§ 19 — Bond reserve insurance fund

New York § 19

• Jurisdiction: New York
• Law MCF: Medical Care Facilities Finance Agency 392/73

Text

§ 19. Bond reserve insurance fund. The agency shall create and\nestablish a special fund, to be known as the bond reserve insurance fund\nand shall pay into such fund all monies appropriated and made available\nby the state for the purposes of such fund and any other monies which\nmay be made available to the agency for the purposes of such fund from\nany other source or sources. All monies held in the bond reserve\ninsurance fund shall be used by the agency to meet the agency's\nobligation to repay principal and interest on its outstanding bonds\nsolely to the extent that all other revenues of the agency available for\nsuch purpose are not sufficient to meet such obligations of the agency.\nAny income or interest earned by, or increment to the bond reserve\ninsurance fund may be used for authorized purposes including, but not\nlimited to, the addition of such income or interest earned, or increment\nto the monies held in such fund for the purposes herein provided, or the\nrepayment of appropriation expenditures made to the credit of such fund.\n