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

 
    * §  3036-b.  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 each  of  sections
  three thousand thirty-six and three thousand thirty-six-a of this title,
  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 required to  be
  deposited  in  the  bond  payment  fund  of  the  corporation to pay all
  interest and all payments of principal and redemption premium,  if  any,
  on  bonds  and  notes payable from the sources hereinafter identified in
  this section and maturing or otherwise coming  due  during  such  fiscal
  year; (ii) 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 to the extent not otherwise
  provided for; and (iii) the amounts required to be deposited in the bond
  reserve fund created and established pursuant to the agreements  of  the
  corporation  made with the holders of its bonds or notes issued pursuant
  to subdivision two-b of section  three  thousand  thirty-three  of  this
  title during such fiscal year in order to maintain the bond reserve fund
  at  the  level  required  in  accordance  with  the  agreements  of  the
  corporation made with the holders of its bonds or notes issued  pursuant
  to  subdivision  two-b  of  section  three thousand thirty-three of this
  title. 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  and  subject  to  agreements  with holders of outstanding
  bonds and notes of the corporation, 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 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, in addition to the amount
  deducted  pursuant  to  subdivision  one  of  section   three   thousand
  thirty-six-a  of this title, 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,  in  addition  to  the  amount  deducted
  pursuant to subdivision one of each of section three thousand thirty-six
  or three thousand thirty-six-a of this title, shall 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 provisions  of  subdivision  four  of  section  three  thousand
  thirty-six  and subdivision three of section three thousand thirty-six-a
  of this title shall not apply to any bonds or notes issued  pursuant  to
  subdivision  two-b of section three thousand thirty-three of this title,
  including any bonds or notes  issued  to  fund  the  bond  reserve  fund
  established pursuant to this section or to refund any such bond or note,
  and  the principal of and interest on any such bond or note shall not be
  payable from  or  secured  by  the  capital  reserve  funds  established
  pursuant  to  sections  three  thousand  thirty-six  and  three thousand
  thirty-six-a of this title.
    3. The corporation shall create a bond payment 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.