2012 New York Consolidated Laws
PBA - Public Authorities
Article 8 - MISCELLANEOUS AUTHORITIES
Title 25 - (2500 - 2521) NEW YORK CITY SPORTS AUTHORITY
2512 - Reserve fund.

 
    *  § 2512. Reserve fund. The authority may create and establish one or
  more reserve funds to be known as debt service reserve funds and may pay
  into such reserve funds (a) any moneys appropriated and  made  available
  by  the  city for the purposes of such funds (b) any proceeds of sale of
  bonds and notes  to  the  extent  provided  in  the  resolution  of  the
  authority authorizing the issuance thereof (c) any moneys directed to be
  transferred  by  the  authority  to such funds, and (d) any other moneys
  which may be made available to the authority for the  purposes  of  such
  funds  from  any other source or sources. The moneys held in or credited
  to any debt service reserve fund established under this section,  except
  as  hereinafter  provided,  shall  be used solely for the payment of the
  principal of an interest on bonds  of  the  authority  secured  by  such
  reserve  fund, as the same mature, required payments to any sinking fund
  established for the amortization of such bonds (hereinafter referred  to
  as "sinking fund payments"), the purchase or redemption of such bonds of
  the  authority  or  the payment or any redemption premium required to be
  paid when such bonds are redeemed prior to maturity; provided,  however,
  that  moneys  in  any  such fund shall not be withdrawn therefrom at any
  time in such amount as would reduce the amount of such fund to less than
  the maximum amount of principal and interest maturing and  becoming  due
  in  any  succeeding  calendar  year  on  the bonds of the authority then
  outstanding and secured by such reserve fund, except for the purpose  of
  paying  principal  and interest on the bonds of the authority secured by
  such reserve fund maturing and becoming due and  sinking  fund  payments
  for  the  payment  of  which  other  moneys  of  the  authority  are not
  available.
    * NB (Discontinued-Board of Directors never appointed)