New York § 59 Bond reserve insurance fund

New York Statutes

§ 59 — Bond reserve insurance fund

New York § 59

Law PVHPrivate Housing Finance

Art. 3New York State Housing Finance Agency

This text of New York § 59 (Bond reserve insurance fund) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Private Housing Finance § 59 (2026).

Text

  § 59. Bond reserve insurance fund. The agency shall create and\nestablish a special fund, to be known as the bond reserve insurance fund\nand shall pay into such fund all monies appropriated and made available\nby the state for the purposes of such fund and any other monies which\nmay be made available to the agency for the purposes of such fund from\nany other source or sources.  All monies held in the bond reserve\ninsurance fund shall be used by the agency to meet the agency's\nobligation to repay principal and interest on its outstanding bonds,\nsolely to the extent all other revenues of the agency available for such\npurposes are not sufficient to meet such obligations of the agency.  Any\nincome or interest earned by, or increment to the bond reserve insurance\nfund may be used for

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§ 59. Bond reserve insurance fund. The agency shall create and\nestablish a special fund, to be known as the bond reserve insurance fund\nand shall pay into such fund all monies appropriated and made available\nby the state for the purposes of such fund and any other monies which\nmay be made available to the agency for the purposes of such fund from\nany other source or sources. All monies held in the bond reserve\ninsurance fund shall be used by the agency to meet the agency's\nobligation to repay principal and interest on its outstanding bonds,\nsolely to the extent all other revenues of the agency available for such\npurposes are not sufficient to meet such obligations of the agency. Any\nincome or interest earned by, or increment to the bond reserve insurance\nfund may be used for authorized purposes including, but not limited to,\nthe addition of such income or interest earned, or increment to the\nmonies held in such fund for the purposes herein provided, or the\nrepayment of appropriation expenditures made to the credit of such fund.\n