§ 11-1018 Disposition of revenue.
AC § 11-1018
All revenues and moneys heretofore or hereafter collected resulting from the imposition of taxes and penalties imposed by this chapter shall be deposited in the city treasury, and credited to a separate account. During each fiscal year, an amount not in excess of the amount of the subsidies to be made, and the amount of indebtedness incurred for low rent or slum clearance projects to be paid, during such fiscal year shall be charged to such account and credited to the general fund. No other payments shall be charged to such an account. The mayor may contract to make capital or periodic subsidies to the New York city housing authority in aid of a low rent project, or may incur indebtedness for a low rent slum clearance project, but such periodic subsidies shall not be contracted for a period longer than the life of such project and in no event for more than fifty years. If the amount of any such periodic subsidy shall be equal to or greater than the interest on and the amounts required annually for the payment of the indebtedness contracted by the authority on account of such project in each year, such contract shall constitute a guarantee of the principal of and the interest on such indebtedness, and such contract and the payments thereunder may be pledged by the authority as security in addition to all other security which the authority may give for such bonds. No such contract or periodic subsidies shall be made until the plan for such project shall have been approved in the manner provided by the public housing law.
