§ 99. Withholding of state assistance upon default in payment of bonds held by the state. When any municipality shall be in default for a period of more than six months on account of principal of its bonds or on account of interest on such bonds, or on account of both such principal and interest, and such bonds shall have been owned for not less than two years by the state or by the state comptroller in trust, or for the benefit of the New York state employees' retirement system or of any fund of the state the allotment, apportionment and payment of state assistance pursuant to the provisions of article four-A of this chapter or of section one hundred twelve of the highway law to any such municipality shall be withheld by the state comptroller in the following manner. At the time of remittance of any installment or quarterly payment of such state assistance the comptroller shall withhold payment of installments or quarterly payments of such state assistance to such municipality until the indebtedness due from such municipality to the state or to the state comptroller as trustee or for the benefit of the New York state employees' retirement system or of any fund of the state shall be paid in full or until the installments or quarterly payments of such state assistance or portions thereof so withheld shall equal the amount so due from the municipality.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.