NY Pub Auth L § 3036-A (2021)
2021 New York Laws PBA - Public Authorities Article 10 - New York State Municipal Assistance Corporation Act Title 3 - Municipal Assistance Corporation for the City of New York 3036-A - Further Payments to the Corporation; Additional Funds of the Corporation.

* §  3036-a.  Further payments to the corporation; additional funds of   the corporation.  1. In addition to the total amount certified  by  such   chairman  for such fiscal year, all as referred to in subdivision one of   section three thousand thirty-six, the chairman shall at the  same  time   certify  to  the  state  comptroller and to the mayor a schedule setting   forth additional cash requirements of the  corporation  which  shall  be   equal  to:  (i)  the  amounts  which are required to be deposited in the   capital reserve fund authorized to be created and  established  pursuant   to  subdivision  two of this section (in this section called the capital   reserve fund) during such fiscal year in order to maintain  the  capital   reserve  fund  at the level required in accordance with subdivision four   of this section; (ii) the amounts required to be deposited in  the  bond   service  fund of the corporation to pay all interest and all payments of   principal and redemption premium, if any, on  notes  and  bonds  payable   from  the sources hereinafter identified in this section and maturing or   otherwise coming due during such fiscal  year;  and  (iii)  the  amounts   required  to  be  deposited  in  the  operating  fund of the corporation   heretofore established, as determined by the corporation,  to  meet  the   operating requirements and other expenses of the corporation during such   fiscal  year.  If  any  increase  shall  occur  in  such additional cash   requirements specified above, or if payments are required at a  time  or   times  earlier  than  previously  certified or if the city shall for any   reason fail to make timely payment of the principal and accrued interest   due on any obligation issued by the city to the corporation and maturing   within the same fiscal year,  such  chairman  shall  certify  a  revised   schedule  of  such  additional cash requirements for such fiscal year to   the state comptroller and to the mayor. The schedule  accompanying  each   certification (or revision thereof) shall provide for such payment dates   as  the  corporation  deems  appropriate to assure that sufficient funds   will be available from the sources identified below to enable it to meet   its current obligations under this section  as  they  come  due.    Upon   receipt  of  such  certification,  or  any  revision  thereof, the state   comptroller shall pay such amount to the corporation for deposit in  the   appropriate  funds  referred to in this section, in accordance with such   certification from the special account established for  the  corporation   in  the  municipal  assistance  state  aid  fund  in   accordance   with   subdivision one of section ninety-two-e of the state  finance  law  and,   subject  to  agreements  with  outstanding  bond and note holders of the   corporation, from the special account established for the corporation in   the municipal assistance tax fund, in accordance with subdivision one of   section ninety-two-d of the state  finance  law,  including  any  amount   transferred to the municipal assistance tax fund from the stock transfer   tax  fund  pursuant  to  subdivision four of section ninety-two-b of the   state finance law. Any such payment shall be made within thirty days  of   receipt  of  the  certification  or  at  the  time  specified   in   the   certification, whichever is later; provided that any such amounts  shall   have been first appropriated by the state for such purpose or shall have   been otherwise made  available.  Any amount paid to the corporation from   such  municipal  assistance  state  aid  fund shall be deducted from the   amount otherwise payable to the city  as  per  capita  aid  pursuant  to   sections  fifty-four and ninety-two-e of the state finance law and shall   not obligate the state to make, nor entitle the  city  to  receive,  any   additional  payments  of  per  capita  aid.  Any  amount  so paid to the   corporation from the municipal assistance tax fund shall, in addition to   the amount  deducted  pursuant  to  subdivision  one  of  section  three   thousand  thirty-six,  be  deducted from the amount otherwise payable to   the city from the municipal assistance tax fund and shall  not  obligate    the  state  to  make,  nor  entitle  the city to receive, any additional   payments from such municipal assistance tax fund.2.  The  corporation shall create and establish a capital reserve fund   as an additional special fund, and shall pay into such  capital  reserve   fund (i) any moneys appropriated and made available by the state for the   purposes  of  such fund, (ii) any proceeds of sale or notes or bonds, to   the extent provided in the resolution of the corporation authorizing the   issuance thereof, and (iii) any other moneys which may be made available   to the corporation for the purpose of such fund from any other source or   sources. All  moneys  held  in  the  capital  reserve  fund,  except  as   hereinafter  provided,  shall  be  used  solely  for  the payment of the   principal  of  bonds  secured  by  such  capital  reserve  fund  of  the   corporation, as the same mature or otherwise become due, the purchase of   such  bonds  of  the corporate, the payment of interest on such bonds of   the corporation or the payment of any redemption premium required to  be   paid  when  such  bonds  are  redeemed  prior to maturity. If the amount   contained in the capital reserve fund exceeds the amount required to  be   contained in such fund pursuant to this subdivision of this section plus   any additional amounts required to be contained in such fund pursuant to   the  terms  of  issuance  of  any bonds or notes secured by such capital   reserve fund, such excess moneys  may  be  withdrawn  from  the  capital   reserve  fund by the corporation; provided, however, that moneys in such   fund shall not be withdrawn therefrom at any time  in  such  amounts  as   would  reduce  the  amount  of  such  fund  to  less  than the amount of   principal and interest maturing or otherwise due or becoming due in  the   succeeding calendar year on all bonds of the corporation secured by such   capital  reserve fund then outstanding, except for the purpose of paying   principal of and interest on such bonds of the corporation  maturing  or   otherwise  becoming due and for the payment of which other moneys of the   corporation are not available. Any income  or  interest  earned  by,  or   increment to, the capital reserve fund due to the investment thereof may   be  transferred  by the corporation to any other fund of the corporation   to the extent it does not reduce the amount of the capital reserve  fund   below  the amount of principal and interest maturing or otherwise due or   becoming due in the  succeeding  calendar  year  on  all  bonds  of  the   corporation secured by such capital reserve fund then outstanding.3.  In  order further to assure the maintenance of the capital reserve   fund, there shall be annually appropriated and paid to  the  corporation   for  deposit  in  the capital reserve fund such sum, if any, as shall be   certified by the chairman to the governor and director of the budget  as   necessary  to restore the capital reserve fund to an amount equal to the   capital reserve fund requirement. The chairman of the board of directors   of the corporation shall, annually, on or before  December  first,  make   and  deliver  to the governor and director of the budget his certificate   stating the sum, if any, required to restore the capital reserve fund to   the amount aforesaid; and the sum or sums so certified, if any, shall be   appropriated and paid to the corporation during the then  current  state   fiscal year.4.  The  corporation  shall  not  issue  bonds  secured by the capital   reserve fund at any  time  if  the  amount  of  principal  and  interest   maturing  or  otherwise  due  or becoming due in the succeeding calendar   year on such bonds then to be issued and on all other such bonds of  the   corporation  then  outstanding  will  exceed  the  amount of the capital   reserve  fund  requirement  at  the  time  of   issuance,   unless   the   corporation,  at the time of such issuance, shall deposit in the capital   reserve fund from the  proceeds  of  the  bonds  so  to  be  issued,  or   otherwise,  an amount which, together with the amount then in such fund,   will be not less than the amount of principal and interest  maturing  or    otherwise  due  or  becoming due in the succeeding calendar year on such   bonds then to be issued and  on  all  other  bonds  of  the  corporation   secured  by  such  capital reserve fund then outstanding (such amount is   herein  sometimes  referred to as the capital reserve fund requirement).   Notwithstanding the foregoing provisions of this subdivision for each of   the calendar years set forth below the capital reserve fund requirement,   as of any date of calculation, shall  equal  the  percentage  set  forth   opposite  such  calendar  year  of  the amount of principal and interest   maturing or otherwise due or becoming due during such calendar  year  on   all  bonds  of  the  corporation  secured  by  the  capital reserve fund   outstanding on such date:Calendar Year    Percentage1975         0%1976         0%1977        25%1978        50%1979        75%1980        100%5. In computing the  amount  of  the  capital  reserve  fund  for  the   purposes  of  this  section securities in which all or a portion of such   fund shall be invested shall be valued at par or if purchased  at  other   than par, at amortized value.6. The corporation shall create a bond service fund.* NB The  corporation  shall  continue  for a term ending the later of   July 1, 2008 or one year after its liabilities have been fully paid  and   discharged per § 3033 sub 1.