§ 9 — Establishment and application of the board fund

* § 9. Establishment and application of the board fund. 1. There is\nhereby established a fund designated the board fund. Commencing on\nOctober twentieth, nineteen hundred seventy-five, and for the duration\nof a control period, all revenues received or to be received by the city\nor any covered organization shall, unless exempted by order of the\nboard, be revenues of the board fund and shall be for the account of the\ncity or the appropriate covered organizations, except (i) to the extent\nexpressly prohibited by federal law, (ii) where revenues of the city are\ndeposited in the general debt service fund, the TAN debt service account\nor the RAN debt service account, or (iii) where such revenues are\npledged to the payment of any outstanding bonds, notes or other\nobligations of covered organizations or state public authorities as\ndefined in section two hundred one of the civil service law.\nDisbursement from the board fund shall be made by the board in\naccordance with the approved financial plan except as provided in\nsubdivision five of this section nine. Commencing on October twentieth,\nnineteen hundred seventy-five, and for the duration of a control period,\nall funds and accounts established or thereafter established by the city\nor the covered organizations shall, unless exempted by order of the\nboard, thereafter be funds and accounts of the board fund except to the\nextent expressly prohibited by federal law or to the extent pledged by\ncovenants or agreements relating to any outstanding bonds, notes or\nother obligations of covered organizations or public authorities as\ndefined in section two hundred one of the civil service law; and no\nmonies or funds held in the general debt service fund, the TAN debt\nservice account or the RAN debt service account shall be part of the\nboard fund. All such accounts of the board shall have such captions and\nentries as the board shall determine to be necessary to credit the\nforegoing revenues and receipts to the board fund. The monies of the\nfund shall not be deemed to be money of the state or money under its\ncontrol.\n 2. The deposit of revenues into the board fund and the investment or\ndeposit of monies therein shall be made in accordance with and pursuant\nto procedures established by the board.\n 3. In order to assure compliance with the financial plan, the board\nshall from time to time adopt procedures controlling the disbursement of\nmonies from the board fund. The board shall authorize the city to make\nall disbursements of city revenues from the board fund, which\ndisbursements shall be made in accordance with the approved financial\nplan; provided, that the board may withdraw such authorization if it\ndetermines that (a) any disbursements made or to be made by the city\nhave not been or are likely not to be in compliance with the approved\nfinancial plan, (b) the city has violated any other provisions of this\nact, or (c) the city has violated an agreement with any holder or\nguarantor of bonds or notes issued by the city or a state financing\nagency.\n 4. Within the board fund there is hereby established a special account\ndesignated the debt service repayment account. The board shall from time\nto time direct, in accordance with procedures adopted by the board, the\ndeposit in the debt service repayment account of such amounts as the\nboard shall, in its discretion, determine to be sufficient to meet the\ndebt service requirements of the covered organizations on their bonds\nand notes (other than bonds and notes of covered organizations payable\nfrom revenues not included in the board fund) as they become due.\nAmounts in the debt service repayment account shall be used to meet such\ndebt service requirements of the covered organizations.\n 5. If at any time the board determines that the amount then held in\nthe board fund or the amount estimated by the board to be held in the\nboard fund is or will be insufficient to meet the expenditures in the\namounts and at the times required by the financial plan, the board shall\nrequire disbursements from the board fund to be made in the following\norder or priority unless otherwise required by law of the United States\nof America: (i) the payment of amounts from the board fund to the debt\nservice repayment account, the general debt service fund, the TAN debt\nservice account and the RAN debt service account, to maintain therein\nthe amount required, to meet debt service requirements of the city and\nthe covered organizations on their bonds and notes as they may become\ndue, (ii) the payment of other liabilities having statutory or\ncontractual priority over remaining liabilities of the city and the\ncovered organizations whose monies are included in the board fund, and\n(iii) the payment of other obligations on an allocated basis as\nspecified by the city for expenditures in accordance with the financial\nplan provided that, in the event that the city fails to so specify, the\nboard may withhold payment of any of such other obligations or may\ndirect their payment pro rata.\n 6. The board shall cause to be performed such pre-audit and post-audit\nreviews of the board funds and disbursements therefrom as it may\ndetermine.\n * Terminates July 1, 2035 or ... see § 13\n