§ 3036 — Payments to the corporation; funds of the corporation

New York § 3036

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 3: Municipal Assistance Corporation For the City of New York
• Art. 10: New York State Municipal Assistance Corporation Act

Text

* § 3036. Payments to the corporation; funds of the corporation. 1.\nNot less than one hundred twenty days before the beginning of each\nfiscal year of the corporation (but not later than July 1, 1975 for the\nfiscal year ending June 30, 1976), the chairman of the board of\ndirectors of the corporation shall certify to the state comptroller and\nto the mayor a schedule setting forth the cash requirements of the\ncorporation for such fiscal year and the time or times when such cash is\nrequired. The total amount so certified by such chairman for such fiscal\nyear shall be equal to: (i) the amounts which are required to be\ndeposited in the capital reserve fund authorized to be created and\nestablished pursuant to subdivision three of this section during such\nfiscal year in order to maintain such capital reserve fund of the\ncorporation at the level required in accordance with subdivision five of\nthis section; (ii) the amounts required to be deposited in the debt\nservice fund of the corporation to pay all interest and all payments of\nprincipal and redemption premium, if any, on notes and bonds secured by\nsuch debt service fund maturing or otherwise coming due during such\nfiscal year; and (iii) the amounts required to be deposited in the\noperating fund of the corporation, as determined by the corporation, to\nmeet the operating requirements and other expenses of the corporation\nduring such fiscal year. If any increase shall occur in the cash\nrequirements specified above, or if payments are required at a time or\ntimes earlier than previously certified or if the city shall for any\nreason fail to make timely payment of the principal and accrued interest\ndue on any obligation issued by the city to the corporation and maturing\nwithin the same fiscal year, such chairman shall certify a revised\nschedule of cash requirements for such fiscal year to the state\ncomptroller and to the mayor. The schedule accompanying each\ncertification (or revision thereof) shall provide for such payment dates\nas the corporation deems appropriate to assure that sufficient funds\nwill be available from the sources identified below to enable it to meet\nits current obligations as they come due. Upon receipt of such\ncertification, or any revision thereof, the state comptroller shall pay\nsuch amount to the corporation for deposit in the appropriate funds, in\naccordance with such certification from the special account established\nfor the corporation in the municipal assistance tax fund, in accordance\nwith subdivision one of section ninety-two-d of the state finance law,\nincluding any amount transferred to the municipal assistance tax fund\nfrom the stock transfer tax fund pursuant to subdivision four of section\n92-b of the state finance law. Any such payment shall be made within\nthirty days of receipt of the certification or at the time specified in\nthe certification, whichever is later; provided that any such amounts\nshall have been first appropriated by the state for such purpose or\nshall have been otherwise made available. Any amount so paid to the\ncorporation shall be deducted from the amount otherwise payable to the\ncity from the municipal assistance tax fund established by section\nninety-two-d of the state finance law and shall not obligate the state\nto make, nor entitle the city to receive, any additional payments.\n 2. Notwithstanding subdivision one of this section, prior to any\ntransfers from the stock transfer tax fund to the municipal assistance\ntax fund, moneys, if any, payable to any other public benefit\ncorporation from such fund pursuant to the provision of any law, the\neffective date of which is prior to the effective date of this title,\nshall be paid in full to such other corporation.\n 3. The corporation shall create and establish a special fund (herein\nreferred to as capital reserve fund), and shall pay into such capital\nreserve fund (i) any moneys appropriated and made available by the state\nfor the purposes of such fund, (ii) any proceeds of sale of notes or\nbonds, to the extent provided in the resolution of the corporation\nauthorizing the issuance thereof, and (iii) any other moneys which may\nbe made available to the corporation for the purpose of such fund from\nany other source or sources. All moneys held in the capital reserve\nfund, except as hereinafter provided, shall be used solely for the\npayment of the principal of bonds secured by such capital reserve fund\nof the corporation, as the same mature or otherwise become due, the\npurchase of such bonds of the corporation, the payment of interest of\nsuch bonds of the corporation or the payment of any redemption premium\nrequired to be paid when such bonds are redeemed prior to maturity. If\nthe amount contained in the capital reserve fund exceeds the amount\nrequired to be contained in such fund pursuant to this subdivision three\nof this section plus any additional amounts required to be contained in\nsuch fund pursuant to the terms of issuance of any bonds or notes, such\nexcess moneys may be withdrawn from the capital reserve fund by the\ncorporation; provided, however, that moneys in such fund shall not be\nwithdrawn therefrom at any time in such amounts as would reduce the\namount of such fund to less than the amount of principal and interest\nmaturing or otherwise becoming due in the succeeding calendar year on\nall bonds of the corporation secured by such capital reserve fund then\noutstanding, except for the purpose of paying principal of and interest\non such bonds of the corporation maturing or otherwise due or becoming\ndue and for the payment of which other moneys of the corporation are not\navailable. Any income or interest earned by, or increment to, the\ncapital reserve fund due to the investment thereof may be transferred by\nthe corporation to any other fund of the corporation to the extent it\ndoes not reduce the amount of the capital reserve fund below the amount\nof principal and interest maturing or otherwise due or becoming due in\nthe succeeding calendar year on all bonds of the corporation secured by\nsuch capital reserve fund then outstanding.\n 4. In order further to assure the maintenance of the capital reserve\nfund, there shall be annually appropriated and paid to the corporation\nfor deposit in the capital reserve fund such sum, if any, as shall be\ncertified by the chairman to the governor and director of the budget as\nnecessary to restore the capital reserve fund to an amount equal to the\ncapital reserve fund requirement. The chairman of the board of directors\nof the corporation shall, annually, on or before December first, make\nand deliver to the governor and director of the budget his certificate\nstating the sum, if any, required to restore the capital reserve fund to\nthe amount aforesaid; and the sum or sums so certified, if any, shall be\nappropriated and paid to the corporation during the then current state\nfiscal year.\n 5. The corporation shall not issue bonds at any time if the amount of\nprincipal and interest maturing or otherwise due or becoming due in the\nsucceeding calendar year on such bonds then to be issued and on all\nother bonds of the corporation secured by such capital reserve fund then\noutstanding will exceed the amount of the capital reserve fund\nrequirement with respect to such capital reserve fund at the time of\nissuance, unless the corporation, at the time of such issuance, shall\ndeposit in the capital reserve fund from the proceeds of the bonds so to\nbe issued, or otherwise, an amount which, together with the amount then\nin such fund, will be not less than the amount of principal and interest\nmaturing or otherwise due or becoming due in the succeeding calendar\nyear on such bonds then to be issued and on all other bonds of the\ncorporation secured by such capital reserve fund then outstanding (such\namount is herein sometimes referred to as the capital reserve fund\nrequirement). Notwithstanding the foregoing provisions of this\nsubdivision for each of the calendar years set forth below the capital\nreserve fund requirement, as of any date of calculation, shall equal the\npercentage set forth opposite such calendar year of the amount of\nprincipal and interest maturing or otherwise due or becoming due during\nsuch calendar year on all bonds of the corporation secured by such\ncapital reserve fund outstanding on such date:\n Calendar Year Percentage\n _____________ __________\n 1975 0%\n 1976 0%\n 1977 25%\n 1978 50%\n 1979 75%\n 1980 100%\n 6. 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 other\nthan par, at amortized value.\n 7. The corporation shall create a debt service fund and an operating\nfund and may create and establish such other fund or funds as may be\nnecessary or desirable for its corporate purposes.\n 8. The fiscal year of the corporation shall be the same as the fiscal\nyear of the city.\n * NB The corporation shall continue for a term ending the later of\nJuly 1, 2008 or one year after its liabilities have been fully paid and\ndischarged per § 3033 sub 1.\n