New York § 99 - 99Withholding of state assistance upon default in payment of bonds held by the state
Full text of New York New York Consolidated Laws § 99 — 99Withholding of state assistance upon default in payment of bonds held by the state, with citation guidance and answers to common questions.
§ 99. 99Withholding of state assistance upon default in payment of bonds held by the state
§ 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.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 99
What does New York Consolidated Laws § 99 cover?
Section 99 ("99Withholding of state assistance upon default in payment of bonds held by the state") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 99?
A common citation format is "New York Consolidated Laws § 99" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 99 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.