NY Pub Auth L § 3865 (2021)
2021 New York Laws PBA - Public Authorities Article 10-D - Miscellaneous Authorities Title 2 - Buffalo Fiscal Stability Authority 3865 - Resources of the Authority.

§  3865.  Resources  of the authority. 1. Subject to the provisions of this title, the  directors  of  the  authority  shall  receive,  accept, invest,  administer,  expend and disburse for its corporate purposes all moneys of the authority  from  whatever  source  derived  including  (a) revenues and (b) proceeds of bonds, notes or other obligations.   2.  Subject  to  the  provisions  of  any  contract  with bondholders, revenues of the authority shall be paid to the authority and  shall  not be commingled with any other money.   3.  The  money in any of the authority's accounts shall be paid out on checks signed by the treasurer of the authority, or by other lawful  and appropriate  means  such as wire or electronic transfer, on requisitions of the chairperson of the authority or of  such  other  officer  as  the directors  shall  authorize  to  make such requisition, or pursuant to a bond resolution or trust indenture.   4. All deposits of authority money shall be secured by obligations  of the  United  States  or of the state or of the city at a market value at least equal at all times to the amount of the deposit, and all banks and trust companies are authorized to give such security for such  deposits. The  authority  shall  have the power, notwithstanding the provisions of this section, to contract with the holders of any of its bonds, notes or other obligations as to the custody,  collection,  securing,  investment and  payment of any money of the authority or any money held in trust or otherwise for the payment of bonds, notes or other obligations or in any way to secure bonds, notes or other obligations, and to  carry  out  any such  contract  notwithstanding  that  such contract may be inconsistent with the other  provisions  of  this  title.  Money  held  in  trust  or otherwise for the payment of bonds, notes or other obligations or in any way  to  secure  bonds, notes or other obligations, and deposits of such money, may be secured in the same manner as money of the authority,  and all  banks  and trust companies are authorized to give such security for such deposits.   5. Revenues of the authority shall be applied in the  following  order of  priority:  first  to  pay debt service or for set asides to pay debt service on the authority's bonds, notes, or  other  obligations  and  to replenish  any  reserve  funds  securing  such  bonds,  notes  or  other obligations of the authority, in accordance with the  provision  of  any indenture  or  bond  resolution  of  the  authority;  then  to  pay  the authority's operating expenses not otherwise provided for; then  to  pay to  the  state pursuant to paragraph three of subdivision (c) of section twelve hundred sixty-one of the  tax  law;  and  then,  subject  to  the authority's  agreement  with  the  city,  for itself or on behalf of the city's dependent school district and any other covered organization,  to transfer  as  frequently  as  practicable  the  balance  of revenues not required to meet contractual or other obligations of  the  authority  to the  city  or  the  city's  dependent  school  district  as  provided in subdivision seven of this section.   6. (a) Any such payment of state aid revenues to the  authority  shall not  obligate  the  state  to  make  available,  nor entitle the city to receive, any additional state aid.  (b) Nothing contained in this title shall be  construed  to  create  a debt  of the state within the meaning of any constitutional or statutory provisions. Any provision  with  respect  to  state  aid  or  state  aid revenues  shall  be  deemed  executory  only  to  the  extent  of moneys available, and no liability shall be incurred by the  state  beyond  the moneys  available  for  that  purpose,  and  any  such  payment  by  the comptroller of state aid revenues is subject to annual appropriation  of state aid by the state legislature.  (c)  Nothing  contained  in this title shall be deemed to restrict the right of the state to amend, repeal, modify, or otherwise alter  section fifty-four  of  the state finance law or any provision relating to state aid  to  municipalities.  The  authority  shall   include   within   any resolution,  contract,  or agreement with holders of its bonds, notes or other obligations a provision which states that no default occurs  as  a result  of the state's exercising its right to amend, repeal, modify, or otherwise alter section fifty-four of the state finance law or any other provision relating to state aid to municipalities.   7. On a monthly basis, the authority shall prepare and provide to  the city  and  the  city's  dependent  school  district  a detailed separate accounting of all revenues received and payments and  debt  service  set asides made, as attributable to the city and the city's dependent school district.  Such  accounting  shall  reflect  (a) the amount of state aid revenues, city tax revenues and school district  tax  revenues  received during  such  month,  (b) the respective portion of debt service paid or set aside during such month by the authority for its  notes,  bonds  and other  obligations  attributable  to  the  city and the city's dependent school  district;  (c)  the   respective   portion   of   reserve   fund replenishment  made  or  set aside during such month by the authority in connection with its notes, bonds and other obligations  attributable  to the  city  and  the  city's  dependent  school  district;  and  (d)  the respective portion of administrative expenses of the authority  paid  or set  aside  during  such month by the authority attributable to the city and the city's dependent school district. As soon as  practicable  after each  monthly  payment or set aside, the authority shall make respective payments of the remaining monthly balance or revenues to  the  city  and the  city's  dependent  school district in accordance with such separate accounting. To the extent that such respective monthly payments  of  the remaining  balance  of revenues result in an overpayment or underpayment to the city or the city's dependent school district, the authority shall in the immediately subsequent month, after making debt service  payments or  debt  service  set asides, replenishing any reserve funds and paying the administrative expenses of the authority for  such  month,  make  an adjustment in favor of the city or the city's dependent school district, as  the  case  may  be,  before  determining the remaining amount of the balance of revenues for such subsequent month and paying such  remaining monthly  balance of revenues to the city and the city's dependent school district. Nothing  in  this  title  shall  be  deemed  to  restrict  the authority  of the state comptroller and the commissioner of taxation and finance to adjust for overpayments or underpayments pursuant to the  tax law.