2006 New York Code - Payments To The Corporation.

 
    §  3240.  Payments to the corporation. 1.  * Not less than one hundred
  twenty days before the beginning of each fiscal year of the  corporation
  (but  not  later  than  October  first, nineteen hundred ninety, for the
  fiscal year ending March thirty-first, nineteen hundred ninety-one)  the
  chairperson  of  the  corporation shall certify to the state comptroller
  and to the governor a schedule of  cash  requirements  for  such  fiscal
  year.  The total amount so certified for such fiscal year shall be equal
  to the total amount of the debt service then due on the bonds and  notes
  of  the  corporation,  including  payments  of  interest  and  principal
  (including sinking fund payments) including payments required to be made
  pursuant to section thirty-two hundred  thirty-eight-a  of  this  title,
  together with:
    * NB Effective until July 1, 2034
    * Not  less  than one hundred twenty days before the beginning of each
  fiscal year of the  corporation  (but  not  later  than  October  first,
  nineteen  hundred ninety, for the fiscal year ending March thirty-first,
  nineteen hundred ninety-one) the chairperson of  the  corporation  shall
  certify  to the state comptroller and to the governor a schedule of cash
  requirements for such fiscal year. The total  amount  so  certified  for
  such  fiscal year shall be equal to the total amount of the debt service
  then due on the bonds and notes of the corporation,  including  payments
  of  interest  and  principal (including sinking fund payments), together
  with:
    * NB Effective July 1, 2034
    (a) the amount, if any, due to  any  provider  of  any  bond  or  note
  facility, representing payments made by it as provided in the applicable
  resolution or trust indenture as a result of any previous failure of the
  state  to  make  any payment provided for in this section, including any
  related reasonable interest, fees or charges so provided,
    (b) the amount, if any, required to restore the capital  reserve  fund
  to  the  capital  reserve  fund requirement to the extent any deficiency
  therein has resulted directly or indirectly from failure by the state to
  make any payment provided for in this section,
    (c) the amount, if any, required to be rebated to the United States to
  provide for continued federal tax exemption for bonds and notes  of  the
  corporation, and
    (d) the expenses of the establishment and continued operating expenses
  of  the  corporation, but not in excess of one hundred thousand dollars,
  exclusive of trustees' fees, fees payable to providers of bond  or  note
  facilities,  fees  for issuing and paying agents, remarketing agents and
  dealers, counsels, financial advisors, independent  auditors,  providers
  of  interest  rate  exchange  agreements,  rating  agencies, transfer or
  information agents,  the  publication  of  advertisements  and  notices,
  surety  arrangements,  and  printers;  fees  or  charges incurred by the
  corporation to comply with applicable federal and  state  securities  or
  tax  laws;  and  any  other  costs  of  issuance in excess of the amount
  provided therefor in the proceeds of the sale of bonds or notes  of  the
  corporation, to the extent that any of the foregoing amounts or expenses
  are not to be paid from other resources available to the corporation for
  such purpose.
    1-a.  The chairperson of the corporation may revise such certification
  at such times as shall  be  determined  by  the  chairperson,  provided,
  however,  that  the  chairperson  of  the  corporation shall revise such
  certification not later than thirty days after the issuance of any bonds
  or notes of the corporation including refunding bonds, and the  adoption
  of  any  interest rate exchange or other financial arrangement affecting
  the cash requirements of the corporation.
    2. The schedule accompanying  such  certification  shall  provide  for
  payments  on  such  dates as the corporation deems appropriate to ensure
  that sufficient funds will be available from the sources  identified  in
  this section to enable it to meet its current obligations as they become
  due.
    3.  Upon  receipt  of such certification, or any revision thereof, the
  comptroller shall pay such amount to  the  corporation  for  payment  or
  deposit in accordance with such certification, from the local government
  assistance  tax  fund  established  by section ninety-two-r of the state
  finance law or from any other amount appropriated for  such  purpose  to
  the  extent  that moneys in such fund are insufficient for such purpose.
  Any such payment shall be made within thirty days of the receipt of  the
  certification  or  at  the  time  specified  within  the  certification,
  whichever is later, provided that any such amounts shall have been first
  appropriated by the state.
    * 4. In any year in which the state  appropriates  money  out  of  any
  other  funds available to it directly for the payment of debt service of
  the corporation or for any other corporate purposes for  which  payments
  out  of  the  local  government  assistance fund may be made, except any
  appropriated amount in respect of a deficiency in such fund, the  amount
  certified  by the chairperson of the corporation shall be reduced by the
  amount of such direct state payments. Provided however, this subdivision
  shall not apply for payments made pursuant to section thirty-two hundred
  thirty-eight-a of this title.
    * NB Effective until July 1, 2034
    * 4. In any year in which the state  appropriates  money  out  of  any
  other  funds available to it directly for the payment of debt service of
  the corporation or for any other corporate purposes for  which  payments
  out  of  the  local  government  assistance fund may be made, except any
  appropriated amount in respect of a deficiency in such fund, the  amount
  certified  by the chairperson of the corporation shall be reduced by the
  amount of such direct state payments.
    * NB Effective July 1, 2034
    * 5. The agreement of the state contained in  this  section  shall  be
  deemed  executory  only  to  the  extent of appropriations available for
  payments under this section and no liability  on  account  of  any  such
  payment  shall  be incurred by the state beyond such appropriations. The
  state, acting through the director of the budget,  and  the  corporation
  may  enter  into,  amend,  modify,  or  rescind  one  or more agreements
  providing for the specific manner, timing, and amount of payments to  be
  made  under  this  section,  but  only  in conformity with this section.
  Provided however, this subdivision shall not  apply  for  payments  made
  pursuant to section thirty-two hundred thirty-eight-a of this title.
    * NB Effective until July 1, 2034
    * 5.  The  agreement  of  the state contained in this section shall be
  deemed executory only to the  extent  of  appropriations  available  for
  payments  under  this  section  and  no liability on account of any such
  payment shall be incurred by the state beyond such  appropriations.  The
  state,  acting  through  the director of the budget, and the corporation
  may enter into,  amend,  modify,  or  rescind  one  or  more  agreements
  providing  for the specific manner, timing, and amount of payments to be
  made under this section, but only in conformity with this section.
    * NB Effective July 1, 2034
    6. Nothing contained in this title shall be  deemed  to  restrict  the
  right  of the state to amend, repeal, modify or otherwise alter statutes
  imposing or relating to the taxes imposed pursuant  to  sections  eleven
  hundred  five  and  eleven  hundred  ten of the tax law. The corporation
  shall not include within any  resolution,  contract  or  agreement  with
  holders  of  the  bonds  or  notes issued under this title any provision
  which provides that a default occurs as a result of the state exercising
  its right to amend, repeal, modify or otherwise alter the taxes  imposed
  pursuant  to  sections eleven hundred five and eleven hundred ten of the
  tax law.