§ 1820 — Pollution control funds

§ 1820. Pollution control funds. 1. The following shall constitute\npollution control funds of the authority and shall be kept separate and\napart from all other funds of the authority: (a) the proceeds of sale of\npollution control bonds and notes (b) any moneys appropriated and made\navailable by the state for the purposes of this subtitle only, (c) any\nmoneys made available to the authority for the purposes of this subtitle\nonly from any other source or sources, (d) any moneys received by the\nauthority as payments on account of loans made by the authority pursuant\nto this subtitle, (e) any fees, charges or other moneys received by the\nauthority in respect of projects assisted by the authority pursuant to\nthis subtitle or on account of applications therefor, and (f) any income\nor interest earned by, or any increment added to, any pollution control\nfunds due to the investment thereof.\n 2. The authority shall further create and establish a separate fund to\nbe known as the "pollution control capital reserve fund" and shall pay\ninto such capital reserve fund (1) any moneys apportioned and paid by\nthe state for the purposes of such fund pursuant to subdivision two of\nsection eighteen hundred twenty-eight of this title, (2) any proceeds of\nsale of pollution control bonds or notes to the extent provided in the\nresolution of the authority authorizing the issuance thereof, (3) any\npollution control funds directed to be transferred by the authority to\nsuch capital reserve fund, and (4) any other moneys which may be made\navailable to the authority for the purposes of such fund from any other\nsource or sources.\n The moneys credited to such pollution control capital reserve fund\nshall be used, except as hereinafter provided, solely for the payment of\nthe principal of pollution control bonds of the authority, as the same\nmature, the purchase of pollution control bonds, the payment of interest\non pollution control bonds, and the payment of principal and any\nredemption premium required to be paid upon a redemption of such bonds\nprior to maturity; provided, however, that moneys in such fund shall not\nbe withdrawn therefrom at any time in such amount as would reduce the\namount of such fund to less than the maximum amount of principal and\ninterest maturing and becoming due in any succeeding calendar year on\nall pollution control bonds of the authority then outstanding, except\nfor the purpose of paying the principal of and interest on the pollution\ncontrol bonds of the authority maturing and becoming due for the payment\nof which other moneys of the authority are not available.\n Moneys in the pollution control capital reserve fund not required for\nimmediate use or disbursement may be invested in accordance with all the\notherwise consistent provisions of section ninety-eight-a of the state\nfinance law. In computing the amount of the pollution control capital\nreserve fund for the purposes of this section, securities in which all\nor a portion of such fund are invested shall be valued at par or, if\npurchased at less than par, at their cost to the authority. The\nauthority shall not issue pollution control bonds at any time secured by\nthe pollution control capital reserve fund if the maximum amount of\nprincipal and interest maturing and becoming due in any succeeding\ncalendar year on the pollution control bonds then to be issued and on\nall other pollution control bonds of the authority then outstanding will\nexceed the amount of the pollution control capital reserve fund at the\ntime of issuance unless the authority, at the time of issuance of such\npollution control bonds, shall deposit in such fund from the proceeds of\nthe pollution control bonds to be issued, or otherwise, an amount which,\ntogether with the amount then in such fund, will be not less than the\nmaximum amount of principal and interest maturing and becoming due in\nany succeeding calendar year on the pollution control bonds then to be\nissued and on all other pollution control bonds of the authority then\noutstanding.\n Any excess in the pollution control capital reserve fund at the close\nof any fiscal year of the authority over the maximum amount of the\nprincipal and interest maturing and becoming due in any succeeding\ncalendar year on all pollution control bonds of the authority then\noutstanding shall be withdrawn by the authority from said capital\nreserve fund and, subject to the provisions of subdivision four of\nsection eighteen hundred twenty-eight of this title, used as pollution\ncontrol funds.\n 3. Subject to the terms of any agreement with pollution control\nbondholders and noteholders, pollution control funds may be used by the\nauthority (a) to make loans to local development corporations for costs\nof projects specified in section eighteen hundred seventeen in any area\nof the state, (b) to pay the expenses of the authority referred to in\nany of the clauses of subdivision one of section eighteen hundred\ntwenty-eight of this title, (c) to make payments to the pollution\ncontrol capital reserve fund, (d) to repay advances from the state for\nuse as pollution control funds in accordance with any provision of law\nor repayment agreement between the authority and the director of the\nbudget, (e) to pay the principal and redemption price of or interest on\npollution control bonds or notes, (f) to purchase pollution control\nbonds or notes, or (g) in connection with projects financed with\npollution control funds to exercise any of the powers conferred in this\ntitle. Investment proceeds and repayments from borrowers credited to the\npollution control fund may, to the extent that they are not required\npursuant to the preceding sentence of this subdivision, be used for\nother purposes of the authority.\n