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

New York § 3036-B

• 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

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* § 3036-b. 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\neach of sections three thousand thirty-six and three thousand\nthirty-six-a of this title, the chairman shall at the same time certify\nto the state comptroller and to the mayor a schedule setting forth\nadditional cash requirements of the corporation which shall be equal to:\n(i) the amounts required to be deposited in the bond payment fund of the\ncorporation to pay all interest and all payments of principal and\nredemption premium, if any, on bonds and notes payable from the sources\nhereinafter identified in this section and maturing or otherwise coming\ndue during such fiscal year; (ii) the amounts required to be deposited\nin the operating fund of the corporation heretofore established, as\ndetermined by the corporation, to meet the operating requirements and\nother expenses of the corporation during such fiscal year to the extent\nnot otherwise provided for; and (iii) the amounts required to be\ndeposited in the bond reserve fund created and established pursuant to\nthe agreements of the corporation made with the holders of its bonds or\nnotes issued pursuant to subdivision two-b of section three thousand\nthirty-three of this title during such fiscal year in order to maintain\nthe bond reserve fund at the level required in accordance with the\nagreements of the corporation made with the holders of its bonds or\nnotes issued pursuant to subdivision two-b of section three thousand\nthirty-three of this title. If any increase shall occur in such\nadditional cash requirements specified above, or if payments are\nrequired at a time or times earlier than previously certified or if the\ncity shall, for any reason, fail to make timely payment of the principal\nand accrued interest due on any obligation issued by the city to the\ncorporation and maturing within the same fiscal year, such chairman\nshall certify a revised schedule of such additional cash requirements\nfor such fiscal year to the state comptroller and to the mayor. The\nschedule accompanying each certification, or revision thereof, shall\nprovide for such payment dates as the corporation deems appropriate to\nassure that sufficient funds will be available from the sources\nidentified below to enable it to meet its current obligations under this\nsection as they come due. Upon receipt of such certification, or any\nrevision thereof, the state comptroller shall pay such amount to the\ncorporation for deposit in the appropriate funds referred to in this\nsection, in accordance with such certification and subject to agreements\nwith holders of outstanding bonds and notes of the corporation, from the\nspecial account established for the corporation in the municipal\nassistance state aid fund in accordance with subdivision one of section\nninety-two-e of the state finance law and from the special account\nestablished for the corporation in the municipal assistance tax fund in\naccordance with subdivision one of section ninety-two-d of the state\nfinance law, including any amount transferred to the municipal\nassistance tax fund from the stock transfer tax fund pursuant to\nsubdivision four of section ninety-two-b of the state finance law. Any\nsuch payment shall be made within thirty days of receipt of the\ncertification or at the time specified in the certification, whichever\nis later; provided that any such amounts shall have been first\nappropriated by the state for such purpose or shall have been otherwise\nmade available. Any amount paid to the corporation from such municipal\nassistance state aid fund, in addition to the amount deducted pursuant\nto subdivision one of section three thousand thirty-six-a of this title,\nshall be deducted from the amount otherwise payable to the city as per\ncapita aid pursuant to sections fifty-four and ninety-two-e of the state\nfinance law and shall not obligate the state to make, nor entitle the\ncity to receive, any additional payments of per capita aid. Any amount\nso paid to the corporation from the municipal assistance tax fund, in\naddition to the amount deducted pursuant to subdivision one of each of\nsection three thousand thirty-six or three thousand thirty-six-a of this\ntitle, shall be deducted from the amount otherwise payable to the city\nfrom the municipal assistance tax fund and shall not obligate the state\nto make, nor entitle the city to receive, any additional payments from\nsuch municipal assistance tax fund.\n 2. The provisions of subdivision four of section three thousand\nthirty-six and subdivision three of section three thousand thirty-six-a\nof this title shall not apply to any bonds or notes issued pursuant to\nsubdivision two-b of section three thousand thirty-three of this title,\nincluding any bonds or notes issued to fund the bond reserve fund\nestablished pursuant to this section or to refund any such bond or note,\nand the principal of and interest on any such bond or note shall not be\npayable from or secured by the capital reserve funds established\npursuant to sections three thousand thirty-six and three thousand\nthirty-six-a of this title.\n 3. The corporation shall create a bond payment 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