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directors of the agency shall have established a per centum for a cate-
gory of loans pursuant to subdivision seven of section twenty-four hun-
dred twenty-eight of this chapter, such per centum shall be substituted
for twenty per centum in this clause (b). For purposes of pool in-
surance,

in no event shall the reserve requirement be less than twenty
percent of the amounts insured under the agency's insurance contracts.

§ 10. Subdivision 1-a of section 2428 of the public authorities law,
as added by chapter 555 of the laws of 1989, amended to read
follows:

1-a. The agency may issue commitments to provide and may provide pool
insurance in an amount not in excess of twenty-five percent of the out-
standing principal indebtedness at the time of commitment of any aggre-
gate of mortgage loans.

§ 11. Section 2429-a of the public authorities law, as amended by chapter 354 of the laws of 1984, is amended to read as follows:

§ 2429-a. Payment of insurance. The agency shall establish procedures to be followed by a mortgagee in the event of a default under the terms of any mortgage insured by the agency. The agency may require that prior to submitting a claim to the agency for payment of insurance the mortgagee shall take such actions with respect to the property securing the defaulted mortgage as may be specified by the agency to be satisfactory evidence of continuing default, including but not limited to the following: (i) becoming lawfully the mortgagee in

possession thereof; (ii) causing a receiver to be appointed of such property; (iii) obtaining' voluntary conveyance of the mortgagor's right and title to such property; or (iv) obtaining by foreclosure clear and unencumbered title to such property, all in such manner as the agency may require. Follow ing submission of a valid claim the agency shall pay an amount which shall not exceed the lesser of (1) the then outstanding insured principal amount of the mortgage multiplied by the per centum of such outstanding amount insured by the agency

and per

centum of the mortgagee's cost arising from the default, inclusive of public liens and delinquent and unpaid interest, all as the agency may from time to time allow, which per centum shall not exceed the per centum of the outstanding principal indebtedness insured by the agency (2) the insured amount the mortgage at the date of execution of the insurance contract or its latest amendment, if any, except that the agency shall pay the greater of the two amounts on claims by a public employee pension fund, or by a public benefit corporation derived from the sale of notes

bonds issued by said corporation, provided that no more than the actual loss suffered by such public employee pension fund or public benefit corporation shall be paid. Such payment may be made by the agency in a lump sum, or in partial payments made within such period of times not in excess of two years,] as may be agreed to between the agency and the mortgagee, all in accordance with procedures to be established by the agency.

§ 12. Paragraph (b) of subdivision 1 of section 2429-b of the public authorities law, as amended by chapter 555 of the laws of 1989, is amended to read as follows:

(b) (i) The mortgage insurance fund shall be used as a revolving fund for carrying out the provisions of this title with respect to mortgages insured thereunder. (ii) The agency shall pay into such fund all moneys which may be made available to the agency for the purposes of such fund from any source, including but not limited to the moneys received from recording officers pursuant to the provisions of subdivision two of seçtion two hundred sixty-one of the tax law. The agency shall credit the amount of moneys received from the recording, officer of each county, pursuant to subdivision two of section two hundred sixty-one of the tax law, to the special account. In any [calendar] fiscal year, no more than fifty per centum of the amount received from the recording officers during the consecutive twelve month period ending

the preceding [December] March thirty-first may be used by the agency for the purpose of insuring mortgages on property located in any one region pursuant to section two thousand four hundred twenty-eight of this chapter, provided, however, that this provision shall not include or be applied to insurance of mortgage loans purchased by the agency.

The agency
shall credit any other moneys which may be made available to the agency
for the purposes of such fund from any other source to the special ac-
count or the pool insurance account as appropriate. Any income in-
terest earned

by, or increment to, the mortgage insurance fund due to
the investment thereof shall be credited to the special account
pool insurance account as appropriate.

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§. 13. Paragraph (d) of subdivision 1 of section 2429-b of the public authorities law, as amended by chapter 555 of the laws

is amended to read as follows:

(d) [The assets) Moneys, investments and cash equivalents of the special account and of the pool insurance account shall be kept separate and shall not be commingled with each other or with any other accounts which may be established from time to time, except otherwise authorized by this section.

$ 14. Paragraph (a) of subdivision 2 of section 2429-b of the public authorities law is repealed, and paragraph (b) of such subdivision ?, as amended by chapter 7 of the laws of 1989, is amended to read as follows:

[(b) On or before January twentieth, nineteen hundred eighty-one and on or before January twentieth in each succeeding year until and including January twentieth, nineteen hundred eighty-nine, and on or before March twentieth, nineteen hundred eighty-nine, on] On before March twentieth'in each (succeeding] year, the board of directors of the agency shall determine (for January twentieth the actual amount and for March twentieth] the amount estimated to be received by the agency from the additional tax imposed pursuant to subdivision one-a of section two hundred fifty-three of the tax law and deposited in the mortgage insurance fund and credited to the special account plus any other monies deposited in such account plus the amount of reserves available in such special account with respect to mortgage loans that were previously, insured in accordance with section twenty-four hundred twenty-eight of this title under contracts or commitments that have been satisfied

or cancelled, pursuant

to subdivision one of this section, except charges and fees levied by the agency in connection with applications for mortgage insurance pursuant to subdivision two of section twenty-four hundred twenty-nine-c of this title, which shall be added in the computation only when a commitment to insure is cancelled or expires or when the insurance applied for is declared effective. Such determination made

or before [January twentieth, nineteen hundred eighty-nine, shall be made for the consecutive twelve-month period ending the preceding December thirty-first, such determination made March twentieth, nineteen hundred eighty-nine, shall be for the three-month period ending

the subsequent March thirty-first and such determination made on or before] March twentieth in each' (succeeding] year shall be made for the consecutive twelve-month period ending on the subsequent March thirty; first. The board shall then determinel, for January twentieth the actual excess balance, and for March twentieth} the estimated excess balance, if any, in such'special account by determining the amount by which such credits exceed twenty per centum of the amounts insured or committed to be insured during such twelve-[or three-]month period plus any payments by the agency during such twelve-[or three-]month period on account of a mortgage contract entered into during such twelve-[or three-]month period ending on such [December thirty-first or such] March thirtyfirst, plus the operating expenses of the agency during such twelve-[or three-month period with respect to insurance of mortgages, which amount may not exceed an amount determined and certified by the director of the budget with notification to the chairman of the senate finance committee and chairman of the assembly ways and means committee. On or before May fifteenth, the board shall determine any adjustment to the estimated excess balancé necessary to reflect the variance, if any, between such estimated

balance and the actual excess balance computed as of March thirty-first, and shall certify such adjustment to the director of the budget. The agency shall include such adjustment in the estimated excess balance determination for the following, fiscal year, unless otherwise instructed by the director of the budget. The (agency shall submit such operating expenses on or before January fifth of and the director of

the budget shall make such certification on or before January fifteenth of each year for determinations made before January twentieth. Thereafter, the] agency shall submit to the director of the budget an estimate of such operating expenses before the tenth business day in March of each year and the director of the budget shall make such certification before March twentieth of each year.

Upon making the determination of the estimated excess balance, [or for January twentieth, of the actual excess balance) the agency

shail certify such determination to the director of the budget, the chairmen EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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of the senate finance committee and the assembly ways and means commit-
tee, and the comptroller. Payment of such actual or estimated excess
balance shall be made [as follows: (i) within ninety days after March
first, nineteen hundred eighty-one and within ninety days after March
first in each succeeding year for determinations made on or before Janu-
ary twentieth, nineteen hundred eighty-eight, and,, (ii) on or before
March thirty-first, nineteen hundred eighty-nine' for the determinations
made in nineteen hundred eighty-nine, and, (iii) for determinations made
thereafter,] within ninety days after March twentieth[, the]. The agency
shall, at the direction of the director of the budget, pay such esti-
mated' or actual excess balance, if any, from the special account to the
comptroller for deposit to the state general fund; provided, however,
that if the aggregate amount in the special account as of such date is
less than [the greater of; (i)] the mortgage insurance fund require-
ment[; or, (ii) the reserve amount, determined under paragraph (a) of
this subdivision], the agency, shall retain all or that portion of any
such estimated or actual excess balance in such special account neces-
sary to increase the aggregate amount in such special account tof, the
greater of: (i)] the mortgage insurance fund requirement[;, or,, (ii) the
reserve amount]. The director of the budget shall notify the chairmen of
the senate finance committee and the assembly ways and

committee
ten days prior to the issuance of the directive in respect to the
payment of the estimated or actual excess balance to the general fund.

Further provided, however, that the budget to be submitted to the
legislature by the governor pursuant to article seven of the constitu-
tion shall separately state the amount of such estimated or actual ex-
cess balance determined as hereinabove prescribed, if any, which shall
be included in the monies and revenues estimated to be available during
the current and ensuing fiscal years, respectively.

$ 15. This act shall take effect immediately; provided, however, that
nothing contained herein shall be deemed to affect the application,
qualification, expiration or repeal of any provision of la amended by
any section of this act and such provisions shall be applied quali-
fied or shall expire or be deemed repealed in the same manner, to the
same extent and on the same date

the

may be otherwise provided by law.

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CHAPTER 783

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AN ACT to amend the public authorities law, in relation to authorizing
the state of New York mortgage agency to purchase employer assisted
forward commitment mortgages from banks within the state
Became a law August 7, 1992, with the approval of the Governor.

Passed by a majority vote, three-fifths being present.
The People of the State of New York, represented in Senate and Assen-
bly, do enact as follows:

Section 1. Section 2402 of the public authorities law is amended by
adding a new subdivision 15 to read as follows:

(15) "Employer". Any corporation, partnership, or sole proprietorship which maintains an office in the state.

§ 2. The public authorities law is amended by adding a new section 2405-d to read as follows:

$ 2405-6. Purchase of employer assisted forward commitment mortgages. (1) In accordance with the authority set forth

in

section
hundred five-b of this title, the agency may purchase employer assisted
forward commitment mortgages from banks at such prices and upon such
terms and conditions as it shall

determine. In conducting its program of
purchasing employer, assisted forward commitment mortgages, the agency
'shall be governed by the provisions of section twenty-four hundred
five-b of this title. The board of directors of the agency shall estab-
lish from time to time maximum income limits of persons eligible to
receive such mortgages, which income limits shall not exceed the latest
maximum income limits permitted under the Internal Revenue Code of 1986,
as amended, for mortgages financed by mortgage revenue bonds. An em-

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ployer may develop additional

additional qualifications for eligible employees beyond those qualifications provided for in this section, provided that such qualifications are non-discriminatory and are pre-approved by the agency, the employer,

however, shall remain solely responsible for determining and insuring the legality of such qualifications and may not rely on any agency reviews, approvals, legal opinions or statements.

(2) To participate in an employer assisted forward commitment mortgage program, an employer must be a corporation, partnership, sole proprietorship which maintains an office in the state and must satisfy the requirements set forth in guidelines established by the agency:

(3) For any employer assisted forward commitment mortgage, the maximum loan-to-value ratio shall be established by the agency, provided that such loan shall not exceed one hundred percent of the appraised value of the mortgaged premises. Reasonable closing costs for the

loan may

be amortized over the life of the loan, provided that the final loan amount does not exceed one hundred percent of the appraised value of the mortgaged premises.

.(4) The agency shall require any employer participating in the employer assisted forward commitment mortgage program to guarantee to pay up to twenty percent of the total outstanding mortgage indebtedness (as determined by the agency) for each employee who obtains a mortgage loan under the provisions of this section and who defaults on such mortgage loan during the first seven years of such loan,, regardless of whether such borrower is an employee of such employer at the time of the default.

§ 3. This act shall take effect on the ninetieth day after it shall have become a law.

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CHAPTER 784

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AN ACT to amend the tax law, in relation to the imposition of hotel or

motel taxes in Seneca county
Became law August 7, 1992, with the approval of the Governor. Passed

section 14
on message of necessity pursuant to Article III,

of the
Constitution by a majority vote, three-fifths being present.
The People of the State of New York, represented in Senate and Assem-
bly, do enact as follows:

Section 1. The tax law is amended by adding a new section 1202-0 to
read as follows:

§ 1202-0. Hotel or motel taxes in Seneca county. (1) Notwithstanding
any other provision of law to the contrary, the county of Seneca is
hereby, authorized and empowered to adopt and amend local laws imposing
in such county a tax, in addition to any other tax authorized and im-
posed pursuant to

this article, such as the legislature has or would
have the power and authority to impose upon persons occupying hotel
motel rooms in such county. For the purposes of this section, the term
"hotel" or "motel" shall mean and include any facility providing lodging

an overnight basis and shall include those facilities designated and
commonly known as "bed and breakfast" and "tourist" facilities:

The rates of such tax shall not exceed three percent of the per diem
rental rate for each room provided, however, that such tax shall not be
applicable to a permanent resident of a hotel or moţel. For the purposes
of this section, the term "permanent resident" shall mean a person occu-
pying any room or rooms in a hotel or notel for at least thirty consecu-
tive days.

(2) Such tax may be collected and administered by the Seneca county
treasurer, or other fiscal officers of Seneca county by such

in as other taxes which are now collected and administered by such officers or as otherwise may be provided by such local law. EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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(3) Such local laws may provide that any tax imposed shall be paid by
the person liable therefor to the owner of the hotel or motel room occu-
pied to the person entitled to be paid the rent or charge for the
hotel or motel room occupied for and on account of the county of Seneca
imposing the tax and that such owner or person entitled to be paid the
rent or charge shall be liable for the collection and payment of the
tax; and that such

person entitled to be paid the rent or
charge shall have the same right in respect to collecting the tax from
the person occupying the hotel or motel room, or in respect to non-
payment of the tax by the person occupying the hotel or motel room,
if the tax

a part of the rent or charge and payable at the same
time as the rent or charge; provided, however, that the Seneca county
treasurer,

specified in such local law, shall be joined as a party in any action or proceedinę brought to collect the tax by the owner

or by the person entitled to be paid the rent or charge.

(4) Such local laws may provide for the filing of returns and the payment of the tax on a monthly basis or on the basis of any longer or shorter period of time.

(5) This section shall not authorize the imposition of such tax upon any transaction, by or with any of the following in accordance with section twelve hundred thirty of this chapter:

a. The state of New York, or any public corporation (including a pụblic corporation created pursuant to agreement or compact with another state or the Dominion of Canada), improvement district or other political subdivision of the state;

b. The United States of America, insofar as it is immune from taxation;

C. Any corporation or association, or trust, or community chest, fund or foundation organized and operated exclusively for religious, charitable educational purposes, or for the prevention of cruelty to children or animals, and no part of the net earnings of which inures to the benefit of any private shareholder or individual and no substantial part of the activities of which is carrying on propaganda, or otherwise attempting to influence ,legislation; provided, however, that nothing in this paragraph shall include an organization operated for the primary purpose of carrying on a trade or business for prof it, whether or not all of its profits are payable to one or more organizations described in this paragraph.

(6) Any final determination of the amount of any tax payable hereunder
shall be reviewable for error, illegality or unconstitutionality or any
other reason whatsoever by a proceeding under article seventy-eight of
the civil practice law and rules if application therefor is made to the
supreme court within thirty days after the giving of the notice of such
final determination, , provided, however, that any such proceeding under
article seventy-eight of the civil practice law and rules shalĩ not be
instituted unless:

a. The amount of tax sought to be reviewed, with such interest and
penalties thereon as may be provided for by local law
shall be first deposited and there is filed an undertaking, issued by a
surety company authorized to transact business in the state and approved
by the

superintendent of insurance of this state as to solvency and
responsibility, in such amount as a justice of the supreme

court shall approve to the effect that if such proceeding be dismissed or the tax confirmed the petitioner will pay all costs and charges which may accrue in the prosecution of such proceeding; or

b. At the option of the petitioner such undertaking may be in a sum sufficient to cover the taxes, interests, and penalties stated in such determination plus the costs and charges which may accrue against it in the prosecution of the proceeding, in which event the petitioner shall not be required to pay such taxes, interest or penalties as a condition precedent to the application.

o Where any tax imposed hereunder shall have been erroneously, illegally, or unconstitutionally collected and application for the refund thereof duly made to the proper fiscal officer or officers, and such of ficer or officers shall have made a determination denying such refund, such determination shall be reviewable by a proceeding under article seventy-eight of the civil practice law and rules,

provided, however, that such proceeding is instituted within thirty days after the giving of the notice of such denial, that a final determination of tax due was not previously made, and that an undertaking is filed with the proper fiscal officer or officers in such amount and with such sureties justice of

the supreme court shall approve to the effect that if such

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