§ 47 — Reserve funds and appropriations

§ 47. Reserve funds and appropriations. 1. (a) The agency shall create\nand establish a special fund (herein referred to as capital reserve\nfund), and shall pay into such capital reserve fund (1) any monies\nappropriated and made available by the state for the purposes of such\nfund, (2) any proceeds of sale of notes or bonds other than state\nuniversity construction notes or state university construction bonds,\nequity notes or equity bonds, non-profit project notes or non-profit\nproject bonds, hospital and nursing home project notes or hospital and\nnursing home project bonds, urban rental project notes or urban rental\nproject bonds, health facilities notes or health facilities bonds, youth\nfacilities project notes or youth facilities project bonds, community\nmental health services and developmental disabilities services project\nnotes or community mental health services and developmental disabilities\nservices project bonds, community senior citizens services project notes\nor community senior citizens services project bonds, mental hygiene\nimprovement notes or mental hygiene improvement bonds and revenue\nhousing bonds, and bonds and notes for the housing program to the extent\nprovided in the resolution of the agency authorizing the issuance\nthereof, and (3) any other moneys which may be made available to the\nagency for the purpose of such fund from any other source or sources.\nAll moneys held in the capital reserve fund, except as hereinafter\nprovided, shall be used solely for the payment of the principal of bonds\nof the agency other than state university construction bonds, equity\nbonds, non-profit project bonds, hospital and nursing home project\nbonds, urban rental project bonds, health facilities bonds, youth\nfacilities project bonds, community mental health services and\ndevelopmental disabilities services project bonds, community senior\ncitizens services project bonds, mental hygiene improvement bonds and\nrevenue housing bonds, and bonds and notes for the housing program as\nthe same mature, required payments to any sinking fund established in a\nresolution of the agency for the amortization of term bonds (hereinafter\nreferred to as "sinking fund payments"), the purchase or redemption of\nbonds of the agency other than state university construction bonds,\nequity bonds, non-profit project bonds, hospital and nursing home\nproject bonds, urban rental project bonds, health facilities bonds,\nyouth facilities project bonds, community mental health services and\ndevelopmental disabilities services project bonds, community senior\ncitizens services project bonds, mental hygiene improvement bonds and\nrevenue housing bonds, and bonds and notes for the housing program the\npayment of interest on such bonds of the agency or the payment of any\nredemption premium required to be paid when such bonds are redeemed\nprior to maturity; provided, however, that monies in such fund shall not\nbe withdrawn therefrom at any time in such amount as would reduce the\namount of such fund to less than the maximum amount of principal and\ninterest maturing and becoming due and sinking fund payments required to\nbe made in any succeeding calendar year on all bonds of the agency then\noutstanding other than state university construction bonds, equity\nbonds, non-profit project bonds, hospital and nursing home project\nbonds, urban rental project bonds, health facilities bonds, youth\nfacilities project bonds, community mental health services and\ndevelopmental disabilities services project bonds, community senior\ncitizens services project bonds, mental hygiene improvement bonds and\nrevenue housing bonds and bonds and notes for the housing program,\nexcept for the purpose of paying principal of, interest and sinking fund\npayments becoming due on such bonds of the agency maturing and becoming\ndue and for the payment of which other moneys of the agency are not\navailable. For the purposes of this subdivision, in computing the\nmaximum amount of principal maturing at a single future date (herein\ncalled "term bonds") in any succeeding calendar year, the principal\namount of any such term bonds which are subject to mandatory redemption\nprior to such future date by sinking fund payments shall not be included\nin the computation determining the maximum amount of principal maturing\nin said future year. Any income or interest earned by, or increment to,\nthe capital reserve fund due to the investment thereof may be\ntransferred by the agency to the general reserve fund or other fund of\nthe agency to the extent it does not reduce the amount of the capital\nreserve fund below the maximum amount of principal and interest maturing\nand becoming due and sinking fund payments required to be made in any\nsucceeding calendar year on all such bonds of the agency then\noutstanding other than state university construction bonds, equity\nbonds, non-profit project bonds, hospital and nursing home project\nbonds, urban rental project bonds, health facilities bonds, youth\nfacilities project bonds, community mental health services and\ndevelopmental disabilities services project bonds, community senior\ncitizens services project bonds, mental hygiene improvement bonds and\nrevenue housing bonds and bonds and notes for the housing program.\n (b) The agency shall not issue bonds other than state university\nconstruction bonds, equity bonds, non-profit project bonds, hospital and\nnursing home project bonds, urban rental project bonds, health\nfacilities bonds, youth facilities project bonds, community mental\nhealth services and developmental disabilities services project bonds,\ncommunity senior citizens services project bonds, mental hygiene\nimprovement bonds and revenue housing bonds and bonds and notes for the\nhousing program at any time secured by the capital reserve fund if the\nmaximum amount of principal and interest maturing and becoming due and\nsinking fund payments required to be made in a succeeding calendar year\non such bonds then to be issued and on all other bonds of the agency\nthen outstanding other than state university construction bonds, equity\nbonds, non-profit project bonds, hospital and nursing home project\nbonds, urban rental project bonds, health facilities bonds, youth\nfacilities project bonds, community mental health services and\ndevelopmental disabilities services project bonds, community senior\ncitizens services project bonds, mental hygiene improvement bonds and\nrevenue housing bonds and bonds and notes for the housing program will\nexceed the amount of the capital reserve fund at the time of issuance\nunless the agency, at the time of issuance of such bonds, shall deposit\nin such 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 maximum amount of principal and interest\nmaturing and becoming due and sinking fund payments required to be made\nin any succeeding calendar year on such bonds then to be issued and on\nall other bonds of the agency then outstanding other than state\nuniversity construction bonds, equity bonds, non-profit project bonds,\nhospital and nursing home project bonds, urban rental project bonds,\nhealth facilities bonds, youth facilities project bonds, community\nmental health services and developmental disabilities services project\nbonds, community senior citizens services project bonds, mental hygiene\nimprovement bonds and revenue housing bonds and bonds and notes for the\nhousing program.\n (c) The agency shall not issue bonds and notes other than state\nuniversity construction bonds and state university construction notes,\nhospital and nursing home project bonds and hospital and nursing home\nproject notes, health facilities bonds and health facilities notes,\nyouth facilities project bonds and youth facilities project notes,\ncommunity mental health services and developmental disabilities services\nproject bonds and community mental health services and developmental\ndisabilities services project notes, community senior citizens services\nproject notes or community senior citizens services project bonds and\nmental hygiene improvement bonds and mental hygiene improvement notes\nand bonds and notes for the housing program for any of its corporate\npurposes in an aggregate principal amount exceeding thirty-six billion\ntwo hundred eighty million dollars, excluding bonds and notes issued to\nrefund outstanding bonds and notes.\n (d) To assure the continued operation and solvency of the agency for\nthe carrying out of the public purposes of this article, provision is\nmade in paragraph (a) of this subdivision for the accumulation in the\ncapital reserve fund of an amount equal to the maximum amount of\nprincipal and interest maturing and becoming due and sinking fund\npayments required to be made in any succeeding calendar year on all\nbonds of the agency then outstanding other than state university\nconstruction bonds, equity bonds, non-profit project bonds, hospital and\nnursing home project bonds, urban rental project bonds, health\nfacilities bonds, youth facilities project bonds, community mental\nhealth services and developmental disabilities services project bonds,\ncommunity senior citizens services project bonds, mental hygiene\nimprovement bonds and revenue housing bonds and bonds and notes for the\nhousing program. In order further to assure such maintenance of the\ncapital reserve fund, there shall be annually apportioned and paid to\nthe agency for deposit in the capital reserve fund such sum, if any, as\nshall be certified by the chairman of the agency to the governor and\ndirector of the budget as necessary to restore the capital reserve fund\nto an amount equal to the maximum amount of principal and interest\nmaturing and becoming due and sinking fund payments required to be made\nin any succeeding calendar year on the bonds of the agency then\noutstanding other than state university construction bonds, equity\nbonds, non-profit project bonds, hospital and nursing home project\nbonds, urban rental project bonds, health facilities bonds, youth\nfacilities project bonds, community mental health services and\ndevelopmental disabilities services project bonds, community senior\ncitizens services project bonds, mental hygiene improvement bonds and\nrevenue housing bonds and bonds and notes for the housing program. The\nchairman of the agency shall annually, on or before December first, make\nand deliver to the governor and director of the budget his certificate\nstating the amount, if any, required to restore the capital reserve fund\nto the amount aforesaid and the amount so stated, if any, shall be\napportioned and paid to the agency during the then current state fiscal\nyear. The principal amount of bonds secured by the capital reserve fund\nto which state funds are apportionable pursuant to this paragraph shall\nbe limited to the total amount of bonds and notes outstanding on the\neffective date of this act, plus the total amount of bonds and notes\ncontracted after the effective date of this act to finance projects in\nprogress on the effective date of this act as determined by the New York\nstate public authorities control board created pursuant to section fifty\nof the public authorities law whose affirmative determination shall be\nconclusive as to all matters of law and fact solely for the purposes of\nthe limitations contained in this paragraph, but in no event shall the\ntotal amount of bonds so secured by such a capital reserve fund or funds\nexceed three hundred thirty-eight million dollars, excluding bonds\nissued to refund such outstanding bonds until the date of redemption of\nsuch outstanding bonds. As outstanding bonds so secured are paid, the\namount so secured shall be reduced accordingly but the redemption of\nsuch outstanding bonds from the proceeds of refunding bonds shall not\nreduce the amount so secured.\n (e) 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 less\nthan par, at their cost to the agency.\n 2. The agency shall create and establish a special fund (herein\nreferred to as general reserve fund) and shall pay into such fund all\nfees and charges collected by the agency pursuant to paragraph (a) of\nsubdivision eleven of section forty-four of this article, or otherwise,\nother than fees and charges collected in connection with the making of\nmortgage loans (or commitments therefor) to mutual companies, non-profit\ncompanies, urban rental companies or community development corporations,\nand any monies which the agency shall transfer from the capital reserve\nfund pursuant to the provisions of paragraph (a) of subdivision one of\nthis section. Such monies and any other monies paid into the general\nreserve fund may, in the discretion of the agency but subject to\nagreements with bondholders and noteholders, be used by the agency (a)\nfor the repayment of advances from the state in accordance with the\nprovisions of repayment agreements between the agency and the director\nof the budget, (b) to reimburse the division of housing and community\nrenewal the reasonable costs of the services performed by the\ncommissioner of housing and community renewal and division of housing\nand community renewal pursuant to section fifty-five of this article,\n(c) to pay all costs, expenses and charges of financing, including fees\nand expenses of trustees and paying agents, (d) for transfers to the\ncapital reserve fund, (e) for the payment of the principal of and\ninterest on bonds or notes other than state university construction\nbonds or state university construction notes, equity bonds or equity\nnotes, non-profit project bonds or non-profit project notes, hospital\nand nursing home project bonds or hospital and nursing home project\nnotes, urban rental project bonds or urban rental project notes, health\nfacilities bonds or health facilities notes, youth facilities project\nbonds or youth facilities project notes, community mental health\nservices and developmental disabilities services project bonds or\ncommunity mental health services and developmental disabilities services\nproject notes, community senior citizens services project notes or\ncommunity senior citizens services project bonds, mental hygiene\nimprovement bonds or mental hygiene improvement notes and revenue\nhousing bonds and bonds and notes for the housing program issued by the\nagency when the same shall become due whether at maturity or on call for\nredemption and for the payment of any redemption premium required to be\npaid where such bonds or notes are redeemed prior to their stated\nmaturities, and to purchase bonds or notes other than state university\nconstruction bonds or state university construction notes, equity bonds\nor equity notes, non-profit project bonds or non-profit project notes,\nhospital and nursing home project bonds or hospital and nursing home\nproject notes, urban rental project bonds or urban rental project notes,\nhealth facilities bonds or health facilities notes, youth facilities\nproject bonds or youth facilities project notes, community mental health\nservices and developmental disabilities services project bonds or\ncommunity mental health services and developmental disabilities services\nproject notes, community senior citizens services project notes or\ncommunity senior citizens services project bonds, mental hygiene\nimprovement bonds or mental hygiene improvement notes and revenue\nhousing bonds and bonds and notes for the housing program issued by the\nagency, or (f) for such other corporate purposes of the agency as the\nagency in its discretion shall determine and provide.\n 3. (a) The agency shall create and establish a special fund (herein\nreferred to as equity reserve fund), and shall pay into such equity\nreserve fund (1) any monies appropriated and made available by the state\nfor the purposes of such fund, (2) any proceeds of sale of equity notes\nor equity bonds, to the extent provided in the resolution of the agency\nauthorizing the issuance thereof, and (3) any other monies which may be\nmade available to the agency for the purpose of such fund from any other\nsource or sources. All moneys held in the equity reserve fund, except as\nhereinafter provided, shall be used solely for the payment of the\nprincipal of equity bonds of the agency, as the same mature, the\npurchase of equity bonds of the agency, the payment of interest on\nequity bonds of the agency or the payment of any redemption premium\nrequired to be paid when such bonds are redeemed prior to maturity;\nprovided, however, that moneys in such fund shall not be withdrawn\ntherefrom at any time in such amount as would reduce the amount of such\nfund to less than the maximum amount of principal and interest maturing\nand becoming due in any succeeding calendar year on all equity bonds of\nthe agency then outstanding, except for the purpose of paying principal\nand interest on equity bonds of the agency maturing and becoming due and\nfor the payment of which other monies of the agency are not available.\nAny income or interest earned by, or increment to, the equity reserve\nfund due to the investment thereof may be transferred to the equity loan\nfund or other fund of the agency to the extent it does not reduce the\namount of the equity reserve fund below the maximum amount of principal\nand interest maturing and becoming due in any succeeding calendar year\non all equity bonds of the agency then outstanding.\n (b) The agency shall not issue equity bonds at any time secured by the\nequity reserve fund if the maximum amount of principal and interest\nmaturing and becoming due in a succeeding calendar year on the equity\nbonds then to be issued and on all other equity bonds of the agency then\noutstanding will exceed the amount of the equity reserve fund at the\ntime of issuance, unless the agency, at the time of issuance of such\nbonds, shall deposit in such 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 maximum amount of principal and\ninterest maturing and becoming due in any succeeding calendar year on\nthe equity bonds then to be issued and on all other equity bonds of the\nagency then outstanding.\n (c) The agency shall not issue equity bonds and equity notes in an\naggregate principal amount exceeding fifty million dollars, excluding\nequity bonds and notes issued to refund outstanding equity bonds and\nnotes.\n (d) To assure the continued operation and solvency of the agency for\nthe carrying out of the public purposes of this article, provision is\nmade in paragraph (a) of this subdivision for the accumulation in the\nequity reserve fund of an amount equal to the maximum amount of\nprincipal and interest maturing and becoming due in any succeeding\ncalendar year on all equity bonds of the agency then outstanding. In\norder further to assure such maintenance of the equity reserve fund,\nthere shall be annually apportioned and paid to the agency for deposit\nin the equity reserve fund such sum, if any, as shall be certified by\nthe chairman of the agency to the governor and director of the budget as\nnecessary to restore the equity reserve fund to an amount equal to the\nmaximum amount of principal and interest maturing and becoming due in\nany succeeding calendar year on the equity bonds of the agency then\noutstanding. The chairman of the agency shall annually, on or before\nDecember first, make and deliver to the governor and director of the\nbudget his certificate stating the amount, if any, required to restore\nthe equity reserve fund to the amount aforesaid and the amount so\nstated, if any, shall be apportioned and paid to the agency during the\nthen current state fiscal year. The principal amount of bonds secured by\nthe equity reserve fund to which state funds are apportionable pursuant\nto this paragraph shall be limited to the total amount of bonds and\nnotes outstanding on the effective date of this act, plus the total\namount of bonds and notes contracted after the effective date of this\nact to finance projects in progress on the effective date of this act,\nas determined by the New York state public authorities control board\ncreated pursuant to section fifty of the public authorities law whose\naffirmative determination shall be conclusive as to all matters of law\nand fact solely for the purposes of the limitations contained in this\nparagraph, but in no event shall the total amount of bonds so secured by\nsuch a equity reserve fund or funds exceed three hundred fifteen\nthousand dollars, excluding bonds issued to refund such outstanding\nbonds until the date of redemption of such outstanding bonds. As\noutstanding bonds so secured are paid, the amount so secured shall be\nreduced accordingly but the redemption of such outstanding bonds from\nthe proceeds of refunding bonds shall not reduce the amount so secured.\n (e) In computing the amount of the equity 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 if purchased at par, or if\npurchased at other than par, at amortized value.\n 4. The agency shall create and establish a special fund (herein\nreferred to as equity loan fund) and shall pay into such fund any monies\nwhich the agency shall transfer from the equity reserve fund pursuant to\nthe provisions of paragraph (a) of subdivision three of this section and\nany monies received in payment of principal of or interest on equity\nloans. Such monies and any other monies paid into the equity loan fund\nmay, in the discretion of the agency, but subject to agreements with the\nholders of equity bonds and equity notes be used by the agency (a) for\nthe repayment of advances from the state in accordance with the\nprovisions of repayment agreements between the agency and the director\nof the budget, (b) to reimburse the division of housing the reasonable\ncosts of the services performed by the commissioner of housing and\ndivision of housing pursuant to section fifty-five of this article, (c)\nto pay all costs, expenses and charges of financing equity loans,\nincluding fees and expenses of trustees and paying agents, (d) for\ntransfers to the equity reserve fund, (e) for the payment of the\nprincipal of and interest on equity bonds or equity notes issued by the\nagency when the same shall become due whether at maturity or on call for\nredemption and for the payment of any redemption premium required to be\npaid where such bonds or notes are redeemed prior to their stated\nmaturities, and to purchase equity bonds or equity notes issued by the\nagency, or (f) for such other corporate purposes of the agency as the\nagency in its discretion shall determine and provide.\n 5. (a) The agency may create and establish one or more additional\nreserve funds to be known as debt service reserve funds and may pay into\nsuch reserve funds (1) any moneys appropriated and made available by the\nstate for the purposes of such funds, (2) any proceeds of sale of\nnon-profit project notes or non-profit project bonds, to the extent\nprovided in the resolution of the agency authorizing the issuance\nthereof, and (3) any other moneys which may be made available to the\nagency for the purposes of such funds from any other source or sources.\nThe moneys held in or credited to any debt service reserve fund\nestablished under this subdivision except as hereinafter provided, shall\nbe used solely for the payment of the principal of non-profit project\nbonds of the agency secured by such reserve fund, as the same mature,\nrequired payments to any sinking fund established in a resolution of the\nagency for the amortization of term bonds (hereinafter referred to as\n"sinking fund payments"), the purchase or redemption of such non-profit\nproject bonds of the agency, the payment of interest on such non-profit\nproject bonds of the agency or the payment of any redemption premium\nrequired to be paid when such bonds are redeemed prior to maturity;\nprovided, however, that moneys in any such fund shall not be withdrawn\ntherefrom at any time in such amount as would reduce the amount of such\nfund to less than the maximum amount of principal, interest maturing and\nbecoming due and sinking fund payments required to be made in any\nsucceeding calendar year on the non-profit project bonds of the agency\nthen outstanding and secured by such reserve fund, except for the\npurpose of paying principal and interest and sinking fund payments\nbecoming due on the non-profit project bonds of the agency secured by\nsuch reserve fund maturing and becoming due and for the payment of which\nother moneys of the agency are not available. For the purposes of this\nsubdivision five, in computing the maximum amount of principal maturing\nat a single future date (herein called "term bonds") in any succeeding\ncalendar year, the principal amount of any such term bonds which are\nsubject to mandatory redemption prior to such future date by sinking\nfund payments shall not be included in the computation determining the\nmaximum amount of principal maturing in said future year. Any income or\ninterest earned by, or increment to, any such debt service reserve fund\ndue to the investment thereof may be transferred to any other fund or\naccount of the agency to the extent it does not reduce the amount of\nsuch debt service reserve fund below the maximum amount of principal and\ninterest maturing and becoming due and sinking fund payments required to\nbe made in any succeeding calendar year on all non-profit project bonds\nof the agency then outstanding and secured by such reserve fund.\n (b) The agency shall not issue non-profit project bonds at any time if\nthe maximum amount of principal and interest maturing and becoming due\nand sinking fund payments required to be made in a succeeding calendar\nyear on the non-profit project bonds outstanding and then to be issued\nand secured by a debt service reserve fund will exceed the amount of\nsuch reserve account at the time of issuance, unless the agency, at the\ntime of issuance of such bonds, shall deposit in such reserve fund from\nthe proceeds of the bonds so to be issued, or otherwise, an amount which\ntogether with the amount then in such reserve fund, will be not less\nthan the maximum amount of principal and interest maturing and becoming\ndue and sinking fund payments required to be made in any succeeding\ncalendar year on the non-profit project bonds then to be issued and on\nall other non-profit project bonds of the agency then outstanding and\nsecured by such reserve fund.\n (c) To assure the continued operation and solvency of the agency for\nthe carrying out of the public purposes of this article provision is\nmade in paragraph (a) of this subdivision for the accumulation in each\ndebt service reserve fund of an amount equal to the maximum amount of\nprincipal and interest maturing and becoming due and sinking fund\npayments required to be made in any succeeding calendar year on all\nnon-profit project bonds of the agency then outstanding and secured by\nsuch reserve fund. In order further to assure the maintenance of such\ndebt service reserve funds, there shall be annually apportioned and paid\nto the agency for deposit in each debt service reserve fund such sum, if\nany, as shall be certified by the chairman of the agency to the governor\nand director of the budget as necessary to restore such reserve fund to\nan amount equal to the maximum amount of principal and interest maturing\nand becoming due and sinking fund payments required to be made in any\nsucceeding calendar year on the non-profit project bonds of the agency\nthen outstanding and secured by such reserve fund. The chairman of the\nagency shall annually, on or before December first, make and deliver to\nthe governor and director of the budget his certificate stating the sum,\nif any, required to restore each such debt service reserve fund to the\namount aforesaid, and the sum or sums so certified, if any, shall be\napportioned and paid to the agency during the then current state fiscal\nyear. The principal amount of bonds secured by a debt service reserve\nfund or funds to which state funds are apportionable pursuant to this\nparagraph shall be limited to the total amount of bonds and notes\noutstanding on the effective date of this act, plus the total amount of\nbonds and notes contracted after the effective date of this act to\nfinance projects in progress on the effective date of this act as\ndetermined by the New York state public authorities control board\ncreated pursuant to section fifty of the public authorities law whose\naffirmative determination shall be conclusive as to all matters of law\nand fact solely for the purpose of the limitations contained in this\nparagraph, but in no event shall the total amount of bonds so secured by\nsuch a debt service reserve fund or funds exceed seven hundred\nninety-three million dollars, excluding bonds issued to refund such\noutstanding bonds until the date of redemption of such outstanding\nbonds. As outstanding bonds so secured are paid, the amount so secured\nshall be reduced accordingly but the redemption of such outstanding\nbonds from the proceeds of refunding bonds shall not reduce the amount\nso secured.\n (d) In computing any debt service reserve fund for the purposes of\nthis section, securities in which all or a portion of such reserve fund\nshall be invested shall be valued at par, or if purchased at less than\npar, at their cost to the agency.\n 6. (a) The agency may create and establish a special fund to be known\nas hospital and nursing home capital reserve fund and may pay into such\nreserve funds (1) any monies appropriated and made available by the\nstate for the purposes of such funds, (2) any proceeds of sale of\nhospital and nursing home project notes or hospital and nursing home\nproject bonds, to the extent provided in the resolution of the agency\nauthorizing the issuance thereof, and (3) any other monies which may be\nmade available to the agency for the purposes of such accounts from any\nother source or sources. The monies held in or credited to the capital\nreserve fund established under this subdivision except as hereinafter\nprovided, shall be used solely for the payment of the principal of\nhospital and nursing home project bonds of the agency secured by such\nreserve fund, as the same mature, required payments to any sinking fund\nestablished in a resolution of the agency for the amortization of term\nbonds (hereinafter referred to as "sinking fund payments") the purchase\nor redemption of such hospital and nursing home project bonds of the\nagency, the payment of interest on such hospital and nursing home\nproject bonds of the agency, or the payment of any redemption premium\nrequired to be paid when such bonds are redeemed prior to maturity;\nprovided, however, that monies in any such fund shall not be withdrawn\ntherefrom at any time in such amount as would reduce the amount of such\nfund to less than the maximum amount of principal and interest maturing\nand becoming due and sinking fund payments required to be made in any\nsucceeding calendar year on the hospital and nursing home project bonds\nof the agency then outstanding and secured by such reserve fund, except\nfor the purpose of paying principal, interest on hospital and nursing\nhome project bonds of the agency secured by such reserve fund maturing\nand becoming due and sinking fund payments becoming due and for the\npayment of which other monies of the agency are not available. For the\npurposes of this subdivision six, in computing the maximum amount of\nprincipal maturing at a single future date (herein called "term bonds")\nin any succeeding calendar year, the principal amount of any such term\nbonds which are subject to mandatory redemption prior to such future\ndate by sinking fund payments shall not be included in the computation\ndetermining the maximum amount of principal maturing in said future\nyear. Any income or interest earned by, or increment to, any such\nhospital and nursing home capital reserve fund due to the investment\nthereof may be transferred to the hospital and nursing home general\nreserve fund or other fund of the agency, to the extent it does not\nreduce the amount of such hospital and nursing home capital reserve fund\nbelow the maximum amount of principal and interest maturing and becoming\ndue and sinking fund payments required to be made in any succeeding\ncalendar year on all hospital and nursing home project bonds of the\nagency then outstanding and secured by such reserve fund.\n (b) The agency shall not issue hospital and nursing home project bonds\nand notes in an aggregate principal amount exceeding one billion nine\nhundred fifty million dollars excluding hospital and nursing home\nproject bonds and hospital and nursing home project notes issued to\nrefund outstanding hospital and nursing home project bonds and hospital\nand nursing home project notes, nor shall it issue hospital and nursing\nhome project bonds at any time secured by the hospital and nursing home\ncapital reserve fund if the maximum amount of principal and interest\nmaturing and becoming due and sinking fund payments required to be made\nin a succeeding calendar year on the hospital and nursing home project\nbonds outstanding and then to be issued and secured by the hospital and\nnursing home capital reserve fund will exceed the amount of such reserve\nfund at the time of issuance, unless the agency, at the time of issuance\nof such bonds, shall deposit in such reserve fund from the proceeds of\nthe bonds so to be issued, or otherwise, an amount which together with\nthe amount then in such reserve fund, will be not less than the maximum\namount of principal and interest maturing and becoming due and sinking\nfund payments required to be made in any succeeding calendar year on the\nhospital and nursing home project bonds then to be issued and on all\nother hospital and nursing home project bonds of the agency then\noutstanding and secured by such reserve fund.\n (c) To assure the continued operation and solvency of the agency for\nthe carrying out of the public purposes of this article provision is\nmade in paragraph (a) of this subdivision for the accumulation in the\nhospital and nursing home capital reserve fund of an amount equal to the\nmaximum amount of principal and interest maturing and becoming due and\nsinking fund payments to be made in any succeeding calendar year on all\nhospital and nursing home project bonds of the agency then outstanding\nand secured by such reserve fund. In order further to assure the\nmaintenance of such hospital and nursing home capital reserve fund,\nthere shall be annually apportioned and paid to the agency for deposit\nin such hospital and nursing home capital reserve fund such sum, if any,\nas shall be certified by the chairman of the agency to the governor and\ndirector of the budget as necessary to restore such reserve fund to an\namount equal to the maximum amount of principal and interest maturing\nand becoming due and sinking fund payments required to be made in any\nsucceeding calendar year on the hospital and nursing home project bonds\nof the agency then outstanding and secured by such reserve fund. The\nchairman of the agency shall annually, on or before December first, make\nand deliver to the governor and director of the budget his certificate\nstating the sums, if any, required to restore such hospital and nursing\nhome capital reserve fund to the amount aforesaid, and the sums so\ncertified, if any, shall be apportioned and paid to the agency during\nthe then current state fiscal year. The principal amount of bonds\nsecured by the hospital and nursing home capital reserve fund to which\nstate funds are apportionable pursuant to this paragraph shall be\nlimited to the total amount of bonds and notes outstanding on the\neffective date of this act, plus the total amount of bonds and notes\ncontracted after the effective date of this act to finance projects on\nprogress on the effective date of this act as determined by the New York\nstate public authorities control board created pursuant to section fifty\nof the public authorities law whose affirmative determination shall be\nconclusive as to all matters of law and fact solely for the purposes of\nthe limitations contained in this paragraph, but in no event shall the\ntotal amount of bonds so secured by such a capital reserve fund or funds\nexceed nine hundred sixteen million dollars, excluding bonds issued to\nrefund such outstanding bonds until the date of redemption of such\noutstanding bonds. As outstanding bonds so secured are paid, the amount\nso secured shall be reduced accordingly but the redemption of such\noutstanding bonds from the proceeds of refunding bonds shall not reduce\nthe amount so secured.\n (d) In computing any hospital and nursing home capital reserve fund\nfor the purposes of this section, securities in which all or a portion\nof such reserve fund shall be invested shall be valued at par, or if\npurchased at less than par, at their cost to the agency.\n 7. The agency shall create and establish one or more additional\nspecial funds (herein referred to as hospital and nursing home general\nreserve funds) and shall, to the extent provided in the applicable bond\nresolution of the agency authorizing the issuance of hospital and\nnursing home project bonds, pay into any such fund the fees and charges\ncollected by the agency pursuant to paragraph (b) of subdivision eleven\nof section forty-four of this article and any monies which the agency\nshall transfer from the hospital and nursing home capital reserve fund\npursuant to the provisions of paragraph (a) of subdivision six of this\nsection. Such monies and any other monies paid into a hospital and\nnursing home general reserve fund may, in the discretion of the agency,\nbut subject to agreements with bondholders and noteholders, be used by\nthe agency (a) for the repayment of advances from the state in\naccordance with the provisions of repayment agreements between the\nagency and the director of the budget, (b) to reimburse the department\nof health the reasonable costs of the services performed by the\ncommissioner of health and the department of health pursuant to\nsubdivision three of section fifty-five of this article, (c) to pay all\ncosts, expenses and charges of financing, including fees and expenses of\ntrustees and paying agents, (d) for transfers to the hospital and\nnursing home capital reserve fund, (e) for the payment of principal and\ninterest on hospital and nursing home project bonds and notes issued by\nthe agency when the same shall become due whether at maturity or on call\nfor redemption and for the payment of any redemption premium required to\nbe paid where such hospital and nursing home project bonds and notes are\nredeemed prior to their stated maturities and to purchase hospital and\nnursing home project bonds or notes issued by the agency, or (f) for\nsuch other corporate purposes of the agency as the agency in its\ndiscretion shall determine and provide.\n 8. (a) The agency may create and establish one or more additional\nreserve funds to be known as health facilities reserve funds and may pay\ninto such reserve funds (1) any monies appropriated and made available\nby the state for the purposes of such funds, (2) any proceeds of sale of\nhealth facilities notes or health facilities bonds, to the extent\nprovided in the resolution of the agency authorizing the issuance\nthereof, and (3) any other monies which may be made available to the\nagency for the purposes of such funds from any other source or sources.\nThe monies held in or credited to any health facilities reserve fund\nestablished under this subdivision, except as hereinafter provided,\nshall be used solely for the payment of the principal of health\nfacilities bonds of the agency secured by such reserve fund, as the same\nmature, required payments to any sinking fund established in a\nresolution of the agency for the amortization of term bonds (hereinafter\nreferred to as "sinking fund payments") the purchase or redemption of\nsuch health facilities bonds of the agency, the payment of interest on\nsuch health facilities bonds of the agency, or the payment of any\nredemption premium required to be paid when such bonds are redeemed\nprior to maturity; provided, however, that monies in any such fund shall\nnot be withdrawn therefrom at any time in such amount as would reduce\nthe amount of such fund to less than the maximum amount of principal and\ninterest maturing and becoming due and sinking fund payments required to\nbe made in any succeeding calendar year on the health facilities bonds\nof the agency then outstanding and secured by such reserve fund, except\nfor the purpose of paying principal, interest and sinking fund payments\nbecoming due on the health facilities bonds of the agency secured by\nsuch reserve fund maturing and becoming due and for the payment of which\nother monies of the agency are not available. For the purposes of this\nsubdivision eight, in computing the maximum amount of principal maturing\nat a single future date (herein called "term bonds") in any succeeding\ncalendar year, the principal amount of any such term bonds which are\nsubject to mandatory redemption prior to such future date by sinking\nfund payments shall not be included in the computation determining the\nmaximum amount of principal maturing in said future year. Any income or\ninterest earned by, or increment to, any such health facilities reserve\nfund due to the investment thereof may be transferred to any other fund\nor account of the agency to the extent it does not reduce the amount of\nsuch health facilities reserve fund below the maximum amount of\nprincipal and interest maturing and becoming due and sinking fund\npayments required to be made in any succeeding calendar year on all\nhealth facilities bonds of the agency then outstanding and secured by\nsuch reserve fund.\n (b) The agency shall not issue health facilities bonds at any time if\nthe maximum amount of principal and interest maturing and becoming due\nand sinking fund payments required to be made in a succeeding calendar\nyear on the health facilities bonds outstanding and then to be issued\nand secured by any health facilities reserve fund will exceed the amount\nof such reserve account at the time of issuance, unless the agency, at\nthe time of issuance of such bonds, shall deposit in such reserve fund\nfrom the proceeds of the bonds so to be issued, or otherwise, an amount\nwhich together with the amount then in such reserve fund will be not\nless than the maximum amount of principal and interest maturing and\nbecoming due and sinking fund payments required to be made in any\nsucceeding calendar year on the health facilities bonds then to be\nissued and on all other health facilities bonds of the agency then\noutstanding and secured by such reserve fund.\n (c) To assure the continued operation and solvency of the agency for\nthe carrying out of the public purposes of this article, provision is\nmade in paragraph (a) of this subdivision for the accumulation in each\nhealth facilities reserve fund of an amount equal to the maximum amount\nof principal and interest maturing and becoming due and sinking fund\npayments required to be made in any succeeding calendar year on all\nhealth facilities bonds of the agency then outstanding and secured by\nsuch reserve fund. In order further to assure the maintenance of such\nhealth facilities reserve funds, there shall be annually apportioned and\npaid to the agency for deposit in each health facilities reserve fund\nsuch sum, if any, as shall be certified by the chairman of the agency to\nthe governor and director of the budget as necessary to restore such\nreserve fund to an amount equal to the maximum amount of principal and\ninterest maturing and becoming due and sinking fund payments required to\nbe made in any succeeding calendar year on the health facilities bonds\nof the agency then outstanding and secured by such reserve fund. The\nchairman of the agency shall annually, on or before December first, make\nand deliver to the governor and director of the budget his certificate\nstating the sums, if any, required to restore each such health\nfacilities reserve fund to the amount aforesaid, and the sums so\ncertified, if any, shall be apportioned and paid to the agency during\nthe then current state fiscal year. The principal amount of bonds\nsecured by a health facilities reserve fund or funds to which state\nfunds are apportionable pursuant to this paragraph shall be limited to\nthe total amount of bonds and notes outstanding on the effective date of\nthis act, plus the total amount of bonds and notes contracted after the\neffective date of this act to finance projects in progress on the\neffective date of this act as determined by the New York state public\nauthorities control board created pursuant to section fifty of the\npublic authorities law whose affirmative determination shall be\nconclusive as to all matters of law and fact solely for the purposes of\nthe limitations contained in this paragraph, but in no event shall the\ntotal amount of bonds so secured by such a reserve fund or funds exceed\nsix hundred seventy-five million dollars, excluding bonds issued to\nrefund such outstanding bonds until the date of redemption of such\noutstanding bonds. As outstanding bonds so secured are paid, the amount\nso secured shall be reduced accordingly but the redemption of such\noutstanding bonds from the proceeds of refunding bonds shall not reduce\nthe amounts so secured.\n (d) In computing any health facilities reserve fund for the purposes\nof this section, securities in which all or a portion of such reserve\nfund shall be invested shall be valued at par, or if purchased at less\nthan par, at their cost to the agency.\n 9. (a) The agency may create and establish one or more additional\nreserve funds to be known as urban rental debt service reserve funds and\nmay pay into such reserve funds (1) any monies appropriated and made\navailable by the state for the purposes of such funds, (2) any proceeds\nof sale of urban rental project notes or urban rental project bonds, to\nthe extent provided in the resolution of the agency authorizing the\nissuance thereof, and (3) any other monies which may be made available\nto the agency for the purposes of such funds from any other source or\nsources. The monies held in or credited to any urban rental debt service\nreserve fund established under this subdivision except as hereinafter\nprovided, shall be used solely for the payment of the principal of urban\nrental project bonds of the agency secured by such reserve fund, as the\nsame mature, required payments to any sinking fund established in a\nresolution of the agency for the amortization of term bonds (hereinafter\nreferred to as "sinking fund payments"), the purchase or redemption of\nsuch urban rental project bonds of the agency, the payment of interest\non such urban rental project bonds of the agency, or the payment of any\nredemption premium required to be paid when such bonds are redeemed\nprior to maturity; provided, however, that monies in any such fund shall\nnot be withdrawn therefrom at any time in such amount as would reduce\nthe amount of such fund to less than the maximum amount of principal and\ninterest maturing and becoming due and sinking fund payments required to\nbe made in any succeeding calendar year on the urban rental project\nbonds of the agency then outstanding and secured by such reserve fund,\nexcept for the purpose of paying principal, interest and sinking fund\npayments becoming due on the urban rental project bonds of the agency\nsecured by such reserve fund maturing and becoming due and for the\npayment of which other monies of the agency are not available. For the\npurposes of this subdivision nine, in computing the maximum amount of\nprincipal maturing at a single future date (herein called "term bonds")\nin any succeeding calendar year, the principal amount of any such term\nbonds which are subject to mandatory redemption prior to such future\ndate by sinking fund payments shall not be included in the computation\ndetermining the maximum amount of principal maturing in said future\nyear. Any income or interest earned by, or increment to, any such urban\nrental debt service reserve fund due to the investment thereof may be\ntransferred to any other fund or account of the agency to the extent it\ndoes not reduce the amount of such urban rental debt service reserve\nfund below the maximum amount of principal and interest maturing and\nbecoming due and sinking fund payments required to be made in any\nsucceeding calendar year on all urban rental project bonds of the agency\nthen outstanding and secured by such reserve fund.\n (b) The agency shall not issue urban rental project bonds at any time\nif the maximum amount of principal and interest maturing and becoming\ndue and sinking fund payments required to be made in any succeeding\ncalendar year on the urban rental project bonds outstanding and then to\nbe issued and secured by an urban rental debt service reserve fund will\nexceed the amount of such reserve account at the time of issuance,\nunless the agency, at the time of issuance of such bonds, shall deposit\nin such reserve fund from the proceeds of the bonds so to be issued, or\notherwise, an amount which together with the amount then in such reserve\nfund, will be not less than the maximum amount of principal and interest\nmaturing and becoming due and sinking fund payments required to be made\nin any succeeding calendar year on the urban rental project bonds then\nto be issued and on all other urban rental project bonds of the agency\nthen outstanding and secured by such reserve fund.\n (c) To assure the continued operation and solvency of the agency for\nthe carrying out of the public purposes of this article provision is\nmade in paragraph (a) of this subdivision for the accumulation in each\nurban rental debt service reserve fund of an amount equal to the maximum\namount of principal and interest maturing and becoming due and sinking\nfund payments required to be made in any succeeding calendar year on all\nurban rental project bonds of the agency then outstanding and secured by\nsuch reserve fund. In order further to assure the maintenance of such\nurban rental debt service reserve funds, there shall be annually\napportioned and paid to the agency for deposit in each urban rental debt\nservice reserve fund such sum, if any, as shall be certified by the\nchairman of the agency to the governor and director of the budget as\nnecessary to restore such reserve fund to an amount equal to the maximum\namount of principal and interest maturing and becoming due and sinking\nfund payments required to be made in any succeeding calendar year on the\nurban rental project bonds of the agency then outstanding and secured by\nsuch reserve fund. The chairman of the agency shall annually, on or\nbefore December first, make and deliver to the governor and director of\nthe budget his certificate stating the sums, if any, required to restore\neach such urban rental debt service reserve fund to the amount\naforesaid, and the sums so certified, if any, shall be apportioned and\npaid to the agency during the then current state fiscal year. The\nprincipal amount of bonds secured by an urban rental debt service\nreserve fund or funds to which state funds are apportionable pursuant to\nthis paragraph shall be limited to the total amount of bonds and notes\noutstanding on the effective date of this act, plus the total amount of\nbonds and notes contracted after the effective date of this act to\nfinance projects in progress on the effective date of this act as\ndetermined by the New York state public authorities control board\ncreated pursuant to section fifty of the public authorities law whose\naffirmative determination shall be conclusive as to all matters of law\nand fact solely for the purposes of the limitations contained in this\nparagraph, but in no event shall the total amount of bonds so secured by\nsuch a debt service reserve fund or funds exceed six hundred forty-five\nmillion dollars, excluding bonds issued to refund such outstanding bonds\nuntil the date of redemption of such outstanding bonds. As outstanding\nbonds so secured are paid, the amount so secured shall be reduced\naccordingly but the redemption of such outstanding bonds from the\nproceeds of refunding bonds shall not reduce the amount so secured.\n (d) In computing any urban rental debt service reserve fund for the\npurposes of this section, securities in which all or a portion of such\nreserve fund shall be invested shall be valued at par if purchased at\npar, or if purchased at other than par, at amortized value.\n 10. (a) The agency may create and establish a special fund to be known\nas youth facilities capital reserve fund and may pay into such reserve\nfunds (1) any monies appropriated and made available by the state for\nthe purposes of such funds, (2) any proceeds of sale of youth facilities\nproject notes or youth facilities project bonds, to the extent provided\nin the resolution of the agency authorizing the issuance thereof, and\n(3) any other monies which may be made available to the agency for the\npurposes of such accounts from any other source or sources. The monies\nheld in or credited to the capital reserve fund established under this\nsubdivision except as hereinafter provided, shall be used solely for the\npayment of principal of youth facilities project bonds of the agency\nsecured by such reserve fund, as the same mature, the purchase of such\nyouth facilities project bonds of the agency, the payment of interest on\nyouth facilities project bonds of the agency, or the payment of any\nredemption premium required to be paid when such bonds are redeemed\nprior to maturity; provided, however, that monies in any such fund shall\nnot be withdrawn therefrom at any time in such amount as would reduce\nthe amount of such fund to less than the maximum amount of principal and\ninterest maturing and becoming due in any succeeding calendar year on\nthe youth facilities project bonds of the agency then outstanding and\nsecured by such reserve fund, except for the purpose of paying principal\nand interest on youth facilities project bonds of the agency secured by\nsuch reserve fund maturing and becoming due and for the payment of which\nother monies of the agency are not available. Any income or interest\nearned by, or increment to, any such youth facilities capital reserve\nfund due to the investment thereof may be transferred to the youth\nfacilities general reserve fund or other fund of the agency, to the\nextent it does not reduce the amount of such youth facilities capital\nreserve fund below the maximum amount of principal and interest maturing\nand becoming due in any succeeding calendar year on all youth facilities\nproject bonds of the agency then outstanding and secured by such reserve\nfund.\n (b) The agency shall not issue youth facilities project bonds and\nnotes in an aggregate principal amount exceeding one hundred million\ndollars excluding youth facilities project bonds and youth facilities\nproject notes issued to refund outstanding youth facilities project\nbonds and youth facilities project notes, nor shall it issue youth\nfacilities project bonds at any time secured by the youth facilities\ncapital reserve fund if the maximum amount of principal and interest\nmaturing and becoming due in a succeeding calendar year on the youth\nfacilities project bonds outstanding and then to be issued and secured\nby the youth facilities capital reserve fund will exceed the amount of\nsuch reserve fund at the time of issuance, unless the agency, at the\ntime of issuance of such bonds, shall deposit in such reserve fund from\nthe proceeds of the bonds so to be issued, or otherwise, an amount which\ntogether with the amount then in such reserve fund, will be not less\nthan the maximum amount of principal and interest maturing and becoming\ndue in any succeeding calendar year on the youth facilities project\nbonds then to be issued and on all other youth facilities project bonds\nof the agency then outstanding and secured by such reserve fund.\n (c) To assure the continued operation and solvency of the agency for\nthe carrying out of the public purposes of this article provision is\nmade in paragraph (a) of this subdivision for the accumulation in the\nyouth facilities capital reserve fund of an amount equal to the maximum\namount of principal and interest maturing and becoming due in any\nsucceeding calendar year on all youth facilities project bonds of the\nagency then outstanding and secured by such reserve fund. In order\nfurther to assure the maintenance of such youth facilities capital\nreserve fund, there shall be annually apportioned and paid to the agency\nfor deposit in such youth facilities capital reserve fund such sum, if\nany, as shall be certified by the chairman of the agency to the governor\nand director of the budget as necessary to restore such reserve fund to\nan amount equal to the maximum amount of principal and interest maturing\nand becoming due in any succeeding calendar year on the youth facilities\nproject bonds of the agency then outstanding and secured by such reserve\nfund. The chairman of the agency shall annually, on or before December\nfirst, make and deliver to the governor and director of the budget his\ncertificate stating the sums, if any, required to restore such youth\nfacilities capital reserve fund to the amount aforesaid, and the sums so\ncertified, if any, shall be apportioned and paid to the agency during\nthe then current state fiscal year. The principal amount of bonds\nsecured by the youth facilities capital reserve fund to which state\nfunds are apportionable pursuant to this paragraph shall be limited to\nthe total amount of bonds and notes outstanding on the effective date of\nthis act, plus the total amount of bonds and notes contracted after the\neffective date of this act to finance projects in progress on the\neffective date of this act as determined by the New York state public\nauthorities control board created pursuant to section fifty of the\npublic authorities law whose affirmative determination shall be\nconclusive as to all matters of law and fact solely for the purposes of\nthe limitations contained in this paragraph, but in no event shall the\ntotal amount of bonds so secured by such a capital reserve fund exceed\ntwenty-four million dollars, excluding bonds issued to refund such\noutstanding bonds until the date of redemption of such outstanding\nbonds. As outstanding bonds so secured are paid, the amount so secured\nshall be reduced accordingly but the redemption of such outstanding\nbonds from the proceeds of refunding bonds shall not reduce the amount\nso secured.\n (d) In computing any youth facilities capital reserve fund for the\npurpose of this section, securities in which all or a portion of such\nreserve fund shall be invested shall be valued at par if purchased at\npar, or if purchased at other than par, at amortized value.\n 11. The agency shall create and establish a special fund (herein\nreferred to as the youth facilities general reserve fund) and shall pay\ninto such fund all fees and charges collected by the agency pursuant to\nparagraph (c) of subdivision eleven of section forty-four of this\narticle and any monies which the agency shall transfer from the youth\nfacilities capital reserve fund pursuant to the provisions of paragraph\n(a) of subdivision ten of this section. Such monies and any other monies\npaid into the youth facilities general reserve fund may, in the\ndiscretion of the agency, but subject to agreements with bondholders and\nnoteholders, be used by the agency (a) for the repayment of advances\nfrom the state in accordance with the provisions of repayment agreements\nbetween the agency and the director of the budget, (b) to reimburse the\ndepartment of social services the reasonable costs of the services\nperformed by the commissioner of social services and the department of\nsocial services pursuant to subdivision four of section fifty-five of\nthis article, (c) to pay all costs, expenses and charges of financing,\nincluding fees and expenses of trustees and paying agents, (d) for\ntransfers to the youth facilities capital reserve fund, (e) for the\npayment of principal of and interest on youth facilities project bonds\nand notes issued by the agency when the same shall become due whether at\nmaturity or on call for redemption and for the payment of any redemption\npremium required to be paid where such youth facilities project bonds\nand notes are redeemed prior to their stated maturities and to purchase\nyouth facilities project bonds or notes issued by the agency, or (f) for\nsuch other corporate purposes of the agency as the agency in its\ndiscretion shall determine and provide.\n 12. (a) The agency may create and establish a special fund to be known\nas community mental health services and developmental disabilities\nservices capital reserve fund and may pay into such reserve funds (1)\nany monies appropriated and made available by the state for the purposes\nof such funds, (2) any proceeds of sale of community mental health\nservices and developmental disabilities services project notes or\ncommunity mental health services and developmental disabilities services\nproject bonds, to the extent provided in the resolution of the agency\nauthorizing the issuance thereof, and (3) any other monies which may be\nmade available to the agency for the purposes of such accounts from any\nother source or sources. The monies held in or credited to the capital\nreserve fund established under this subdivision except as hereinafter\nprovided, shall be used solely for the payment of principal of community\nmental health services and developmental disabilities services project\nbonds of the agency secured by such reserve fund, as the same mature,\nthe purchase of such community mental health services and developmental\ndisabilities services project bonds of the agency, the payment of\ninterest on such community mental health services and developmental\ndisabilities services project bonds of the agency, or the payment of any\nredemption premium required to be paid when such bonds are redeemed\nprior to maturity; provided, however, that monies in any such fund shall\nnot be withdrawn therefrom at any time in such amount as would reduce\nthe amount of such fund to less than the maximum amount of principal and\ninterest maturing and becoming due in any succeeding calendar year on\nthe community mental health services and developmental disabilities\nservices project bonds of the agency then outstanding and secured by\nsuch reserve fund, except for the purpose of paying principal and\ninterest on community mental health services and developmental\ndisabilities services project bonds of the agency secured by such\nreserve fund maturing and becoming due and for the payment of which\nother monies of the agency are not available. Any income or interest\nearned by, or increment to, any such community mental health services\nand developmental disabilities services capital reserve fund due to the\ninvestment thereof may be transferred to the community mental health\nservices and developmental disabilities services general reserve fund or\nother fund of the agency, to the extent it does not reduce the amount of\nsuch community mental health services and developmental disabilities\nservices capital reserve fund below the maximum amount of principal and\ninterest maturing and becoming due in any succeeding calendar year on\nall community mental health services and developmental disabilities\nservices project bonds of the agency then outstanding and secured by\nsuch reserve fund.\n (b) The agency shall not issue community mental health services and\ndevelopmental disabilities services project bonds and notes in an\naggregate principal amount exceeding one hundred million dollars\nexcluding community mental health services and developmental\ndisabilities services project bonds and community mental health services\nand developmental disabilities services project notes issued to refund\noutstanding community mental health services and developmental\ndisabilities services project bonds and community mental health services\nand developmental disabilities services project notes, nor shall it\nissue community mental health services and developmental disabilities\nservices project bonds at any time secured by the community mental\nhealth services and developmental disabilities services capital reserve\nfund if the maximum amount of principal and interest maturing and\nbecoming due in a succeeding calendar year on the community mental\nhealth services and developmental disabilities services project bonds\noutstanding and then to be issued and secured by the community mental\nhealth services and developmental disabilities services capital reserve\nfund will exceed the amount of such reserve fund at the time of\nissuance, unless the agency, at the time of issuance of such bonds,\nshall deposit in such reserve fund from the proceeds of the bonds so to\nbe issued, or otherwise, an amount which together with the amount then\nin such reserve fund, will be not less than the maximum amount of\nprincipal and interest maturing and becoming due in any succeeding\ncalendar year on the community mental health services and developmental\ndisabilities services project bonds then to be issued and on all other\ncommunity mental health services and developmental disabilities services\nproject bonds of the agency then outstanding and secured by such reserve\nfund.\n (c) To assure the continued operation and solvency of the agency for\nthe carrying out of the public purposes of this article provision is\nmade in paragraph (a) of this subdivision for the accumulation in the\ncommunity mental health services and developmental disabilities services\ncapital reserve fund of an amount equal to the maximum amount of\nprincipal and interest maturing and becoming due in any succeeding\ncalendar year on all community mental health services and developmental\ndisabilities services project bonds of the agency then outstanding and\nsecured by such reserve fund. In order further to assure the maintenance\nof such community mental health services and developmental disabilities\nservices capital reserve fund, there shall be annually apportioned and\npaid to the agency for deposit in such community mental health services\nand developmental disabilities services capital reserve fund such sum,\nif any, as shall be certified by the chairman of the agency to the\ngovernor and director of the budget as necessary to restore such reserve\nfund to an amount equal to the maximum amount of principal and interest\nmaturing and becoming due in any succeeding calendar year on the\ncommunity mental health services and developmental disabilities services\nproject bonds of the agency then outstanding and secured by such reserve\nfund. The chairman of the agency shall annually, on or before December\nfirst, make and deliver to the governor and director of the budget his\nor her certificate stating the sums, if any, required to restore such\ncommunity mental health services and developmental disabilities services\ncapital reserve fund to the amount aforesaid, and the sums so certified,\nif any, shall be apportioned and paid to the agency during the then\ncurrent state fiscal year. The principal amount of bonds secured by the\ncommunity mental health services and developmental disabilities services\ncapital reserve fund to which state funds are apportionable pursuant to\nthis paragraph shall be limited to the total amount of bonds and notes\noutstanding on the effective date of this act, plus the total amount of\nbonds and notes contracted after the effective date of this act to\nfinance projects in progress on the effective date of this act as\ndetermined by the New York state public authorities control board\ncreated pursuant to section fifty of the public authorities law whose\naffirmative determination shall be conclusive as to all matters of law\nand fact solely for the purposes of the limitations contained in this\nparagraph, but in no event shall the total amount of bonds so secured by\nsuch a capital reserve fund or funds exceed thirteen million dollars,\nexcluding bonds issued to refund such outstanding bonds until the date\nof redemption of such outstanding bonds. As outstanding bonds so secured\nare paid, the amount so secured shall be reduced accordingly but the\nredemption of such outstanding bonds from the proceeds of refunding\nbonds shall not reduce the amount so secured.\n (d) In computing any community mental health services and\ndevelopmental disabilities services capital reserve fund for the\npurposes of this section, securities in which all or a portion of such\nreserve fund shall be invested shall be valued at par if purchased at\npar, or if purchased at other than par, at amortized value.\n 13. The agency shall create and establish a special fund (herein\nreferred to as community mental health services and developmental\ndisabilities services general reserve fund) and shall pay into such fund\nall fees and charges collected by the agency pursuant to paragraph (c)\nof subdivision eleven of section forty-four of this article and any\nmonies which the agency shall transfer from the community mental health\nservices and developmental disabilities services capital reserve fund\npursuant to the provisions of paragraph (a) of subdivision ten of this\nsection. Such monies and any other monies paid into the community mental\nhealth services and developmental disabilities services general reserve\nfund may, in the discretion of the agency, but subject to agreements\nwith bondholders and noteholders, be used by the agency (a) for the\nrepayment of advances from the state in accordance with the provisions\nof repayment agreements between the agency and the director of the\nbudget, (b) to reimburse the department of mental hygiene the reasonable\ncosts of the services performed by the commissioner of mental hygiene\nand the department of mental hygiene pursuant to subdivision four of\nsection fifty-five of this article, including the reasonable costs of\nsuch services performed by the health and mental hygiene facilities\nimprovement corporation upon request by the commissioner of mental\nhygiene pursuant to the provisions of section 75.25 of the mental\nhygiene law, (c) to pay all costs, expenses and charges of financing,\nincluding fees and expenses of trustees and paying agents, (d) for\ntransfers to the community mental health services and developmental\ndisabilities services capital reserve fund, (e) for the payment of\nprincipal of and interest on community mental health services and\ndevelopmental disabilities services project bonds and notes issued by\nthe agency when the same shall become due whether at maturity or on call\nfor redemption and for the payment of any redemption premium required to\nbe paid where such community mental health services and developmental\ndisabilities services project bonds and notes are redeemed prior to\ntheir stated maturities and to purchase community mental health services\nand developmental disabilities services project bonds or notes issued by\nthe agency, or (f) for such other corporate purposes of the agency as\nthe agency in its discretion shall determine and provide.\n 14. (a) The agency may create and establish a special fund to be known\nas community senior citizens services capital reserve fund and may pay\ninto such reserve fund (1) any moneys appropriated and made available by\nthe state for the purposes of such fund, (2) any proceeds of sale of\ncommunity senior citizens services project notes or community senior\ncitizens services project bonds, to the extent provided in the\nresolution of the agency authorizing the issuance thereof, and (3) any\nother moneys which may be made available to the agency for the purposes\nof such accounts from any other source or sources. The moneys held in or\ncredited to the capital reserve fund established under this subdivision\nexcept as hereinafter provided, shall be used solely for the payment of\nprincipal of community senior citizens services project bonds of the\nagency secured by such reserve fund, as the same mature, the purchase of\nsuch community senior citizens services project bonds of the agency, the\npayment of interest on such community senior citizens services project\nbonds of the agency, or the payment of any redemption premium required\nto be paid when such bonds are redeemed prior to maturity; provided,\nhowever, that moneys in any such fund shall not be withdrawn thereform\nat any time in such amount as would reduce the amount of such fund to\nless than the maximum amount of principal and interest maturing and\nbecoming due in any succeeding calendar year on the community senior\ncitizens services project bonds of the agency then outstanding and\nsecured by such reserve fund, except for the purpose of paying principal\nand interest on community senior citizens services project bonds of the\nagency secured by such reserve fund maturing and becoming due and for\nthe payment of which other moneys of the agency are not available. Any\nincome or interest earned by, or increment to, any such community senior\ncitizens services capital reserve fund due to the investment thereof may\nbe transferred to the community senior citizens services general reserve\nfund or other fund of the agency, to the extent it does not reduce the\namount of such community senior citizens services capital reserve fund\nbelow the maximum amount of principal and interest maturing and becoming\ndue in any succeeding calendar year on all community senior citizens\nservices project bonds of the agency then outstanding and secured by\nsuch reserve fund.\n (b) The agency shall not issue community senior citizens services\nproject bonds and notes in an aggregate principal amount exceeding fifty\nmillion dollars excluding community senior citizens services project\nbonds and community senior citizens services project notes issued to\nrefund outstanding community senior citizens services project bonds and\ncommunity senior citizens services project notes, nor shall it issue\ncommunity senior citizens services project bonds at any time secured by\nthe community senior citizens capital reserve fund if the maximum amount\nof principal and interest maturing and becoming due in a succeeding\ncalendar year on the community senior citizens services project bonds\noutstanding and then to be issued and secured by the community senior\ncitizens services capital reserve fund will exceed the amount of such\nreserve fund at the time of issuance, unless the agency, at the time of\nissuance of such bonds, shall deposit in such reserve fund from the\nproceeds of the bonds so to be issued, or otherwise, an amount which\ntogether with the amount then in such reserve fund, will be not less\nthan the maximum amount of principal and interest maturing and becoming\ndue in any succeeding calendar year on the community senior citizens\nservices project bonds then to be issued and on all other community\nsenior citizens services project bonds of the agency then outstanding\nand secured by such reserve fund.\n (c) To assure the continued operation and solvency of the agency for\nthe carrying out of the public purposes of this article provision is\nmade in paragraph (a) of this subdivision for the accumulation in the\ncommunity senior citizens services capital reserve fund of an amount\nequal to the maximum amount of principal and interest maturing and\nbecoming due in any succeeding calendar year on all community senior\ncitizens services project bonds of the agency then outstanding and\nsecured by such reserve fund. In order further to assure the maintenance\nof such community senior citizens services capital reserve fund, there\nshall be annually apportioned and paid to the agency for deposit in such\ncommunity senior citizens services capital reserve fund such sum, if\nany, as shall be certified by the chairman of the agency to the governor\nand director of the budget as necessary to restore such reserve fund to\nan amount equal to the maximum amount of principal and interest maturing\nand becoming due in any succeeding calendar year on the community senior\ncitizens services project bonds of the agency then outstanding and\nsecured by such reserve fund. The chairman of the agency shall annually,\non or before December first, make and deliver to the governor and\ndirector of the budget his certificate stating the sums, if any,\nrequired to restore such community senior citizens services capital\nreserve fund to the amount aforesaid, and the sums so certified, if any,\nshall be apportioned and paid to the agency during the then current\nstate fiscal year. The principal amount of bonds secured by the\ncommunity senior citizens services capital reserve fund to which state\nfunds are apportionable pursuant to this paragraph shall be limited to\nthe total amount of bonds and notes outstanding on the effective date of\nthis act, plus the total amount of bonds and notes contracted after the\neffective date of this act to finance projects in progress on the\neffective date of this act as determined by the New York state public\nauthorities control board created pursuant to section fifty of the\npublic authorities law whose affirmative determination shall be\nconclusive as to all matters of law and fact solely for the purposes of\nthe limitations contained in this paragraph, but in no event shall the\ntotal amount of bonds so secured by such a capital reserve fund or funds\nexceed two million eight hundred thousand dollars, excluding bonds\nissued to refund such outstanding bonds until the date of redemption of\nsuch outstanding bonds. As outstanding bonds so secured are paid, the\namount so secured shall be reduced accordingly but the redemption of\nsuch outstanding bonds from the proceeds of refunding bonds shall not\nreduce the amount so secured.\n (d) In computing any community senior citizens services capital\nreserve fund for the purposes of this section, securities in which all\nor a portion of such reserve fund shall be invested shall be valued at\npar if purchased at par, or if purchased at other than par, at amortized\nvalue.\n 15. The agency shall create and establish a special fund (herein\nreferred to as community senior citizens services general reserve fund)\nand shall pay into such fund all fees and charges collected by the\nagency pursuant to subdivision eleven-a of section forty-four of this\narticle and any moneys which the agency shall transfer from the\ncommunity senior citizens services capital reserve fund pursuant to the\nprovisions of paragraph (a) of subdivision fourteen of this section.\nSuch moneys and any other moneys paid into the community senior citizens\nservices general reserve fund may, in the discretion of the agency, but\nsubject to agreements with bondholders and noteholders, be used by the\nagency (a) for the repayment of advances from the state in accordance\nwith the provisions of repayment agreements between the agency and the\ndirector of the budget, (b) to reimburse the department of social\nservices of the state of New York for the reasonable costs of the\nservices performed by such department pursuant to subdivision six of\nsection fifty-five of this article, (c) to pay all costs, expenses and\ncharges of financing, including fees and expenses of trustees and paying\nagents, (d) for transfers to the community senior citizens services\ncapital reserve fund, (e) for the payment of principal of and interest\non community senior citizens services project bonds and notes issued by\nthe agency when the same shall become due whether at maturity or on call\nfor redemption and for the payment of any redemption premium required to\nbe paid where such community senior citizens services project bonds and\nnotes are redeemed prior to their stated maturities and to purchase\ncommunity senior citizens services project bonds or notes issued by the\nagency, or (f) for such other corporate purposes of the agency as it, in\nits discretion, shall determine and provide.\n 16. (a) The agency may create and establish one or more special funds\nto be known as community mental health services and developmental\ndisabilities services capital reserve funds and may pay into such\nreserve funds (1) any monies appropriated and made available by the\nstate for the purposes of such funds, (2) any proceeds of the sale of\ncommunity mental health services and developmental disabilities services\nproject revenue bonds or notes, to the extent provided in the resolution\nof the agency authorizing the issuance thereof, and (3) any other monies\nwhich may be made available to the agency for the purposes of such fund\nor funds from any other source or sources. The monies held in or\ncredited to a capital reserve fund established under this subdivision,\nexcept as hereinafter provided and as provided in agreements with\nbondholders and noteholders, shall be used solely for the payment of\nprincipal of community mental health services and developmental\ndisabilities services project revenue bonds of the agency secured by\nsuch reserve fund, as the same mature, required payments to any sinking\nfund established in a resolution of the agency for the amortization of\nterm bonds (hereinafter referred to as "sinking fund payments"), the\npurchase of such revenue bonds of the agency, the payment of interest on\nsuch revenue bonds of the agency, or the payment of any redemption\npremium required to be paid when such bonds are redeemed prior to\nmaturity. Any income or interest earned by, or increment to, any such\ncommunity mental health services and developmental disabilities services\ncapital reserve fund due to the investment thereof may be transferred to\nthe agency, subject to agreements with bondholders and noteholders.\n (b) In computing any community mental health services and\ndevelopmental disabilities services capital reserve fund for the\npurposes of this section, securities in which all or a portion of such\nreserve fund shall be invested shall be valued at par if purchased at\npar, or if purchased at other than par, at the amortized value.\n (c) The agency shall create and establish one or more special funds\n(herein referred to as community mental health services and\ndevelopmental disabilities services general reserve funds) and shall to\nthe extent provided in the applicable bond resolution of the agency\nauthorizing the issuance of community mental health services and\ndevelopmental disabilities services project revenue bonds, pay into any\nsuch fund the fees and charges collected by the agency pursuant to\nparagraph (d) of subdivision eleven of section forty-four of this\narticle and any monies which the agency shall transfer from a community\nmental health services and developmental disabilities services capital\nreserve fund pursuant to the provisions of paragraph (a) of this\nsubdivision. Such monies and any other monies paid into a community\nmental health services and developmental disabilities service general\nreserve fund may, in the discretion of the agency, but subject to\nagreements with bondholders and noteholders, be used by the agency (i)\nfor the repayment of advances from the state in accordance with the\nprovisions of repayment agreements between the agency and the director\nof the budget, (ii) to reimburse the department of mental hygiene the\nreasonable costs of the services performed by the commissioner of mental\nhygiene and the department of mental hygiene pursuant to subdivision\nfive of section fifty-five of this article, including the reasonable\ncosts of such services performed by the facilities development\ncorporation upon request by the commissioner of mental hygiene pursuant\nto the provisions of section 75.25 of the mental hygiene law, (iii) to\npay all costs, expenses and charges of financing, including fees and\nexpenses of trustees and paying agents, (iv) for transfers to a\ncommunity mental health services and developmental disabilities services\ncapital reserve fund, (v) for the payment of principal of and interest\non community mental health services and developmental disabilities\nservices project revenue bonds and notes issued by the agency when the\nsame shall become due whether at maturity or on call for redemption and\nfor the payment of any redemption premium required to be paid where such\ncommunity mental health services and developmental disabilities services\nproject revenue bonds and notes are redeemed prior to their stated\nmaturities and to purchase community mental health services and\ndevelopmental disabilities services revenue bonds or notes issued by the\nagency, or (vi) for such other corporate purposes of the agency as the\nagency in its discretion shall determine and provide.\n