§ 1828. Expenses and reserve funds.
1.There shall be included in the\nfinancial information to be submitted annually by the authority pursuant\nto the provisions of section eighteen hundred twenty-nine of the public\nauthorities law, and in the annual report referred to in said section,\nitems separately showing the respective totals during the last completed\nfiscal year of the authority, of (i) all expenses of the authority\nclearly attributable to its operations under subtitle II of this title,\n(ii) all expenses of the authority clearly attributable to its\noperations under subtitle III of this title, and (iii) expenses of the\nauthority not clearly attributable to a category set forth in clauses\n(i) and (ii) of this subdivision.\n 2. To assure the continued operation and solvency
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§ 1828. Expenses and reserve funds. 1. There shall be included in the\nfinancial information to be submitted annually by the authority pursuant\nto the provisions of section eighteen hundred twenty-nine of the public\nauthorities law, and in the annual report referred to in said section,\nitems separately showing the respective totals during the last completed\nfiscal year of the authority, of (i) all expenses of the authority\nclearly attributable to its operations under subtitle II of this title,\n(ii) all expenses of the authority clearly attributable to its\noperations under subtitle III of this title, and (iii) expenses of the\nauthority not clearly attributable to a category set forth in clauses\n(i) and (ii) of this subdivision.\n 2. To assure the continued operation and solvency of the authority for\nthe fulfillment of its corporate purposes with pollution control funds,\nprovision is made in subdivision two of section eighteen hundred twenty\nof this title for the accumulation in the pollution control capital\nreserve fund of an amount equal to 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. In order\nfurther to secure such maintenance of the pollution control capital\nreserve fund, there shall be annually apportioned and paid to the\nauthority for deposit in the pollution control capital reserve fund such\nsum, if any, as shall be certified by the chairman of the authority to\nthe governor and director of the budget as necessary to restore the\npollution control capital reserve fund to an amount equal to the maximum\namount of principal and interest maturing and becoming due in any\nsucceeding calendar year on the pollution control bonds of the authority\nthen outstanding. The chairman of the authority shall annually, on or\nbefore December first, make and deliver to the governor and director of\nthe budget his certificate stating the amount, if any, required to\nrestore the pollution control capital reserve fund to the amount\naforesaid and the amount so stated in said certificate, if any, shall be\napportioned and paid to the authority during the then current state\nfiscal year. No amount or amounts shall be apportioned and paid to the\nauthority pursuant to this subdivision two until the authority has\nentered into a written agreement with the director of the budget\nproviding for the repayment thereof to the state. Any such agreement\nshall provide, in lieu of any other provisions required by law regarding\nsuch repayment, that the authority will repay the state in full from\npollution control funds the amount or amounts so apportioned and paid on\nthe date one year after all pollution control bonds and notes of the\nauthority outstanding at the date of such agreement or thereafter\nissued, together with the interest thereon, with interest on any unpaid\ninstallments of interest, and all costs and expenses in connection with\nany action or proceeding by or on behalf of the holders thereof, are\nfully met and discharged. The principal amount of bonds secured by the\npollution control capital reserve fund to which state funds are\napportionable pursuant to this subdivision shall be limited to the total\namount of bonds and notes outstanding on the effective date of this act,\nplus the total amount of bonds and notes contracted after the effective\ndate of this act to finance projects in progress on the effective date\nof this act, as determined by the New York state public authorities\ncontrol board created pursuant to section fifty of this chapter whose\naffirmative determination shall be conclusive as to all matters of law\nand fact solely for the purposes of the limitations contained in this\nsubdivision, but in no event shall the total amount of bonds so secured\nby such a capital reserve fund or funds exceed five million dollars,\nexcluding bonds issued to refund such outstanding bonds until the date\nof redemption of such outstanding bonds. As outstanding bonds so secured\nare paid, the amount so secured shall be reduced accordingly but the\nredemption of such outstanding bonds from the proceeds of refunding\nbonds shall not reduce the amount so secured.\n 3. The authority may make and enter into all such covenants and\nagreements with respect to accounting for or paying its expenses with\nholders of any of its bonds and notes, or of any issue thereof, as it\nmay determine to be necessary and desirable.\n 4. To assure the continued operation and solvency of the authority for\nthe fulfillment of its corporate purposes, there shall be annually paid\nto the authority such sum as shall have been appropriated for the\nexpenses of the authority. The chairman of the authority shall make and\ndeliver to the governor and director of the budget on or before December\nfirst, nineteen hundred sixty-six and on or before December first in\neach year thereafter, a certificate stating the amount estimated to be\nrequired for payment of or provision for expenses of the authority for\nthe next ensuing state fiscal year. The amount so stated for any such\nensuing state fiscal year shall be the sum of the amounts, if any,\nestimated for such fiscal year, by which pollution control expenses\nexceed pollution control available revenues, by which special purpose\nexpenses in respect of loans and the special purpose expenses in respect\nof loan guarantees exceed special purpose available revenues. The entire\namount appropriated for each such fiscal year for the expenses of the\nauthority shall be paid to the authority not later than the tenth day of\neach such fiscal year. As used in this subdivision, (i) the term\n"expenses" for the fiscal year means ordinary expenditures for operation\nand administration of the authority, including interest paid by the\nauthority on its bonds and notes, and, in addition, such amounts as the\nauthority may determine to be reasonable and necessary as a reserve\nagainst defaults on its loans and as a reserve against defaults in the\npayment or terms of loans guaranteed by the authority, but shall not\ninclude amounts required to be paid to the state under or pursuant to\nany written agreement entered into pursuant to subdivision two of this\nsection; and (ii) the term "available revenues" for the fiscal year\nmeans all amounts received on account of loans (exclusive of principal\nrepayments), and loan guarantees and applications therefor, and income\nor interest earned or added to funds of the authority due to investment\nthereof, and not required under the terms or provisions of any covenant\nor agreement with holders of any bonds or notes of the authority to be\napplied to any purposes other than payment of expenses of the authority.\n 5. The members of the authority shall formulate a plan and policy to\nprovide an expedited financial assistance process for fixed asset\nfinancing and other financing assistance programs provided by the\nauthority for new businesses and expansions of existing businesses\nwithin areas designated as empire zones pursuant to article eighteen-B\nof the general municipal law.\n