2013 New York Consolidated Laws
PVH - Private Housing Finance
Article 3 - (40 - 62) NEW YORK STATE HOUSING FINANCE AGENCY
58 - Special revenue housing coverage reserve funds.

 
    §  58.  Special revenue housing coverage reserve funds. The agency may
  create and establish one or more special funds to be  known  as  special
  revenue  housing  coverage  reserve  funds and may pay into such reserve
  funds any monies appropriated and made available by the  state  for  the
  purpose  of  such funds and any other monies which may be made available
  to the agency for the purposes of such funds from any  other  source  or
  sources.  The  monies  held  in  or credited to any such fund, except as
  hereinafter provided, shall be  used  solely  for  the  payment  of  the
  principal  of  or  interest  on  the revenue housing bonds of the agency
  secured by such fund as the same shall become due, whether  at  maturity
  or  upon  call  for  redemption,  and  for the payment of any redemption
  premium required to be paid  when  such  bonds  are  redeemed  prior  to
  maturity.  Any  income  or  interest earned by, or increment to any such
  special revenue housing coverage reserve fund may be used for authorized
  purposes including, but not limited to, the addition of such  income  or
  interest  earned,  or  increment to the monies held in such fund for the
  purposes herein provided, or the repayment of appropriation expenditures
  made to the credit of such fund.