§ 3056 — Payments to the corporation; funds of the corporation

§ 3056. Payments to the corporation; funds of the corporation. 1. Not\nless than one hundred twenty days before the beginning of each fiscal\nyear of the corporation (but not later than October first, nineteen\nhundred ninety-five for the fiscal year ending December thirty-first,\nnineteen hundred ninety-five), the chairman of the board of directors of\nthe corporation shall certify to the state comptroller and to the\ngovernor 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 required to be deposited in the\ndebt service fund of the corporation to pay all interest and all\npayments of principal and redemption premium, if any, on bonds and notes\npayable from the sources hereinafter identified in this section and\nmaturing or otherwise coming due during such fiscal year; (ii) the\namounts required to be deposited in the operating fund of the\ncorporation, as determined by the corporation, to meet the operating\nrequirements and other expenses of the corporation during such fiscal\nyear to the extent not otherwise provided for; (iii) the amounts\nrequired to be deposited in the bond reserve fund created and\nestablished pursuant to the agreements of the corporation made with the\nholders of its bonds or notes issued pursuant to section three thousand\nfifty-three of this title during such fiscal year in order to maintain\nthe bond reserve fund level required in accordance with the agreements\nof the corporation made with the holders of its bonds or notes issued\npursuant to section three thousand fifty-three of this title; (iv) the\namount, if any, due to any provider of any bond or note facility,\nrepresenting payments made by it as provided in the applicable\nresolution or trust indenture, including any related reasonable\ninterest, fees or charges so provided; (v) the amount, if any, required\nto be rebated to the United States to provide for continued federal tax\nexemption for bonds and notes of the corporation; and (vi) the amount,\nif any, required to be paid to the commissioner of environmental\nconservation to secure obligations of the city related to post-closure\ncare and potential corrective measures of the city's landfill. Such\ncertification shall also set forth the amount which would be necessary\nto be appropriated and available for deposit into the special account\nestablished for the corporation under subdivision one of section\nninety-two-e of the state finance law in the next succeeding state\nfiscal year to provide a minimum coverage ratio of one and one-half to\none on the debt service payable by the corporation in such succeeding\nfiscal year; provided, however, that for the purposes of the foregoing\ncalculation the term "debt service payable" shall include redemption\npremiums and the reasonably estimated amount of debt service on bonds\nand notes the corporation expects to issue after the date of the\ncertification and prior to the close of such succeeding fiscal year, and\nshall also include the interest on but not the principal of any notes\nissued or expected to be issued by the corporation pursuant to\nsubdivision two-a of section three thousand fifty-three of this title.\nIn determining the amount certified as necessary to provide the minimum\ncoverage ratio described in the preceding sentence, the chairman shall\nmake estimates covering the period corresponding to the next succeeding\nstate fiscal year of (a) the moneys available from other sources and\npledged to the payment of debt service in accordance with any agreements\nbetween the corporation and the holders of its bonds or notes, (b) the\namount of investment earnings on funds held by the corporation that the\ncorporation will apply to the payment of debt service, and (c) the\nfunding needed to meet the operating requirements and other expenses of\nthe corporation. If any increase shall occur in such cash requirements\nspecified above, or if payments are required at a time or times earlier\nthan previously certified or if the city shall, for any reason, fail to\nmake timely payment of the principal and accrued interest due on any\nobligation issued by the city to the corporation and maturing within the\nsame fiscal year, or if the city shall fail to make timely payment of\nany amount due and owing from the city to the corporation under any\ncontract or agreement between the city and the corporation, such\nchairman shall certify a revised schedule of such additional cash\nrequirements for such fiscal year to the state comptroller and to the\ngovernor. Such chairman shall, as changed conditions or estimates may\nwarrant, certify to the state comptroller and to the governor as to a\nrevised amount which would be necessary to be appropriated and available\nfor deposit into the corporation's special account under subdivision one\nof section ninety-two-e of the state finance law in order to maintain\nthe minimum coverage ratio described above provided, however, that no\nsuch revised certification shall be made after the adoption by the\nlegislature of a budget for the state fiscal year to which the\ncertification pertains. The schedule accompanying each certification, or\nrevision thereof, shall provide for such payment dates as the\ncorporation deems appropriate to assure that sufficient funds will be\navailable from the sources identified below to enable it to meet its\ncurrent obligations under this section as they come due. Upon receipt of\nsuch certification, or any revision thereof, the state comptroller shall\npay such amount to the corporation for deposit in the appropriate funds\nreferred to in this section, in accordance with such certification and\nsubject to agreements with holders of outstanding bonds and notes of the\ncorporation, from the special account established for the corporation in\nthe municipal assistance state aid fund in accordance with subdivision\none of section ninety-two-e of the state finance law subject, however,\nto the provisions of paragraph (b) of subdivision five-a of such\nsection, and 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. Any such payment shall be\nmade within thirty days of receipt of the certification or at the time\nspecified in the certification, whichever is later; provided that any\nsuch amounts shall have been first appropriated by the state for such\npurpose or shall have been otherwise made available. Any amount paid to\nthe corporation from such municipal assistance state aid fund shall be\ndeducted from the amount otherwise payable to the city pursuant to\nsections fifty-four and ninety-two-e of the state finance law and,\nexcept as to amounts paid to the corporation pursuant to paragraph (b)\nof subdivision five-a of section ninety-two-e of the state finance law,\nshall not obligate the state to make, nor entitle the city to receive,\nany additional payments. Any amount so paid to the corporation from the\nmunicipal assistance tax fund shall be deducted from the amount\notherwise payable to the city from the municipal assistance tax fund and\nshall not obligate the state to make, nor entitle the city to receive,\nany additional payments from such municipal assistance tax fund. The\ncity shall pay to the corporation such additional payments as may be\nnecessary to fund items (i), (ii), (iii), (iv), (v) and (vi) of this\nsubdivision.\n 2. Nothing contained in this title shall be deemed to restrict the\nright of the state to amend, repeal, modify or otherwise alter sections\nfifty-four and ninety-two-e of the state finance law or section twenty\nof a chapter of the laws of nineteen hundred ninety-six entitled "AN ACT\nto amend chapter 721 of the laws of 1994 authorizing the city of Troy to\nissue serial bonds for the purpose of liquidating cumulative and\nprojected deficits in the city's general fund, establishing a\nsupervisory board, and establishing a debt service fund, in relation to\ngranting a lien to the county of Rensselaer relating to certain taxes\ncollected on behalf of such county by the city of Troy" which chapter\nadded a new paragraph (b) to subdivision five-a of section ninety-two-e\nof the state finance law. The corporation shall not include within any\nresolution, contract or agreement with holders of the bonds or notes\nissued under this title any provision which provides that a default\noccurs as a result of the state exercising its right to amend, repeal,\nmodify or otherwise alter sections fifty-four and ninety-two-e of the\nstate finance law or the above described section twenty of such chapter\nof the laws of nineteen hundred ninety-six.\n 3. The corporation shall create a bond reserve fund, a debt service\nfund and an operating fund and may create and establish such other fund\nor funds as may be necessary or desirable for its corporate purposes.\n 4. The fiscal year of the corporation shall be the same as the fiscal\nyear of the city.\n