This text of New York § 2537 (Reserve fund 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.
§ 2537. Reserve fund and appropriations. 1.
(a)The corporation shall\ncreate and establish a special fund (herein referred to as the capital\nreserve fund) on or before December first, nineteen hundred seventy-five\nand shall pay into such capital reserve fund (1) any monies appropriated\nand made available by the city for the purpose of such fund, (2) any\nproceeds of sale of notes or bonds, to the extent provided in the\nresolution or resolutions of the corporation authorizing the issuance\nthereof, and (3) any other monies which may be made available to the\ncorporation for the purpose of such fund from any other source. All\nmonies held in the capital reserve fund, except as hereinafter provided,\nshall be used as required solely for the payment of the principal of\nbonds as the sam
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§ 2537. Reserve fund and appropriations. 1. (a) The corporation shall\ncreate and establish a special fund (herein referred to as the capital\nreserve fund) on or before December first, nineteen hundred seventy-five\nand shall pay into such capital reserve fund (1) any monies appropriated\nand made available by the city for the purpose of such fund, (2) any\nproceeds of sale of notes or bonds, to the extent provided in the\nresolution or resolutions of the corporation authorizing the issuance\nthereof, and (3) any other monies which may be made available to the\ncorporation for the purpose of such fund from any other source. All\nmonies held in the capital reserve fund, except as hereinafter provided,\nshall be used as required solely for the payment of the principal of\nbonds as the same mature, sinking fund payments, the purchase or\nredemption of bonds, the payment of interest on bonds or the payment of\nany redemption premium required to be paid when such bonds are redeemed\nprior to maturity; provided, however, that monies in such fund shall not\nbe withdrawn therefrom at any time in such amount as would reduce the\namount of such fund to less than the capital reserve fund requirement,\nexcept for the purposes provided herein, for which other monies of the\ncorporation are not available. Any income or interest earned by, or\nincrement to, the capital reserve fund due to the investment thereof may\nbe transferred by the corporation to other funds or accounts of the\ncorporation to the extent it does not reduce the amount of the capital\nreserve fund below the capital reserve fund requirement.\n (b) In computing the amount of the capital reserve fund for the\npurposes of this section, securities in which all or a portion of such\nfund shall be invested shall be valued at par or if purchased at less\nthan par at their cost to the corporation.\n (c) To assure the continued operation and solvency of the corporation\nfor the carrying out of its corporate purpose, provision is made in\nparagraph (a) of this subdivision for the accumulation in the capital\nreserve fund of an amount equal to the capital reserve fund requirement.\nIn order further to assure such maintenance of the capital reserve fund,\nthere shall be paid by the city to the corporation for deposit in the\ncapital reserve fund on or before the first day of December, in each\nyear, such amount, if any, needed for the purpose of maintaining the\ncapital reserve fund at the capital reserve fund requirement as shall be\ncertified by the chairman of the corporation to the mayor and the\ndirector of management and budget on or before the fifteenth day of\nFebruary next preceding; provided that any such amount shall have been\nfirst appropriated by or on behalf of the city for such purpose or shall\nhave been otherwise made available.\n 2. The corporation may create and establish such other fund or funds\nas may be necessary or desirable for its corporate purpose.\n