§ 3036-A — Further payments to the corporation; additional funds of the corporation

* § 3036-a. Further payments to the corporation; additional funds of\nthe corporation. 1. In addition to the total amount certified by such\nchairman for such fiscal year, all as referred to in subdivision one of\nsection three thousand thirty-six, the chairman shall at the same time\ncertify to the state comptroller and to the mayor a schedule setting\nforth additional cash requirements of the corporation which shall be\nequal to: (i) the amounts which are required to be deposited in the\ncapital reserve fund authorized to be created and established pursuant\nto subdivision two of this section (in this section called the capital\nreserve fund) during such fiscal year in order to maintain the capital\nreserve fund at the level required in accordance with subdivision four\nof this section; (ii) the amounts required to be deposited in the bond\nservice fund of the corporation to pay all interest and all payments of\nprincipal and redemption premium, if any, on notes and bonds payable\nfrom the sources hereinafter identified in this section and maturing or\notherwise coming due during such fiscal year; and (iii) the amounts\nrequired to be deposited in the operating fund of the corporation\nheretofore established, as determined by the corporation, to meet the\noperating requirements and other expenses of the corporation during such\nfiscal year. If any increase shall occur in such additional 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 such additional cash requirements for such fiscal year to\nthe state comptroller 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 under this section as they come due. Upon\nreceipt of such certification, or any revision thereof, the state\ncomptroller shall pay such amount to the corporation for deposit in the\nappropriate funds referred to in this section, in accordance with such\ncertification from the special account established for the corporation\nin the municipal assistance state aid fund in accordance with\nsubdivision one of section ninety-two-e of the state finance law and,\nsubject to agreements with outstanding bond and note holders of the\ncorporation, from the special account established for the corporation in\nthe municipal assistance tax fund, in accordance with subdivision one of\nsection ninety-two-d of the state finance law, including any amount\ntransferred to the municipal assistance tax fund from the stock transfer\ntax fund pursuant to subdivision four of section ninety-two-b of the\nstate finance law. Any such payment shall be made within thirty days of\nreceipt of the certification or at the time specified in the\ncertification, whichever is later; provided that any such amounts shall\nhave been first appropriated by the state for such purpose or shall have\nbeen otherwise made available. Any amount paid to the corporation from\nsuch municipal assistance state aid fund shall be deducted from the\namount otherwise payable to the city as per capita aid pursuant to\nsections fifty-four and ninety-two-e of the state finance law and shall\nnot obligate the state to make, nor entitle the city to receive, any\nadditional payments of per capita aid. Any amount so paid to the\ncorporation from the municipal assistance tax fund shall, in addition to\nthe amount deducted pursuant to subdivision one of section three\nthousand thirty-six, be deducted from the amount otherwise payable to\nthe city from the municipal assistance tax fund and shall not obligate\nthe state to make, nor entitle the city to receive, any additional\npayments from such municipal assistance tax fund.\n 2. The corporation shall create and establish a capital reserve fund\nas an additional special fund, and shall pay into such capital reserve\nfund (i) any moneys appropriated and made available by the state for the\npurposes of such fund, (ii) any proceeds of sale or notes or bonds, to\nthe extent provided in the resolution of the corporation authorizing the\nissuance thereof, and (iii) any other moneys which may be made available\nto the corporation for the purpose of such fund from any other source or\nsources. All moneys held in the capital reserve fund, except as\nhereinafter provided, shall be used solely for the payment of the\nprincipal of bonds secured by such capital reserve fund of the\ncorporation, as the same mature or otherwise become due, the purchase of\nsuch bonds of the corporate, the payment of interest on such bonds of\nthe corporation or the payment of any redemption premium required to be\npaid when such bonds are redeemed prior to maturity. If the amount\ncontained in the capital reserve fund exceeds the amount required to be\ncontained in such fund pursuant to this subdivision of this section plus\nany additional amounts required to be contained in such fund pursuant to\nthe terms of issuance of any bonds or notes secured by such capital\nreserve fund, such excess moneys may be withdrawn from the capital\nreserve fund by the corporation; provided, however, that moneys in such\nfund shall not be withdrawn therefrom at any time in such amounts as\nwould reduce the amount of such fund to less than the amount of\nprincipal and interest maturing or otherwise due or becoming due in the\nsucceeding calendar year on all bonds of the corporation secured by such\ncapital reserve fund then outstanding, except for the purpose of paying\nprincipal of and interest on such bonds of the corporation maturing or\notherwise becoming due and for the payment of which other moneys 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 any other fund of the corporation\nto the extent it does not reduce the amount of the capital reserve fund\nbelow the amount of principal and interest maturing or otherwise due or\nbecoming due in the succeeding calendar year on all bonds of the\ncorporation secured by such capital reserve fund then outstanding.\n 3. 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 4. The corporation shall not issue bonds secured by the capital\nreserve fund at any time if 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 such bonds of the\ncorporation then outstanding will exceed the amount of the capital\nreserve fund requirement at the time of issuance, unless the\ncorporation, at the time of such issuance, shall deposit in the capital\nreserve fund from the proceeds of the bonds so to be issued, or\notherwise, an amount which, together with the amount then in such fund,\nwill be not less than the amount of principal and interest maturing or\notherwise due or becoming due in the succeeding calendar year on such\nbonds then to be issued and on all other bonds of the corporation\nsecured by such capital reserve fund then outstanding (such amount is\nherein sometimes referred to as the capital reserve fund requirement).\nNotwithstanding the foregoing provisions of this subdivision for each of\nthe calendar years set forth below the capital reserve fund requirement,\nas of any date of calculation, shall equal the percentage set forth\nopposite such calendar year of the amount of principal and interest\nmaturing or otherwise due or becoming due during such calendar year on\nall bonds of the corporation secured by the capital reserve fund\noutstanding on such date:\n Calendar Year Percentage\n 1975 0%\n 1976 0%\n 1977 25%\n 1978 50%\n 1979 75%\n 1980 100%\n 5. 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 6. The corporation shall create a bond service fund.\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