) and all or a portion of the net collections due Washington county, but only out of the net collections attributable to taxes imposed by such county at the rate of three percent pursuant to the authority of subdivision (a) of such section twelve hundred ten, as authorized by such counties' resolutions, to such agency, on account of, and for the benefit of, such counties to meet such counties' responsibilities under agreements amongst such counties and such agency and the holders of such bonds, notes or other obligations which are subject to such a pledge, or to the trustee of such bonds, notes or other obligations. If so requested by both the agency, as indicated in its notice to the comptroller, and by the counties, as indicated in their concurring resolutions filed with the comptroller, the comptroller shall make such payments to a trustee pursuant to an indenture for bondholders or holders of notes or other obligations, issued by such agency with respect to the Adirondack resource recovery facility pursuant to the authority of the law which enacted this section. Such payments by the comptroller on behalf of such counties shall be applied monthly by such agency or, if paid directly to the trustee, by such trustee, to pay the portion of service fees measured by debt service costs or such other or additional portions of the service fees that the counties shall authorize by resolution of each of their respective boards of supervisors for solid waste disposal for the counties pursuant to agreements entered into or to be entered into concerning solid waste disposal fees, which agreements shall require such agency or such trustee to electronically transfer the balances of such payments not required to meet contractual obligations to the respective county on or before the first day of the next succeeding month.

(c) The comptroller shall not be responsible for any inaccuracy in the amount of such payments based upon the schedule in the notice furnished by such agency. The comptroller shall not be required to make payments under this subdivision which are greater than the amounts of net collections due Warren county from its tax imposed at the rate of one and one half percent (or, in the event that Warren county's pledge is substituted, due such county from its tax as available in the event of such substituted pledge, as such substituted pledge and net collections are described in subdivision i of section one of chapter five hundred one of the laws of nineteen hundred ninety-nine, as added by the chapter of the laws of two thousand which added this subdivision) or due Washington county from its tax imposed at the rate of three percent and available in the account described in subdivision (c) of section twelve hundred sixty-one of this article, as certified to the comptroller by the commissioner as provided in such subdivision (c) of section twelve hundred sixty-one. Any balance of net collections due such counties after the comptroller makes any payments required under this section shall be paid to such counties in the manner provided in such subdivision (c) of section twelve hundred sixty-one. The comptroller shall be required to make payments under this section for only so long as the counties are required to make payments of such net collections under the payment schedule set forth in such agency's notice to the comptroller.

(d) The comptroller may rely, without further inquiry, that Washington county has incurred obligations to the agency, and Warren county similarly has incurred obligations of Warren county to Washington county and/or the agency, and that agreements have been duly approved by the board of supervisors for each county and executed by the chairman of the board of supervisors for each county authorizing use of net collections as authorized in this section, payable by them, for all or a portion of service fees measured by debt service and payments to reserve funds in connection with any outstanding bonds, notes or other obligations now, or hereafter issued by the agency for such purposes or such other portions or additional portions of the service fees that the counties shall authorize by resolution of each of their respective boards of supervisors, and arising out of financing or refinancing of the Adirondack resource recovery facility including the financing of the purchase of any rights of private parties to acquire such facility through an installment sale.