§ 2436-A — School aid revenues

New York § 2436-A

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 18: State of New York Municipal Bond Bank Agency Act
• Art. 8: Miscellaneous Authorities

Text

§ 2436-a. School aid revenues. With respect to each issue of\noutstanding special school purpose bonds, the chairman of the agency\nshall annually certify, or in the case of the first such certificate\nwithin thirty days after the sale of an issue of special school purpose\nbonds, to the comptroller and the director of the budget, with a copy to\nthe commissioner of education, a schedule setting forth the amount of\nschool aid revenue necessary for payment of the following obligations:\n (a) all interest and all payments of principal and redemption premium,\nif any, on such special school purpose bonds maturing or otherwise\ncoming due during the subsequent state fiscal year;\n (b) the amounts required to be deposited in any debt service reserve\nfund with respect to such special school purpose bonds;\n (c) the amount, if any, due to any provider of any bond credit or\nliquidity facility, representing payments made by it as provided in the\napplicable resolution or trust indenture, including any related\nreasonable interest, fees or charges so provided;\n (d) the amount, if any, required to be rebated to the United States to\nprovide for continued federal tax exemption of such special school\npurpose bonds; and\n (e) any administrative or other fees, costs or charges due to the\nagency or any other party in connection with such special school purpose\nbonds.\n The certification may be amended and, in the event of a bond sale,\nshall be amended no later than thirty days after such sale. The schedule\naccompanying such certification shall provide for such payment dates as\nthe agency deems appropriate to ensure that sufficient funds will be\navailable to meet its obligations relating to such special school\npurpose bonds as they come due.\n