§ 2675-II — State aid revenues

§ 2675-ii. State aid revenues. 1. With respect to each issue of\noutstanding hotel revenue bonds, the chairperson of the authority shall\ncertify at least semi-annually, or in the case of the first such\ncertificate within thirty days after the sale of an issue of hotel\nrevenue bonds, to the comptroller and the director of the budget, with a\ncopy to the mayor, a schedule setting forth the amount of state aid\nrevenue payable to the city pursuant to section nineteen-a of the public\nlands law, if any, necessary for payment of any amounts required to be\ndeposited in any debt service reserve fund with respect to such hotel\nrevenue bonds to make up any deficiency in such fund in accordance with\nthe provisions of the resolution or indenture pursuant for which such\nhotel revenue bonds were issued (all such payments, "eligible\nobligations").\n 2. 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 authority deems appropriate to ensure that sufficient funds will be\navailable to meet its eligible obligations relating to such hotel\nrevenue bonds as they come due.\n