2006 New York Code - Resources Of The Authority.

 
    §  3865.  Resources  of the authority. 1. Subject to the provisions of
  this title, the  directors  of  the  authority  shall  receive,  accept,
  invest,  administer,  expend and disburse for its corporate purposes all
  moneys of the authority  from  whatever  source  derived  including  (a)
  revenues and (b) proceeds of bonds, notes or other obligations.
    2.  Subject  to  the  provisions  of  any  contract  with bondholders,
  revenues of the authority shall be paid to the authority and  shall  not
  be commingled with any other money.
    3.  The  money in any of the authority's accounts shall be paid out on
  checks signed by the treasurer of the authority, or by other lawful  and
  appropriate  means  such as wire or electronic transfer, on requisitions
  of the chairperson of the authority or of  such  other  officer  as  the
  directors  shall  authorize  to  make such requisition, or pursuant to a
  bond resolution or trust indenture.
    4. All deposits of authority money shall be secured by obligations  of
  the  United  States  or of the state or of the city at a market value at
  least equal at all times to the amount of the deposit, and all banks and
  trust companies are authorized to give such security for such  deposits.
  The  authority  shall  have the power, notwithstanding the provisions of
  this section, to contract with the holders of any of its bonds, notes or
  other obligations as to the custody,  collection,  securing,  investment
  and  payment of any money of the authority or any money held in trust or
  otherwise for the payment of bonds, notes or other obligations or in any
  way to secure bonds, notes or other obligations, and to  carry  out  any
  such  contract  notwithstanding  that  such contract may be inconsistent
  with the other  provisions  of  this  title.  Money  held  in  trust  or
  otherwise for the payment of bonds, notes or other obligations or in any
  way  to  secure  bonds, notes or other obligations, and deposits of such
  money, may be secured in the same manner as money of the authority,  and
  all  banks  and trust companies are authorized to give such security for
  such deposits.
    5. Revenues of the authority shall be applied in the  following  order
  of  priority:  first  to  pay debt service or for set asides to pay debt
  service on the authority's bonds, notes, or  other  obligations  and  to
  replenish  any  reserve  funds  securing  such  bonds,  notes  or  other
  obligations of the authority, in accordance with the  provision  of  any
  indenture  or  bond  resolution  of  the  authority;  then  to  pay  the
  authority's operating expenses not otherwise  provided  for;  and  then,
  subject  to  the  authority's  agreement with the city, for itself or on
  behalf of the city's dependent school district  and  any  other  covered
  organization,  to  transfer  as frequently as practicable the balance of
  revenues not required to meet contractual or other  obligations  of  the
  authority  to  the  city  or  the  city's  dependent  school district as
  provided in subdivision seven of this section.
    6. (a) Any such payment of state aid revenues to the  authority  shall
  not  obligate  the  state  to  make  available,  nor entitle the city to
  receive, any additional state aid.
    (b) Nothing contained in this title shall be  construed  to  create  a
  debt  of the state within the meaning of any constitutional or statutory
  provisions. Any provision  with  respect  to  state  aid  or  state  aid
  revenues  shall  be  deemed  executory  only  to  the  extent  of moneys
  available, and no liability shall be incurred by the  state  beyond  the
  moneys  available  for  that  purpose,  and  any  such  payment  by  the
  comptroller of state aid revenues is subject to annual appropriation  of
  state aid by the state legislature.
    (c)  Nothing  contained  in this title shall be deemed to restrict the
  right of the state to amend, repeal, modify, or otherwise alter  section
  fifty-four  of  the state finance law or any provision relating to state
  aid  to  municipalities.  The  authority  shall   include   within   any
  resolution,  contract,  or agreement with holders of its bonds, notes or
  other obligations a provision which states that no default occurs  as  a
  result  of the state's exercising its right to amend, repeal, modify, or
  otherwise alter section fifty-four of the state finance law or any other
  provision relating to state aid to municipalities.
    7. On a monthly basis, the authority shall prepare and provide to  the
  city  and  the  city's  dependent  school  district  a detailed separate
  accounting of all revenues received and payments and  debt  service  set
  asides made, as attributable to the city and the city's dependent school
  district.  Such  accounting  shall  reflect  (a) the amount of state aid
  revenues, city tax revenues and school district  tax  revenues  received
  during  such  month,  (b) the respective portion of debt service paid or
  set aside during such month by the authority for its  notes,  bonds  and
  other  obligations  attributable  to  the  city and the city's dependent
  school  district;  (c)  the   respective   portion   of   reserve   fund
  replenishment  made  or  set aside during such month by the authority in
  connection with its notes, bonds and other obligations  attributable  to
  the  city  and  the  city's  dependent  school  district;  and  (d)  the
  respective portion of administrative expenses of the authority  paid  or
  set  aside  during  such month by the authority attributable to the city
  and the city's dependent school district. As soon as  practicable  after
  each  monthly  payment or set aside, the authority shall make respective
  payments of the remaining monthly balance or revenues to  the  city  and
  the  city's  dependent  school district in accordance with such separate
  accounting. To the extent that such respective monthly payments  of  the
  remaining  balance  of revenues result in an overpayment or underpayment
  to the city or the city's dependent school district, the authority shall
  in the immediately subsequent month, after making debt service  payments
  or  debt  service  set asides, replenishing any reserve funds and paying
  the administrative expenses of the authority for  such  month,  make  an
  adjustment in favor of the city or the city's dependent school district,
  as  the  case  may  be,  before  determining the remaining amount of the
  balance of revenues for such subsequent month and paying such  remaining
  monthly  balance of revenues to the city and the city's dependent school
  district. Nothing  in  this  title  shall  be  deemed  to  restrict  the
  authority  of the state comptroller and the commissioner of taxation and
  finance to adjust for overpayments or underpayments pursuant to the  tax
  law.