This text of New York § 2439 (Reserve funds and appropriations) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 2439. Reserve funds and appropriations. The agency shall create and\nestablish one or more special funds to be known as debt service reserve\nfunds and shall pay into such reserve funds (a) any moneys appropriated\nand made available by the state for the purposes of such funds, (b) any\nproceeds of sale of bonds or notes, to the extent provided in the\nresolution of the agency authorizing the issuance thereof and (c) any\nother moneys which may be available to the agency for the purposes of\nsuch funds from any other source or sources. The moneys held in or\ncredited to the debt service reserve fund established under this\nsubdivision, except as hereinafter provided, shall be used solely for\nthe payment of the principal of the bonds of the agency secured by such\nreserve fund, as the
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§ 2439. Reserve funds and appropriations. The agency shall create and\nestablish one or more special funds to be known as debt service reserve\nfunds and shall pay into such reserve funds (a) any moneys appropriated\nand made available by the state for the purposes of such funds, (b) any\nproceeds of sale of bonds or notes, to the extent provided in the\nresolution of the agency authorizing the issuance thereof and (c) any\nother moneys which may be available to the agency for the purposes of\nsuch funds from any other source or sources. The moneys held in or\ncredited to the debt service reserve fund established under this\nsubdivision, except as hereinafter provided, shall be used solely for\nthe payment of the principal of the bonds of the agency secured by such\nreserve fund, as the same mature, sinking fund payments, the purchase of\nsuch bonds of the agency, the payment of interest on such bonds of the\nagency, or the payment of any redemption premium required to be paid\nwhen such bonds are redeemed prior to maturity, provided, however, that\nmoneys in any such fund shall not be withdrawn therefrom at any time in\nsuch amount as would reduce the amount of such fund to less than the\ndebt service reserve fund requirement, except for the purpose of paying\nprincipal and interest on the bonds of the agency secured by such\nreserve fund maturing and becoming due and any sinking fund payments and\nfor the payment of which other moneys of the agency are not available.\nMoneys in any debt service reserve fund not required for immediate use\nor disbursement, at the discretion of the agency may be invested in any\ninvestments approved or authorized in accordance with the provisions of\nsection ninety-eight of the state finance law. In computing the amount\nof any debt service reserve fund for the purposes of this section,\nsecurities in which all or a portion of such fund are invested shall be\nvalued at par if purchased at par, or if purchased at other than par, at\namortized value. The agency shall not issue bonds at any time if upon\nissuance, the amount in the debt service reserve fund securing such\nbonds will be less than the debt service reserve fund requirement,\nunless the agency, at the time of issuance of such bonds, shall deposit\nin such reserve fund from the proceeds of the bonds so to be issued, or\notherwise, an amount which, together with the amount then in such\nreserve fund, will be not less than the debt service reserve fund\nrequirement.\n Any excess in any debt service reserve fund at the close of any fiscal\nyear of the agency over the debt service reserve fund requirement may be\ntransferred to any other fund or account of the agency as the agency may\ndetermine.\n