§ 2512 — Reserve fund

New York § 2512

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 25: New York City Sports Authority
• Art. 8: Miscellaneous Authorities

Text

* § 2512. Reserve fund. The authority may create and establish one or\nmore reserve funds to be known as debt service reserve funds and may pay\ninto such reserve funds (a) any moneys appropriated and made available\nby the city for the purposes of such funds (b) any proceeds of sale of\nbonds and notes to the extent provided in the resolution of the\nauthority authorizing the issuance thereof (c) any moneys directed to be\ntransferred by the authority to such funds, and (d) any other moneys\nwhich may be made available to the authority for the purposes of such\nfunds from any other source or sources. The moneys held in or credited\nto any debt service reserve fund established under this section, except\nas hereinafter provided, shall be used solely for the payment of the\nprincipal of an interest on bonds of the authority secured by such\nreserve fund, as the same mature, required payments to any sinking fund\nestablished for the amortization of such bonds (hereinafter referred to\nas "sinking fund payments"), the purchase or redemption of such bonds of\nthe authority or the payment or any redemption premium required to be\npaid when such bonds are redeemed prior to maturity; provided, however,\nthat moneys in any such fund shall not be withdrawn therefrom at any\ntime in such amount as would reduce the amount of such fund to less than\nthe maximum amount of principal and interest maturing and becoming due\nin any succeeding calendar year on the bonds of the authority then\noutstanding and secured by such reserve fund, except for the purpose of\npaying principal and interest on the bonds of the authority secured by\nsuch reserve fund maturing and becoming due and sinking fund payments\nfor the payment of which other moneys of the authority are not\navailable.\n * NB (Discontinued-Board of Directors never appointed)\n