2006 New York Code - Further Payments To The Corporation; Additional Funds Of The Corporation.

 
    * §  3036-a.  Further payments to the corporation; additional funds of
  the corporation.
    1. In addition to the total amount certified by such chairman for such
  fiscal year, all as referred to in  subdivision  one  of  section  three
  thousand  thirty-six, the chairman shall at the same time certify to the
  state comptroller and to the mayor a schedule setting  forth  additional
  cash  requirements  of  the corporation which shall be equal to: (i) the
  amounts which are required to be deposited in the capital  reserve  fund
  authorized  to be created and established pursuant to subdivision two of
  this section (in this section called the capital  reserve  fund)  during
  such  fiscal  year  in order to maintain the capital reserve fund at the
  level required in accordance with subdivision four of this section; (ii)
  the amounts required to be deposited in the bond  service  fund  of  the
  corporation  to  pay  all  interest  and  all  payments of principal and
  redemption premium, if any, on notes and bonds payable from the  sources
  hereinafter  identified in this section and maturing or otherwise coming
  due during such fiscal year;  and  (iii)  the  amounts  required  to  be
  deposited   in   the   operating  fund  of  the  corporation  heretofore
  established, as determined by the corporation,  to  meet  the  operating
  requirements  and  other  expenses of the corporation during such fiscal
  year. If any increase shall occur in such additional  cash  requirements
  specified  above, or if payments are required at a time or times earlier
  than previously certified or if the city shall for any  reason  fail  to
  make  timely  payment  of  the principal and accrued interest due on any
  obligation issued by the city to the corporation and maturing within the
  same fiscal year, such chairman shall certify a revised schedule of such
  additional  cash  requirements  for  such  fiscal  year  to  the   state
  comptroller   and   to   the   mayor.  The  schedule  accompanying  each
  certification (or revision thereof) shall provide for such payment dates
  as the corporation deems appropriate to  assure  that  sufficient  funds
  will be available from the sources identified below to enable it to meet
  its  current  obligations  under  this  section as they come due.   Upon
  receipt of such  certification,  or  any  revision  thereof,  the  state
  comptroller  shall pay such amount to the corporation for deposit in the
  appropriate funds referred to in this section, in accordance  with  such
  certification  from  the special account established for the corporation
  in the municipal  assistance  state  aid  fund  in    accordance    with
  subdivision  one  of  section ninety-two-e of the state finance law and,
  subject to agreements with outstanding bond  and  note  holders  of  the
  corporation, from the special account established for the corporation in
  the municipal assistance tax fund, in accordance with subdivision one of
  section  ninety-two-d  of  the  state  finance law, including any amount
  transferred to the municipal assistance tax fund from the stock transfer
  tax fund pursuant to subdivision four of  section  ninety-two-b  of  the
  state  finance law. Any such payment shall be made within thirty days of
  receipt of the  certification  or  at  the  time  specified    in    the
  certification,  whichever is later; provided that any such amounts shall
  have been first appropriated by the state for such purpose or shall have
  been otherwise made  available.  Any amount paid to the corporation from
  such municipal assistance state aid fund  shall  be  deducted  from  the
  amount  otherwise  payable  to  the  city  as per capita aid pursuant to
  sections fifty-four and ninety-two-e of the state finance law and  shall
  not  obligate  the  state  to make, nor entitle the city to receive, any
  additional payments of per  capita  aid.  Any  amount  so  paid  to  the
  corporation from the municipal assistance tax fund shall, in addition to
  the  amount  deducted  pursuant  to  subdivision  one  of  section three
  thousand thirty-six, be deducted from the amount  otherwise  payable  to
  the  city  from the municipal assistance tax fund and shall not obligate
  the state to make, nor entitle  the  city  to  receive,  any  additional
  payments from such municipal assistance tax fund.
    2.  The  corporation shall create and establish a capital reserve fund
  as an additional special fund, and shall pay into such  capital  reserve
  fund (i) any moneys appropriated and made available by the state for the
  purposes  of  such fund, (ii) any proceeds of sale or notes or bonds, to
  the extent provided in the resolution of the corporation authorizing the
  issuance thereof, and (iii) any other moneys which may be made available
  to the corporation for the purpose of such fund from any other source or
  sources. All  moneys  held  in  the  capital  reserve  fund,  except  as
  hereinafter  provided,  shall  be  used  solely  for  the payment of the
  principal  of  bonds  secured  by  such  capital  reserve  fund  of  the
  corporation, as the same mature or otherwise become due, the purchase of
  such  bonds  of  the corporate, the payment of interest on such bonds of
  the corporation or the payment of any redemption premium required to  be
  paid  when  such  bonds  are  redeemed  prior to maturity. If the amount
  contained in the capital reserve fund exceeds the amount required to  be
  contained in such fund pursuant to this subdivision of this section plus
  any additional amounts required to be contained in such fund pursuant to
  the  terms  of  issuance  of  any bonds or notes secured by such capital
  reserve fund, such excess moneys  may  be  withdrawn  from  the  capital
  reserve  fund by the corporation; provided, however, that moneys in such
  fund shall not be withdrawn therefrom at any time  in  such  amounts  as
  would  reduce  the  amount  of  such  fund  to  less  than the amount of
  principal and interest maturing or otherwise due or becoming due in  the
  succeeding calendar year on all bonds of the corporation secured by such
  capital  reserve fund then outstanding, except for the purpose of paying
  principal of and interest on such bonds of the corporation  maturing  or
  otherwise  becoming due and for the payment of which other moneys of the
  corporation are not available. Any income  or  interest  earned  by,  or
  increment to, the capital reserve fund due to the investment thereof may
  be  transferred  by the corporation to any other fund of the corporation
  to the extent it does not reduce the amount of the capital reserve  fund
  below  the amount of principal and interest maturing or otherwise due or
  becoming due in the  succeeding  calendar  year  on  all  bonds  of  the
  corporation secured by such capital reserve fund then outstanding.
    3.  In  order further to assure the maintenance of the capital reserve
  fund, there shall be annually appropriated and paid to  the  corporation
  for  deposit  in  the capital reserve fund such sum, if any, as shall be
  certified by the chairman to the governor and director of the budget  as
  necessary  to restore the capital reserve fund to an amount equal to the
  capital reserve fund requirement. The chairman of the board of directors
  of the corporation shall, annually, on or before  December  first,  make
  and  deliver  to the governor and director of the budget his certificate
  stating the sum, if any, required to restore the capital reserve fund to
  the amount aforesaid; and the sum or sums so certified, if any, shall be
  appropriated and paid to the corporation during the then  current  state
  fiscal year.
    4.  The  corporation  shall  not  issue  bonds  secured by the capital
  reserve fund at any  time  if  the  amount  of  principal  and  interest
  maturing  or  otherwise  due  or becoming due in the succeeding calendar
  year on such bonds then to be issued and on all other such bonds of  the
  corporation  then  outstanding  will  exceed  the  amount of the capital
  reserve  fund  requirement  at  the  time  of   issuance,   unless   the
  corporation,  at the time of such issuance, shall deposit in the capital
  reserve fund from the  proceeds  of  the  bonds  so  to  be  issued,  or
  otherwise,  an amount which, together with the amount then in such fund,
  will be not less than the amount of principal and interest  maturing  or
  otherwise  due  or  becoming due in the succeeding calendar year on such
  bonds then to be issued and  on  all  other  bonds  of  the  corporation
  secured  by  such  capital reserve fund then outstanding (such amount is
  herein  sometimes  referred to as the capital reserve fund requirement).
  Notwithstanding the foregoing provisions of this subdivision for each of
  the calendar years set forth below the capital reserve fund requirement,
  as of any date of calculation, shall  equal  the  percentage  set  forth
  opposite  such  calendar  year  of  the amount of principal and interest
  maturing or otherwise due or becoming due during such calendar  year  on
  all  bonds  of  the  corporation  secured  by  the  capital reserve fund
  outstanding on such date:
    Calendar Year    Percentage
    1975         0%
    1976         0%
    1977        25%
    1978        50%
    1979        75%
    1980        100%
    5. In computing the  amount  of  the  capital  reserve  fund  for  the
  purposes  of  this  section securities in which all or a portion of such
  fund shall be invested shall be valued at par or if purchased  at  other
  than par, at amortized value.
    6. The corporation shall create a bond service fund.
    * NB The  corporation  shall  continue  for a term ending the later of
  July 1, 2008 or one year after its liabilities have been fully paid  and
  discharged per § 3033 sub 1.