§ 58 — Special revenue housing coverage reserve funds

New York § 58

• Jurisdiction: New York
• Law PVH: Private Housing Finance
• Art. 3: New York State Housing Finance Agency

Text

§ 58. Special revenue housing coverage reserve funds. The agency may\ncreate and establish one or more special funds to be known as special\nrevenue housing coverage reserve funds and may pay into such reserve\nfunds any monies appropriated and made available by the state for the\npurpose of such funds and 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 such fund, except as\nhereinafter provided, shall be used solely for the payment of the\nprincipal of or interest on the revenue housing bonds of the agency\nsecured by such fund as the same shall become due, whether at maturity\nor upon call for redemption, and for 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\nspecial revenue housing coverage reserve fund may be used for authorized\npurposes including, but not limited to, the addition of such income or\ninterest earned, or increment to the monies held in such fund for the\npurposes herein provided, or the repayment of appropriation expenditures\nmade to the credit of such fund.\n