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Society (Liber 891 of Deeds, Page 251); thence along the southerly line of said Society

N 52° 47' 50" E passing over an iron pipe found at 934. 12 feet for a total distance of 970. 63 feet to the point or place of beginning.

To contain 14.98 acres of land, more or less, as surveyed by Carlton E. Morrow, NYSLLS #49187 on August 3, 1990.

RESERVING to the People of the State of New York an easement sixty-six (66) feet in width to provide for public and administrative access and vehicular parking. Said easement shall extend from Carter Street in a southerly direction along the easterly boundary of the above described premises to lands retained by the People of the State of New York.

Should the Northern New York Agricultural Historical Society cease to exist as a not-for-profit organization, title to the above described premises will revert to the People of the State of New York under the jurisdiction of the Department of Environmental Conservation as part of the Perch River Wildlife Management Area.

5 3. In exchange for the conveyance of such estate and rights as are described in section two of this act the Northern New York Agricultural Historical Society shall convey to the state of New York the following described parcels of land.

ALL THAT CERTAIN TRACT OR PARCEL OF LAND situated in Lot 69, Penet Square, Town of Orleans, Jefferson County, and being the

premises conveyed to the Town of Orleans by the Tax Deed of the Jefferson County Treasurer, dated November 19, 1986 and recorded in the Jefferson County Clerk's Office at Book 1052, Page 139, containing 16.5 acres more or less.

ALSO, ALL THAT CERTAIN TRACT OR PARCEL OF LAND situated in Lots 69 and 72, Penet Square, Town of Orleans, Jefferson County, and being the premises conveyed to the Town of Orleans by the Tax Deed of the Jefferson County Treasurer, dated November 19, 1986 and recorded in the Jefferson County Clerk's Office at Book 1oś2, Page 105 and containing 31.43 acres more or less.

This is not considered legal description of the parcel of be conveyed.

The Northern New York Agricultural Historical Society shall provide an accurate survey and description acceptable to the commissioner of vironmental conservation. Şaid survey and description are to be used in the conveyance of the parcel to the state of New York.

§ 4. The commissioner of environmental conservation shall be satisfied that this exchange is made on terms beneficial to the state, and

may prescribe additional terms for such exchange of lands which will insure that the rights of the state are not adversely affected. Such contract shall not become binding upon the state until approved by the director of the budget and the comptroller. Title to the land to be conveyed to the state pursuant to the provisions of such contract shall be subject to the approval of the attorney general after the same has been made satisfactory to him. The deed to the state shall be approved by him as to form and manner of execution and recordability before such deed shall be accepted on behalf of the state. Notwithstanding the provisions of the public lands law, the conveyance of the state owned lands, pursuant to such contract,

shall be without reservation or exception except as provided for in such contract. Upon certification by the commissioner of environmental conservation to the commissioner of general services of a copy of the contract and certification that the Northern New York Agricultural Historical Society have complied with all terms and conditions of the contract upon their part to be kept and performed, together with a description of each of the parcels to be exchanged, the commissioner of general services shall convey all the right, title and interest of

in and to the parcel described in section two of this act in accordance with the provisions of the contract. Any interest in land acquired by the state pursuant to this act shall be incorporated in the Perch River Wildlife Management Area and used for such other purposes as may be determined by the commissioner of environmental conservation in accordance with the environmental conservation law.

§ 5. This act shall take effect immediately.
EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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AN ACT to amend the administrative code of the city of New York, in

relation to the benefits payable by and the structure and assets of
the transit police officer's variable supplements fund provided for in
such code, the method of determining the payability and amount of in-
vestment earnings of the New York city employees' retirement system
which are eligible for transfer from such retirement system to such
variable supplements fund and the transit police superior officers'
variable supplements fund provided for in such code, the investment
powers of such transit police variable supplements funds, and repeal-
ing paragraph (d) of subdivision three of section 13-191 of such code,
relating to arbitration of certain matters where the board of trustees
of the transit police officer's variable supplements fund deadlocks
thereon
Became a law July 24, 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. Paragraphs (c) and (d) of subdivision 1 of section 13-191 of the administrative code of the city of New York, as added by chapter 844 of the laws of 1987, are amended to read as follows:

(c), "Beneficiary". Any person who [(1)) receives a retirement allowance by reason of having retired, on or after July first, nineteen hundred eighty-seven for service (with credit for twenty or more years of service toward the minimum period) as a transit police [member, receives a benefit by reason of election of an option by such'a retired transit police member] officer; provided, that no person who held a rank or position as a transit police superior officer, as defined in subdivision eighty-four of section 13-101 of this title who, on after May first, nineteen hundred ninety-two, subsequently became a transit police officer shall be considered a beneficiary unless such person (1) subsequently performed at least three years of service as a transit police officer or (2) returned to service, from the position of sergeant, as transit police officer during the eighteen month probationary period, or such other probationary period as may be applicable or (3)

returned

to service as a transit police officer' during the three year period specified in paragraph (e) of subdivision one of section seventy-five of the civil service

or (4) returned to service as a transit police of ficer as the result of a hearing conducted pursuant to applicable law.

(d) "Variable supplement". Any sum authorized to be paid to a benefi; ciary [by the variable supplements board] pursuant to the provisions of this section.

§ 2. Subdivision 1 of section 13-191 of the administrative code of the city of New York, as added by chapter 844 of the laws of

1987,

is amended by adding five new paragraphs (e), (f), (8), (h) and (i) to read as follows:

(e) "Minimum period". The minimum period of credited service which a transit police member is required by law to perform in order to be eli. gible to retire for service with immediate payability of retirement allowance.

(f) "Transit police officer". A transit police member who, at the time of retirement for service by reason of fulfillment of the minimum period of service, was not a transit police superior officer, as defined in subdivision eighty-four of section 13-101 of this title.

(8) "Guarantee obligor". (1) With respect to any calendar year covered by å payment guarantee (as defined in paragraph (i) of this subdivision) or part of such a calendar year, for which calendar year or part thereof payment of variable supplements is an obligation of and guaranteed by the city

pursuant to the applicable provisions of paragraphs (f), (8) and (h) of subdivision three of this section, the term

"guarantee obligor" shall mean the city.

(2) With respect to any calendar year covered by a payment guarantee or part of such a calendar year, for which calendar year or part thereof

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payment of variable supplements is an obligation of and guaranteed by a
governmental entity pursuant to the applicable provisions of paragraphs
(f), (8) and (h) of subdivision three of this section, the term
"guarantee obligor" shall mean such governmental entity.

(h) "Calendar year not covered by a payment guarantee". Any calendar
year beginning on or after January first, nineteen hundred ninety-two,
which year precedes the first calendar year in which a guarantee, by a
guarantee obligor (as defined in paragraph (8) of this subdivision), of
payment of variable supplements takes effect pursuant to the provisions
of paragraph (f) or paragraph (8) of subdivision three of this section.

(i) "Calendar year covered by a payment guarantee". The calendar year
in which a guarantee, by a guarantee obligor (as defined in paragraph
(8) of this subdivision), of payment of variable supplements first takes
effect pursuant to paragraph (f) or paragraph (8) of subdivision three
of this section, and any succeeding calendar year.

§ 3. Subdivision 2 of section 13-191 of the administrative code of the city of New York, as added by chapter 844 of the laws of 1987, is amended to read as follows:

2. (a) There is hereby established a fund, to be known as the transit
police officer's variable supplements fund. Such fund shall consist of
such monies as may be paid thereto from the retirement system pursuant
to the provisions of [section) sections 13-193 and 13-193.2 of this
chapter and all other monies received by such fund from any other source
pursuant to law.

(b) It is hereby declared by the legislature that the transit police
officer's variable supplements fund shall not be, and shall not be
strued to constitute, a pension or retirement system or fund, and that
it shall function as a means whereby payments, not constituting pen-
sion or retirement allowance, may be made (at the discretion of the
variable supplements board,] in accordance with the provisions of this
section, to eligible beneficiaries as a supplement to benefits received
by them pursuant to this title. The legislature hereby reserves to the
state and itself the right and power to amend, modify or repeal any or
all of the provisions of this section.

4. Paragraph (a) of subdivision 3 of section 13-191 of the adminis-
trative code of the city of New York, as added by chapter 844 of the
laws of 1987, is amended to read as follows:

(a) The transit police officer's variable supplements fund shall be administered by a board of trustees which shall, subject to applicable provisions of law [and to the prior approval of the board of estimate], from time to time establish rules and regulations for the administration and transaction of the business of such fund and for the control and disposition thereof.

§ 5. Paragraph (b) of subdivision 3 of section 13-191 of the administrative code of the city of New York, as added by chapter 844 of the laws of 1987,

is amended by adding a new subparagraph 2-a to read as
follows:

(2-a) The commissioner of finance, who shall be entitled to cast one
pote. Such commissioner may, by instrument in writing filed in his
her office and with the variable supplements board, designate one or
more members of his or her office to act in his or her place at meetings
of such board, in the event of such commissioner's absence therefrom.

§ 6. Paragraph (c) of subdivision 3 of section 13-191 of the adminis-
trative code of the city of New York, as added by chapter 844 of the
laws of 1987, is amended to read as follows:

(9) Every act of the variable supplements board shall be by resolution
of such board,
which shall be adopted only by [the votes of not less than three members

except as otherwise provided in paragsaph (d) of this
subdivision] a vote of at least three-fifths of the whole number of
votes authorized to be cast by all of the members of such board.

$. 7. Paragraph (d) of subdivision 3 of section 13-191 of the adminis-
trative code of the city of New York, as added by chapter 844 of the
laws of 1987, is repealed.

9. 8. Paragraphs (e) and (f) of subdivision 3 of section 13-191 of the
administrative code of the city of New York, as added by chapter 844

of the laws of 1987, are relettered paragraphs' (d) and (d-1).

$ 9. Subdivision 3 of section 13-191 of the administrative code of the city of New York, as added by chapter 844 of the laws of 1987, is EXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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by adding seven new paragraphs (e), (f), (g), (h), (i), (j) and (k) to read as follows:

(e) (1) As of October thirty-first, nineteen hundred ninety-two and as of October thirty-first of each succeeding calendar year not covered by a payment guarantee (as defined in paragraph (h) of subdivision one of this section), the actuary referred to in paragraph (d) of this subdivision shall value the assets of the variable supplement's fund, subject to the provisions of paragraph (j) of this subdivision, and make estimate of the total amount of variable supplements which would be payable, pursuant to subdivision four of this section and subparagraph

two of this paragraph, to beneficiaries on or about December' fifteenth of such calendar year' for which such valuation and estimate are made, if such actuary determines that the value of such assets, as of October thirty first of such calendar year, is equal to greater than such total amount of variable supplements.

(2) If such actuary determines that the value of such assets, as of October thirty-first of any such calendar year for which a valuation and est imate are required by subparagraph one of this paragraph, is equal to or &reater than such estimated total amount of variable supplements which would be payable on or about December fifteenth of such calendar year, then the variable supplements which, upon a favorable determination of the actuary under this paragraph (e), are declared by subdivision four of this section to be payable to beneficiaries for such calendar year

part thereof shall be paid by the variable supplements fund, in the applicable amounts prescribed by such subdivision four, to beneficiaries on or about December fifteenth of such calendar year.

(3) If such actuary determines that the value of such assets, as of October thirty-first of any such calendar year for which a valuation and estimate required by subparagraph one of this paragraph, is less than such estimated total amount of variable supplements which would be payable on or about December fifteenth of such calendar year pursuant to a favorable determination of the actuary, then no beneficiary shall be entitled to receive any variable supplement for such calendar year or any part thereof and no variable supplement shall be paid to any beneficiary for such calendar year or any part thereof.

(4) In any case where, pursuant to the provisions of subparagraphs one and three of this paragraph, no variable supplements are payable 'for, a calendar year part thereof to any beneficiary, no variable supplements for such calendar year or part thereof shall at any time thereafter be payable and no beneficiary shall at any time thereafter be entitled to receive a variable supplement for such calendar year or part thereof.

(f) (1) As of October thirty-first, nineteen hundred ninety-two and as of October thirty-first of each succeeding calendar year up to and including the earlier of (i) the first calendar year covered by a payment guarantee (as defined in paragraph (i) of subdivision one of this tion) (ii) the calendar year two thousand six, the actuary referred to in paragraph (d) of this subdivision shall value the asset's of the variable supplements fund, subject to the provisions of paragraph (j) of this subdivision, and shall estimate the present value, as of such October thirty-first, of all variable supplements which the variable supplements fund, under the provisions of subdivision four of this section, would be obligated to pay to beneficiaries with respect to the calendar year in which such October thirty-first occurs and all succeeding calendar years up to and including the calendar year two thousand six, if it were assumed that such variable supplements were payable with respect to all such calendar years occurring during the period beginning with the calendar year in which such October thirty-first occurs and extending to and including the calendar year two thousand six.

(2) If the value of such assets as of any such October thirty-first is equal to or greater than the sum obtained by adding together such estimated

present value of variable supplements as of such October thirtyfirst and a sum equal to fifteen per centum of the assets of the variable supplements fund as of such October thirty-first:

(1) variable supplements, as provided for in subdivision four of this section, shall be paid to beneficiaries for the calendar year in which such October thirty-first occurs and for each subsequent calendar year;

paragraph (e) of this subdivision shall be inapplicable with respect to entitlement of beneficiaries to variable supplements for the calendar years referred to in item (i) of this subparagraph; and

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(iii) subject to the provisions of paragraph (h) of this subdivision, payment of all variable supplements, payable for the

calendar years referred to in item (1) of this subparagraph is hereby made an obligation of the guarantee obligor (as defined in paragraph (8) of subdivision

of this section), and the guarantee obligor, hereby guarantees that such supplements shall be paid to all beneficiaries for such calendar years:

(8) If guarantee of payment of variable supplements, pursuant to paragraph (f) of this subdivision, does not take effect prior to the Calendar year two thousand seven, variable supplements, as provided for in subdivision four of this section, shall be paid pursuant to such subdivision four for the calendar year two thousand seven and each subsequent calendar year. Subject to the provisions of paragraph (h) of this subdivision, such payment is hereby made an obligation of the guarantee obligor (as defined in paragraph (8) of subdivision one of this section) and the guarantee obligor hereby guarantees that such variable supplements shall be paid to all beneficiaries for such calendar years.

(h) (1) Subject to the provisions of subparagraph three of this paragraph, if, as of January first of the first calendar year covered by payment guarantee (as defined in paragraph (i) of subdivision one of this section), the city is legally obligated to pay, (including payment by way of reimbursement) the salaries of the members of the uniformed transit police force, the city shall be the guarantee

obligor

referred to in the applicable provisions of paragraph (f) or paragraph (8) of this subdivision with respect to such first calendar year and all ceeding calendar years.

(2) If, of January first of the first calendar year covered by a payment guarantee (as defined in paragraph (í). of subdivision

of this section), the city is not" legally obligated to pay (or reimburse for) the salaries of the members of the uniformed transit police force, the governmental entity which is legally obligated to pay such salaries as of such January first shall be the guarantee obligor referred in the applicable provisions of paragraph (f), or paragraph (8) of this subdivision with respect to such' first calendar year and all succeeding calendar years.

(3) If, after becoming a guarantee obligor pursuant to subparagraph one of this paragraph, the city ceases to be legally obligated pay (or reimburse for the salaries of the members of the uniformed transit police force:

(i) any obligation and guarantee of the city, under the provisions of paragraph (f) or paragraph (&) of this subdivision,

with

respect to variable supplements payable for calendar years preceding the calendar year in which the city ceased to be so obligated to pay (or reimburse for) such salaries, shall continue in effect; and

(ii) any such obligation and guarantee of the city with respect to such variable supplements payable for the calendar year in which such obligation of the city to pay (or reimburse for) such salaries ceased shall be prorated as provided for in subparagraph four of this

paragraph; and

(iii) the city shall have no obligation and shall make no guarantee with respect to payment of any such variable supplements payable for calendar years succeeding the calendar year in which such obligation of the city to pay (or reimburse for) such salaries ceased; and

(iv) there is hereby imposed on the governmental entity which, on the date on which the city ceases to be legally obligated to pay (or reimburse for) such salaries, becomes legally obligated to pay such salaries, á prorated obligation and guarantee, as provided for in subparagraph four of this paragraph, with respect to payment of such variable supplements payable for the calendar year in which such obligations of the city to pay (or reimburse for) such salaries ceased; and

(v) payment of such variable supplements payable for calendar years succeeding the calendar year in which such obligation of the city to pay (or reimburse for) such salaries ceased is hereby made the obligation of the governmental entity referred to in item (iv) of this subparagraph and such governmental entity hereby guarantees that such variable supplements shall be paid to all beneficiaries for such succeeding calendar years.

(4) Prorating of the obligation and guarantee of the city and such governmental entity, as provided for in items (ii) and (iv) of subparaEXPLANATION-Matter in italics is new; matter in brackets [ ] is old law

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