NY Priv Hous Fin L § 47 (2021)
2021 New York Laws PVH - Private Housing Finance Article 3 - New York State Housing Finance Agency 47 - Reserve Funds and Appropriations.

§ 47. Reserve funds and appropriations. 1. (a) The agency shall create and  establish  a  special  fund  (herein referred to as capital reserve fund), and shall pay into such  capital  reserve  fund  (1)  any  monies appropriated  and  made  available by the state for the purposes of such fund, (2) any proceeds of sale  of  notes  or  bonds  other  than  state university  construction  notes  or state university construction bonds, equity notes or equity bonds, non-profit  project  notes  or  non-profit project  bonds,  hospital and nursing home project notes or hospital and nursing home project bonds, urban rental project notes or  urban  rental project bonds, health facilities notes or health facilities bonds, youth facilities  project  notes  or youth facilities project bonds, community mental health services and mental retardation services project notes  or community mental health services and mental retardation services project bonds,  community  senior  citizens  services project notes or community senior citizens services project bonds, mental hygiene improvement notes or mental hygiene improvement bonds and revenue housing bonds, and bonds and notes for  the  housing  program  to  the  extent  provided  in  the resolution  of  the agency authorizing the issuance thereof, and (3) any other moneys which may be made available to the agency 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 of the agency other than state  university  construction  bonds,  equity  bonds,  non-profit project  bonds,  hospital  and  nursing home project bonds, urban rental project bonds, health facilities bonds, youth facilities project  bonds, community mental health services and mental retardation services project bonds,  community senior citizens services project bonds, mental hygiene improvement bonds and revenue housing bonds, and bonds and notes for the housing program as the same mature, required  payments  to  any  sinking fund  established  in a resolution of the agency for the amortization of term bonds (hereinafter referred to as  "sinking  fund  payments"),  the purchase  or  redemption  of  bonds  of  the  agency  other  than  state university construction bonds, equity bonds, non-profit  project  bonds, hospital  and  nursing  home  project bonds, urban rental project bonds, health facilities  bonds,  youth  facilities  project  bonds,  community mental  health  services  and mental retardation services project bonds, community  senior  citizens  services  project  bonds,  mental   hygiene improvement bonds and revenue housing bonds, and bonds and notes for the housing  program  the payment of interest on such bonds of the agency or the payment of any redemption premium required  to  be  paid  when  such bonds  are redeemed prior to maturity; provided, however, that monies in such fund shall not be withdrawn therefrom at any time in such amount as would reduce the amount of such fund to less than the maximum amount  of principal  and  interest  maturing  and  becoming  due  and sinking fund payments required to be made in any  succeeding  calendar  year  on  all bonds  of  the  agency  then  outstanding  other  than  state university construction bonds, equity bonds, non-profit project bonds, hospital and nursing  home  project  bonds,  urban  rental  project   bonds,   health facilities  bonds,  youth  facilities  project  bonds,  community mental health services and mental retardation services project bonds, community senior citizens services project bonds, mental hygiene improvement bonds and revenue housing bonds and bonds and notes for the  housing  program, except for the purpose of paying principal of, interest and sinking fund payments  becoming due on such bonds of the agency maturing and becoming due and for the payment of which other moneys  of  the  agency  are  not available.  For  the  purposes of this subdivision one, in computing the maximum amount of principal maturing at a  single  future  date  (herein called  "term  bonds")  in  any  succeeding calendar year, the principal  amount of any such term bonds which are subject to mandatory  redemption prior to such future date by sinking fund payments shall not be included in  the computation determining the maximum amount of principal maturing in  said future year. Any income or interest earned by, or increment to, the  capital  reserve  fund  due  to  the  investment  thereof  may   be transferred  by  the agency to the general reserve fund or other fund of the agency to the extent it does not reduce the amount  of  the  capital reserve fund below the maximum amount of principal and interest maturing and  becoming  due  and sinking fund payments required to be made in any succeeding  calendar  year  on  all  such  bonds  of  the  agency   then outstanding  other  than  state  university  construction  bonds, equity bonds, non-profit project  bonds,  hospital  and  nursing  home  project bonds,  urban  rental  project  bonds,  health  facilities  bonds, youth facilities project bonds, community mental health  services  and  mental retardation  services  project bonds, community senior citizens services project bonds, mental hygiene  improvement  bonds  and  revenue  housing bonds and bonds and notes for the housing program.  (b)  The  agency  shall  not  issue  bonds other than state university construction bonds, equity bonds, non-profit project bonds, hospital and nursing  home  project  bonds,  urban  rental  project   bonds,   health facilities  bonds,  youth  facilities  project  bonds,  community mental health services and mental retardation services project bonds, community senior citizens services project bonds, mental hygiene improvement bonds and revenue housing bonds and bonds and notes for the housing program at any time secured by the capital reserve fund if the  maximum  amount  of principal  and  interest  maturing  and  becoming  due  and sinking fund payments required to be made in a succeeding calendar year on such bonds then to be issued and on all other bonds of the agency then  outstanding other than state university construction bonds, equity bonds, non-profit project  bonds,  hospital  and  nursing home project bonds, urban rental project bonds, health facilities bonds, youth facilities project  bonds, community mental health services and mental retardation services project bonds,  community senior citizens services project bonds, mental hygiene improvement bonds and revenue housing bonds and bonds and notes for  the housing  program  will  exceed the amount of the capital reserve fund at the time of issuance unless the agency, at the time of issuance of  such bonds,  shall  deposit in such 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 maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on such bonds then to be  issued and  on  all other bonds of the agency then outstanding other than state university construction bonds, equity bonds, non-profit  project  bonds, hospital  and  nursing  home  project bonds, urban rental project bonds, health facilities  bonds,  youth  facilities  project  bonds,  community mental  health  services  and mental retardation services project bonds, community  senior  citizens  services  project  bonds,  mental   hygiene improvement  bonds and revenue housing bonds and bonds and notes for the housing program.  (c) The agency shall not  issue  bonds  and  notes  other  than  state university  construction  bonds and state university construction notes, hospital and nursing home project bonds and hospital  and  nursing  home project  notes,  health  facilities  bonds  and health facilities notes, youth facilities project  bonds  and  youth  facilities  project  notes, community mental health services and mental retardation services project bonds  and  community  mental  health  services  and  mental retardation services project notes, community senior citizens services project notes or community senior citizens services project bonds and  mental  hygiene  improvement  bonds  and  mental  hygiene improvement notes and bonds and notes for the housing program for any of its corporate  purposes  in  an aggregate  principal  amount  exceeding  thirty-one  billion two hundred eighty  million  dollars,  excluding  bonds  and  notes issued to refund outstanding bonds and notes.  (d) To assure the continued operation and solvency of the  agency  for the  carrying  out  of the public purposes of this article, provision is made in paragraph (a) of this subdivision for the  accumulation  in  the capital  reserve  fund  of  an  amount  equal  to  the maximum amount of principal and interest  maturing  and  becoming  due  and  sinking  fund payments  required  to  be  made  in any succeeding calendar year on all bonds of  the  agency  then  outstanding  other  than  state  university construction bonds, equity bonds, non-profit project bonds, hospital and nursing   home   project  bonds,  urban  rental  project  bonds,  health facilities bonds,  youth  facilities  project  bonds,  community  mental health services and mental retardation services project bonds, community senior citizens services project bonds, mental hygiene improvement bonds and  revenue  housing bonds and bonds and notes for the housing program. In order further to assure such maintenance of the capital reserve fund, there shall be annually apportioned and paid to the agency  for  deposit in  the  capital reserve fund such sum, if any, as shall be certified by the chairman of the agency to the governor and director of the budget as necessary to restore the capital reserve fund to an amount equal to  the maximum  amount  of principal and interest maturing and becoming due and sinking fund payments required to be made  in  any  succeeding  calendar year  on  the  bonds  of  the  agency  then outstanding other than state university construction bonds, equity bonds, non-profit  project  bonds, hospital  and  nursing  home  project bonds, urban rental project bonds, health facilities  bonds,  youth  facilities  project  bonds,  community mental  health  services  and mental retardation services project bonds, community  senior  citizens  services  project  bonds,  mental   hygiene improvement  bonds and revenue housing bonds and bonds and notes for the housing program.   The chairman of the  agency  shall  annually,  on  or before  December first, make and deliver to the governor and director of the budget his certificate stating  the  amount,  if  any,  required  to restore  the capital reserve fund to the amount aforesaid and the amount so stated, if any, shall be apportioned and paid to  the  agency  during the  then  current  state  fiscal  year.  The  principal amount of bonds secured  by  the  capital  reserve  fund  to  which  state   funds   are apportionable  pursuant  to this paragraph shall be limited to the total amount of bonds and notes outstanding on the effective date of this act, plus the total amount of bonds and notes contracted after the  effective date  of  this act to finance projects in progress on the effective date of this act as determined by  the  New  York  state  public  authorities control   board   created  pursuant  to  section  fifty  of  the  public authorities law whose affirmative determination shall be  conclusive  as to  all  matters  of  law  and  fact  solely  for  the  purposes  of the limitations contained in this paragraph, but in no event shall the total amount of bonds so secured by such  a  capital  reserve  fund  or  funds exceed  three  hundred  thirty-eight  million  dollars,  excluding bonds issued to refund such outstanding bonds until the date of redemption  of such  outstanding  bonds.  As outstanding bonds so secured are paid, the amount so secured shall be reduced accordingly  but  the  redemption  of such  outstanding  bonds  from the proceeds of refunding bonds shall not reduce the amount so secured.  (e) 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  less than par, at their cost to the agency.   2.  The  agency  shall  create  and  establish  a special fund (herein referred to as general reserve fund) and shall pay into  such  fund  all fees  and  charges  collected by the agency pursuant to paragraph (a) of subdivision eleven of section forty-four of this article, or  otherwise, other  than  fees and charges collected in connection with the making of mortgage loans (or commitments therefor) to mutual companies, non-profit companies, urban rental companies or community development corporations, and any monies which the agency shall transfer from the capital  reserve fund  pursuant  to the provisions of paragraph (a) of subdivision one of this section. Such monies and any other monies  paid  into  the  general reserve  fund  may,  in  the  discretion  of  the  agency but subject to agreements with bondholders and noteholders, be used by the  agency  (a) for  the  repayment  of  advances  from the state in accordance with the provisions of repayment agreements between the agency and  the  director of  the  budget,  (b) to reimburse the division of housing and community renewal  the  reasonable  costs  of  the  services  performed   by   the commissioner  of  housing  and community renewal and division of housing and community renewal pursuant to section fifty-five  of  this  article, (c)  to pay all costs, expenses and charges of financing, including fees and expenses of trustees and paying agents, (d)  for  transfers  to  the capital  reserve  fund,  (e)  for  the  payment  of the principal of and interest on bonds or notes  other  than  state  university  construction bonds  or  state  university  construction notes, equity bonds or equity notes, non-profit project bonds or non-profit  project  notes,  hospital and  nursing  home  project  bonds  or hospital and nursing home project notes, urban rental project bonds or urban rental project notes,  health facilities  bonds  or  health facilities notes, youth facilities project bonds  or  youth  facilities  project  notes,  community  mental  health services  and  mental  retardation  services  project bonds or community mental health services and mental retardation  services  project  notes, community  senior  citizens  services  project notes or community senior citizens services project bonds, mental  hygiene  improvement  bonds  or mental hygiene improvement notes and revenue housing bonds and bonds and notes  for  the housing program issued by the agency when the same shall become due whether at maturity or on call for  redemption  and  for  the payment  of  any redemption premium required to be paid where such bonds or notes are redeemed prior to their stated maturities, and to  purchase bonds  or  notes other than state university construction bonds or state university construction notes, equity bonds or equity notes,  non-profit project  bonds  or  non-profit  project notes, hospital and nursing home project bonds or hospital and nursing home project notes,  urban  rental project  bonds or urban rental project notes, health facilities bonds or health  facilities  notes,  youth  facilities  project  bonds  or  youth facilities  project  notes,  community mental health services and mental retardation services project bonds or community mental  health  services and mental retardation services project notes, community senior citizens services  project  notes  or  community senior citizens services project bonds, mental hygiene improvement bonds or  mental  hygiene  improvement notes  and  revenue  housing  bonds  and bonds and notes for the housing program issued by the agency, or (f) for such other  corporate  purposes of  the  agency  as  the  agency  in  its discretion shall determine and provide.   3. (a) The agency shall create and establish a  special  fund  (herein referred  to  as  equity  reserve  fund), and shall pay into such equity reserve fund (1) any monies appropriated and made available by the state for the purposes of such fund, (2) any proceeds of sale of equity  notes  or  equity bonds, to the extent provided in the resolution of the agency authorizing the issuance thereof, and (3) any other monies which may  be made available to the agency for the purpose of such fund from any other source or sources. All moneys held in the equity reserve fund, except as hereinafter  provided,  shall  be  used  solely  for  the payment of the principal of equity bonds  of  the  agency,  as  the  same  mature,  the purchase  of  equity  bonds  of  the  agency, the payment of interest on equity bonds of the agency or the  payment  of  any  redemption  premium required  to  be  paid  when  such bonds are redeemed prior to maturity; provided, however, that moneys in  such  fund  shall  not  be  withdrawn therefrom  at any time in such amount as would reduce the amount of such fund to less than the maximum amount of principal and interest  maturing and  becoming due in any succeeding calendar year on all equity bonds of the agency then outstanding, except for the purpose of paying  principal and interest on equity bonds of the agency maturing and becoming due and for  the  payment of which other monies of the agency are not available. Any income or interest earned by, or increment to,  the  equity  reserve fund due to the investment thereof may be transferred to the equity loan fund  or  other  fund of the agency to the extent it does not reduce the amount of the equity reserve fund below the maximum amount of  principal and  interest  maturing and becoming due in any succeeding calendar year on all equity bonds of the agency then outstanding.  (b) The agency shall not issue equity bonds at any time secured by the equity reserve fund if the maximum  amount  of  principal  and  interest maturing  and  becoming  due in a succeeding calendar year on the equity bonds then to be issued and on all other equity bonds of the agency then outstanding will exceed the amount of the equity  reserve  fund  at  the time  of  issuance,  unless  the agency, at the time of issuance of such bonds, shall deposit in such 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 maximum amount of principal  and interest  maturing  and  becoming due in any succeeding calendar year on the equity bonds then to be issued and on all other equity bonds of  the agency then outstanding.  (c)  The  agency  shall  not issue equity bonds and equity notes in an aggregate principal amount exceeding fifty  million  dollars,  excluding equity  bonds  and  notes  issued to refund outstanding equity bonds and notes.  (d) To assure the continued operation and solvency of the  agency  for the  carrying  out  of the public purposes of this article, provision is made in paragraph (a) of this subdivision for the  accumulation  in  the equity  reserve  fund  of  an  amount  equal  to  the  maximum amount of principal and interest maturing  and  becoming  due  in  any  succeeding calendar  year  on  all  equity bonds of the agency then outstanding. In order further to assure such maintenance of  the  equity  reserve  fund, there  shall  be annually apportioned and paid to the agency for deposit in the equity reserve fund such sum, if any, as shall  be  certified  by the chairman of the agency to the governor and director of the budget as necessary  to  restore the equity reserve fund to an amount equal to the maximum amount of principal and interest maturing and  becoming  due  in any  succeeding  calendar  year  on  the equity bonds of the agency then outstanding. The chairman of the agency shall  annually,  on  or  before December  first,  make  and  deliver to the governor and director of the budget his certificate stating the amount, if any, required  to  restore the  equity  reserve  fund  to  the  amount  aforesaid and the amount so stated, if any, shall be apportioned and paid to the agency  during  the then current state fiscal year. The principal amount of bonds secured by the  equity reserve fund to which state funds are apportionable pursuant  to this paragraph shall be limited to the  total  amount  of  bonds  and notes  outstanding  on  the  effective  date of this act, plus the total amount of bonds and notes contracted after the effective  date  of  this act  to  finance projects in progress on the effective date of this act, as determined by the New York state  public  authorities  control  board created  pursuant  to  section fifty of the public authorities law whose affirmative determination shall be conclusive as to all matters  of  law and  fact  solely  for the purposes of the limitations contained in this paragraph, but in no event shall the total amount of bonds so secured by such a equity  reserve  fund  or  funds  exceed  three  hundred  fifteen thousand  dollars,  excluding  bonds  issued  to refund such outstanding bonds until the  date  of  redemption  of  such  outstanding  bonds.  As outstanding  bonds  so  secured are paid, the amount so secured shall be reduced accordingly but the redemption of such  outstanding  bonds  from the proceeds of refunding bonds shall not reduce the amount so secured.  (e)  In  computing  the  amount  of  the  equity  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 if purchased at par, or if purchased at other than par, at amortized value.   4.  The  agency  shall  create  and  establish  a special fund (herein referred to as equity loan fund) and shall pay into such fund any monies which the agency shall transfer from the equity reserve fund pursuant to the provisions of paragraph (a) of subdivision three of this section and any monies received in payment of principal of  or  interest  on  equity loans.   Such monies and any other monies paid into the equity loan fund may, in the discretion of the agency, but subject to agreements with the holders of equity bonds and equity notes be used by the agency  (a)  for the  repayment  of  advances  from  the  state  in  accordance  with the provisions of repayment agreements between the agency and  the  director of  the  budget, (b) to reimburse the division of housing the reasonable costs of the services performed  by  the  commissioner  of  housing  and division  of housing pursuant to section fifty-five of this article, (c) to pay all costs,  expenses  and  charges  of  financing  equity  loans, including  fees  and  expenses  of  trustees  and paying agents, (d) for transfers to the equity  reserve  fund,  (e)  for  the  payment  of  the principal  of and interest on equity bonds or equity notes issued by the agency when the same shall become due whether at maturity or on call for redemption and for the payment of any redemption premium required to  be paid  where  such  bonds  or  notes  are  redeemed prior to their stated maturities, and to purchase equity bonds or equity notes issued  by  the agency,  or  (f)  for such other corporate purposes of the agency as the agency in its discretion shall determine and provide.   5. (a) The agency may create and  establish  one  or  more  additional reserve funds to be known as debt service reserve funds and may pay into such reserve funds (1) any moneys appropriated and made available by the state  for  the  purposes  of  such  funds,  (2) any proceeds of sale of non-profit project notes or non-profit  project  bonds,  to  the  extent provided  in  the  resolution  of  the  agency  authorizing the issuance thereof, and (3) any other moneys which may be  made  available  to  the agency  for the purposes of such funds from any other source or sources. The moneys held  in  or  credited  to  any  debt  service  reserve  fund established under this subdivision except as hereinafter provided, shall be  used  solely  for the payment of the principal of non-profit project bonds of the agency secured by such reserve fund, as  the  same  mature, required payments to any sinking fund established in a resolution of the agency  for  the  amortization of term bonds (hereinafter referred to as "sinking fund payments"), the purchase or redemption of such  non-profit project  bonds of the agency, the payment of interest on such non-profit  project bonds of the agency or the payment  of  any  redemption  premium required  to  be  paid  when  such bonds are redeemed prior to maturity; provided, however, that moneys in any such fund shall not  be  withdrawn therefrom  at any time in such amount as would reduce the amount of such fund to less than the maximum amount of principal, interest maturing and becoming due and sinking fund  payments  required  to  be  made  in  any succeeding  calendar  year on the non-profit project bonds of the agency then outstanding and secured  by  such  reserve  fund,  except  for  the purpose  of  paying  principal  and  interest  and sinking fund payments becoming due on the non-profit project bonds of the  agency  secured  by such reserve fund maturing and becoming due and for the payment of which other  moneys  of the agency are not available. For the purposes of this subdivision five, in computing the maximum amount of principal  maturing at  a  single future date (herein called "term bonds") in any succeeding calendar year, the principal amount of any such  term  bonds  which  are subject  to  mandatory  redemption  prior to such future date by sinking fund payments shall not be included in the computation  determining  the maximum  amount of principal maturing in said future year. Any income or interest earned by, or increment to, any such debt service reserve  fund due  to  the  investment thereof may be transferred to any other fund or account of the agency to the extent it does not  reduce  the  amount  of such debt service reserve fund below the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be  made in any succeeding calendar year on all non-profit project bonds of the agency then outstanding and secured by such reserve fund.  (b) The agency shall not issue non-profit project bonds at any time if the maximum amount of principal and interest maturing and  becoming  due and  sinking  fund payments required to be made in a succeeding calendar year on the non-profit project bonds outstanding and then to  be  issued and  secured  by  a  debt service reserve fund will exceed the amount of such reserve account at the time of issuance, unless the agency, at  the time  of issuance of such bonds, shall deposit in such reserve fund from the proceeds of the bonds so to be issued, or otherwise, an amount which together with the amount then in such reserve fund,  will  be  not  less than  the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to  be  made  in  any  succeeding calendar  year  on the non-profit project bonds then to be issued and on all other non-profit project bonds of the agency  then  outstanding  and secured by such reserve fund.  (c)  To  assure the continued operation and solvency of the agency for the carrying out of the public purposes of  this  article  provision  is made  in  paragraph (a) of this subdivision for the accumulation in each debt service reserve fund of an amount equal to the  maximum  amount  of principal  and  interest  maturing  and  becoming  due  and sinking fund payments required to be made in any  succeeding  calendar  year  on  all non-profit  project  bonds of the agency then outstanding and secured by such reserve fund. In order further to assure the  maintenance  of  such debt service reserve funds, there shall be annually apportioned and paid to the agency for deposit in each debt service reserve fund such sum, if any, as shall be certified by the chairman of the agency to the governor and  director of the budget as necessary to restore such reserve fund to an amount equal to the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be  made  in  any succeeding  calendar  year on the non-profit project bonds of the agency then outstanding and secured by such reserve fund. The chairman  of  the agency  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 each such debt service reserve fund  to  the  amount  aforesaid,  and  the  sum or sums so certified, if any, shall be apportioned and paid to the agency during the then current state  fiscal year.  The  principal  amount of bonds secured by a debt service reserve fund  or  funds  to which state funds are apportionable pursuant to this paragraph shall be limited to  the  total  amount  of  bonds  and  notes outstanding  on the effective date of this act, plus the total amount of bonds and notes contracted after the  effective  date  of  this  act  to finance  projects  in  progress  on  the  effective  date of this act as determined by the  New  York  state  public  authorities  control  board created  pursuant  to  section fifty of the public authorities law whose affirmative determination shall be conclusive as to all matters  of  law and  fact  solely  for  the purpose of the limitations contained in this paragraph, but in no event shall the total amount of bonds so secured by such  a  debt  service  reserve  fund  or  funds  exceed  seven  hundred ninety-three  million  dollars,  excluding  bonds  issued to refund such outstanding bonds until the  date  of  redemption  of  such  outstanding bonds.  As  outstanding bonds so secured are paid, the amount so secured shall be reduced accordingly but  the  redemption  of  such  outstanding bonds  from  the proceeds of refunding bonds shall not reduce the amount so secured.  (d) In computing any debt service reserve fund  for  the  purposes  of this  section, securities in which all or a portion of such reserve fund shall be invested shall be valued at par, or if purchased at  less  than par, at their cost to the agency.   6.  (a) The agency may create and establish a special fund to be known as hospital and nursing home capital reserve fund and may pay into  such reserve  funds  (1)  any  monies  appropriated and made available by the state for the purposes of such  funds,  (2)  any  proceeds  of  sale  of hospital  and  nursing  home  project notes or hospital and nursing home project bonds, to the extent provided in the resolution  of  the  agency authorizing  the issuance thereof, and (3) any other monies which may be made available to the agency for the purposes of such accounts from  any other  source  or sources. The monies held in or credited to the capital reserve fund established under this subdivision  except  as  hereinafter provided,  shall  be  used  solely  for  the payment of the principal of hospital and nursing home project bonds of the agency  secured  by  such reserve  fund, as the same mature, required payments to any sinking fund established in a resolution of the agency for the amortization  of  term bonds  (hereinafter referred to as "sinking fund payments") the purchase or redemption of such hospital and nursing home  project  bonds  of  the agency,  the  payment  of  interest  on  such  hospital and nursing home project bonds of the agency, or the payment of  any  redemption  premium required  to  be  paid  when  such bonds are redeemed prior to maturity; provided, however, that monies in any such fund shall not  be  withdrawn therefrom  at any time in such amount as would reduce the amount of such fund to less than the maximum amount of principal and interest  maturing and  becoming  due  and sinking fund payments required to be made in any succeeding calendar year on the hospital and nursing home project  bonds of  the agency then outstanding and secured by such reserve fund, except for the purpose of paying principal, interest on  hospital  and  nursing home  project  bonds of the agency secured by such reserve fund maturing and becoming due and sinking fund payments  becoming  due  and  for  the payment  of  which other monies of the agency are not available. For the purposes of this subdivision six, in computing  the  maximum  amount  of principal  maturing at a single future date (herein called "term bonds") in any succeeding calendar year, the principal amount of any  such  term bonds  which  are  subject  to mandatory redemption prior to such future date by sinking fund payments shall not be included in  the  computation  determining  the  maximum  amount  of  principal maturing in said future year. Any income or interest  earned  by,  or  increment  to,  any  such hospital  and  nursing  home  capital reserve fund due to the investment thereof  may  be  transferred  to  the hospital and nursing home general reserve fund or other fund of the agency, to  the  extent  it  does  not reduce the amount of such hospital and nursing home capital reserve fund below the maximum amount of principal and interest maturing and becoming due  and  sinking  fund  payments  required to be made in any succeeding calendar year on all hospital and nursing  home  project  bonds  of  the agency then outstanding and secured by such reserve fund.  (b) The agency shall not issue hospital and nursing home project bonds and  notes  in  an aggregate principal amount exceeding one billion nine hundred fifty  million  dollars  excluding  hospital  and  nursing  home project  bonds  and  hospital  and  nursing home project notes issued to refund outstanding hospital and nursing home project bonds and  hospital and  nursing home project notes, nor shall it issue hospital and nursing home project bonds at any time secured by the hospital and nursing  home capital  reserve  fund  if  the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be  made in  a  succeeding calendar year on the hospital and nursing home project bonds outstanding and then to be issued and secured by the hospital  and nursing home capital reserve fund will exceed the amount of such reserve fund at the time of issuance, unless the agency, at the time of issuance of  such  bonds, shall deposit in such reserve fund from the proceeds of the bonds so to be issued, or otherwise, an amount which  together  with the  amount then in such reserve fund, will be not less than the maximum amount of principal and interest maturing and becoming due  and  sinking fund payments required to be made in any succeeding calendar year on the hospital  and  nursing  home  project bonds then to be issued and on all other hospital and  nursing  home  project  bonds  of  the  agency  then outstanding and secured by such reserve fund.  (c)  To  assure the continued operation and solvency of the agency for the carrying out of the public purposes of  this  article  provision  is made  in  paragraph  (a) of this subdivision for the accumulation in the hospital and nursing home capital reserve fund of an amount equal to the maximum amount of principal and interest maturing and becoming  due  and sinking  fund payments to be made in any succeeding calendar year on all hospital and nursing home project bonds of the agency  then  outstanding and  secured  by  such  reserve  fund.  In  order  further to assure the maintenance of such hospital and  nursing  home  capital  reserve  fund, there  shall  be annually apportioned and paid to the agency for deposit in such hospital and nursing home capital reserve fund such sum, if any, as shall be certified by the chairman of the agency to the governor  and director  of  the budget as necessary to restore such reserve fund to an amount equal to the maximum amount of principal  and  interest  maturing and  becoming  due  and sinking fund payments required to be made in any succeeding calendar year on the hospital and nursing home project  bonds of  the  agency  then  outstanding and secured by such reserve fund. The chairman of the agency shall annually, on or before December first, make and deliver to the governor and director of the budget  his  certificate stating  the sums, if any, required to restore such hospital and nursing home capital reserve fund to the  amount  aforesaid,  and  the  sums  so certified,  if  any,  shall be apportioned and paid to the agency during the then current state  fiscal  year.  The  principal  amount  of  bonds secured  by  the hospital and nursing home capital reserve fund to which state funds are  apportionable  pursuant  to  this  paragraph  shall  be limited  to  the  total  amount  of  bonds  and notes outstanding on the effective date of this act, plus the total amount  of  bonds  and  notes  contracted  after  the effective date of this act to finance projects on progress on the effective date of this act as determined by the New York state public authorities control board created pursuant to section fifty of  the  public authorities law whose affirmative determination shall be conclusive as to all matters of law and fact solely for the purposes  of the  limitations  contained in this paragraph, but in no event shall the total amount of bonds so secured by such a capital reserve fund or funds exceed nine hundred sixteen million dollars, excluding bonds  issued  to refund  such  outstanding  bonds  until  the  date of redemption of such outstanding bonds. As outstanding bonds so secured are paid, the  amount so  secured  shall  be  reduced  accordingly  but the redemption of such outstanding bonds from the proceeds of refunding bonds shall not  reduce the amount so secured.  (d)  In  computing  any hospital and nursing home capital reserve fund for the purposes of this section, securities in which all or  a  portion of  such  reserve  fund  shall be invested shall be valued at par, or if purchased at less than par, at their cost to the agency.   7. The agency shall  create  and  establish  one  or  more  additional special  funds  (herein referred to as hospital and nursing home general reserve funds) and shall, to the extent provided in the applicable  bond resolution  of  the  agency  authorizing  the  issuance  of hospital and nursing home project bonds, pay into any such fund the fees and  charges collected  by the agency pursuant to paragraph (b) of subdivision eleven of section forty-four of this article and any monies  which  the  agency shall  transfer  from the hospital and nursing home capital reserve fund pursuant to the provisions of paragraph (a) of subdivision six  of  this section.  Such  monies  and  any  other  monies paid into a hospital and nursing home general reserve fund may, in the discretion of the  agency, but  subject  to agreements with bondholders and noteholders, be used by the agency  (a)  for  the  repayment  of  advances  from  the  state  in accordance  with  the  provisions  of  repayment  agreements between the agency and the director of the budget, (b) to reimburse  the  department of  health  the  reasonable  costs  of  the  services  performed  by the commissioner  of  health  and  the  department  of  health  pursuant  to subdivision  three of section fifty-five of this article, (c) to pay all costs, expenses and charges of financing, including fees and expenses of trustees and paying agents,  (d)  for  transfers  to  the  hospital  and nursing  home capital reserve fund, (e) for the payment of principal and interest on hospital and nursing home project bonds and notes issued  by the agency when the same shall become due whether at maturity or on call for redemption and for the payment of any redemption premium required to be paid where such hospital and nursing home project bonds and notes are redeemed  prior  to their stated maturities and to purchase hospital and nursing home project bonds or notes issued by the  agency,  or  (f)  for such  other  corporate  purposes  of  the  agency  as  the agency in its discretion shall determine and provide.   8. (a) The agency may create and  establish  one  or  more  additional reserve funds to be known as health facilities reserve funds and may pay into  such  reserve funds (1) any monies appropriated and made available by the state for the purposes of such funds, (2) any proceeds of sale of health facilities notes  or  health  facilities  bonds,  to  the  extent provided  in  the  resolution  of  the  agency  authorizing the issuance thereof, and (3) any other monies which may be  made  available  to  the agency  for the purposes of such funds from any other source or sources. The monies held in or credited to any  health  facilities  reserve  fund established  under  this  subdivision,  except  as hereinafter provided, shall be used  solely  for  the  payment  of  the  principal  of  health facilities bonds of the agency secured by such reserve fund, as the same  mature,   required  payments  to  any  sinking  fund  established  in  a resolution of the agency for the amortization of term bonds (hereinafter referred to as "sinking fund payments") the purchase  or  redemption  of such  health  facilities bonds of the agency, the payment of interest on such health facilities bonds of  the  agency,  or  the  payment  of  any redemption  premium  required  to  be  paid when such bonds are redeemed prior to maturity; provided, however, that monies in any such fund shall not be withdrawn therefrom at any time in such amount  as  would  reduce the amount of such fund to less than the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be  made  in any succeeding calendar year on the health facilities bonds of the agency then outstanding and secured by such reserve fund,  except for  the purpose of paying principal, interest and sinking fund payments becoming due on the health facilities bonds of  the  agency  secured  by such reserve fund maturing and becoming due and for the payment of which other  monies  of the agency are not available. For the purposes of this subdivision eight, in computing the maximum amount of principal maturing at a single future date (herein called "term bonds") in  any  succeeding calendar  year,  the  principal  amount of any such term bonds which are subject to mandatory redemption prior to such  future  date  by  sinking fund  payments  shall not be included in the computation determining the maximum amount of principal maturing in said future year. Any income  or interest  earned by, or increment to, any such health facilities reserve fund due to the investment thereof may be transferred to any other  fund or  account of the agency to the extent it does not reduce the amount of such  health  facilities  reserve  fund  below  the  maximum  amount  of principal  and  interest  maturing  and  becoming  due  and sinking fund payments required to be made in any  succeeding  calendar  year  on  all health  facilities  bonds  of the agency then outstanding and secured by such reserve fund.  (b) The agency shall not issue health facilities bonds at any time  if the  maximum  amount of principal and interest maturing and becoming due and sinking fund payments required to be made in a  succeeding  calendar year  on  the  health facilities bonds outstanding and then to be issued and secured by any health facilities reserve fund will exceed the amount of such reserve account at the time of issuance, unless the  agency,  at the  time  of issuance of such bonds, shall deposit in such reserve fund from the proceeds of the bonds so to be issued, or otherwise, an  amount which  together  with  the  amount then in such reserve fund will be not less than the maximum amount of  principal  and  interest  maturing  and becoming  due  and  sinking  fund  payments  required  to be made in any succeeding calendar year on the  health  facilities  bonds  then  to  be issued  and  on  all  other  health  facilities bonds of the agency then outstanding and secured by such reserve fund.  (c) To assure the continued operation and solvency of the  agency  for the  carrying  out  of the public purposes of this article, provision is made in paragraph (a) of this subdivision for the accumulation  in  each health  facilities reserve fund of an amount equal to the maximum amount of principal and interest maturing and becoming  due  and  sinking  fund payments  required  to  be  made  in any succeeding calendar year on all health facilities bonds of the agency then outstanding  and  secured  by such  reserve  fund.  In order further to assure the maintenance of such health facilities reserve funds, there shall be annually apportioned and paid to the agency for deposit in each health  facilities  reserve  fund such sum, if any, as shall be certified by the chairman of the agency to the  governor  and  director  of the budget as necessary to restore such reserve fund to an amount equal to the maximum amount of  principal  and interest maturing and becoming due and sinking fund payments required to  be  made  in any succeeding calendar year on the health facilities bonds of the agency then outstanding and secured by  such  reserve  fund.  The chairman of the agency shall annually, on or before December first, make and  deliver  to the governor and director of the budget his certificate stating  the  sums,  if  any,  required  to  restore  each  such  health facilities  reserve  fund  to  the  amount  aforesaid,  and  the sums so certified, if any, shall be apportioned and paid to  the  agency  during the  then  current  state  fiscal  year.  The  principal amount of bonds secured by a health facilities reserve fund  or  funds  to  which  state funds  are  apportionable pursuant to this paragraph shall be limited to the total amount of bonds and notes outstanding on the effective date of this act, plus the total amount of bonds and notes contracted after  the effective  date  of  this  act  to  finance  projects in progress on the effective date of this act as determined by the New  York  state  public authorities  control  board  created  pursuant  to  section fifty of the public  authorities  law  whose  affirmative  determination   shall   be conclusive  as to all matters of law and fact solely for the purposes of the limitations contained in this paragraph, but in no event  shall  the total  amount of bonds so secured by such a reserve fund or funds exceed six hundred seventy-five million  dollars,  excluding  bonds  issued  to refund  such  outstanding  bonds  until  the  date of redemption of such outstanding bonds. As outstanding bonds so secured are paid, the  amount so  secured  shall  be  reduced  accordingly  but the redemption of such outstanding bonds from the proceeds of refunding bonds shall not  reduce the amounts so secured.  (d)  In  computing any health facilities reserve fund for the purposes of this section, securities in which all or a portion  of  such  reserve fund  shall  be invested shall be valued at par, or if purchased at less than par, at their cost to the agency.   9. (a) The agency may create and  establish  one  or  more  additional reserve funds to be known as urban rental debt service reserve funds and may  pay  into  such  reserve funds (1) any monies appropriated and made available by the state for the purposes of such funds, (2) any  proceeds of  sale of urban rental project notes or urban rental project bonds, to the extent provided in the resolution  of  the  agency  authorizing  the issuance  thereof,  and (3) any other monies which may be made available to the agency for the purposes of such funds from any  other  source  or sources. The monies held in or credited to any urban rental debt service reserve  fund  established  under this subdivision except as hereinafter provided, shall be used solely for the payment of the principal of urban rental project bonds of the agency secured by such reserve fund, as  the same  mature,  required  payments  to  any sinking fund established in a resolution of the agency for the amortization of term bonds (hereinafter referred to as "sinking fund payments"), the purchase or  redemption  of such  urban  rental project bonds of the agency, the payment of interest on such urban rental project bonds of the agency, or the payment of  any redemption  premium  required  to  be  paid when such bonds are redeemed prior to maturity; provided, however, that monies in any such fund shall not be withdrawn therefrom at any time in such amount  as  would  reduce the amount of such fund to less than the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be  made  in  any  succeeding  calendar year on the urban rental project bonds of the agency then outstanding and secured by such  reserve  fund, except  for  the  purpose of paying principal, interest and sinking fund payments becoming due on the urban rental project bonds  of  the  agency secured  by  such  reserve  fund  maturing  and becoming due and for the payment of which other monies of the agency are not available.  For  the purposes  of  this  subdivision nine, in computing the maximum amount of  principal maturing at a single future date (herein called "term  bonds") in  any  succeeding calendar year, the principal amount of any such term bonds which are subject to mandatory redemption  prior  to  such  future date  by  sinking fund payments shall not be included in the computation determining the maximum amount of  principal  maturing  in  said  future year.  Any income or interest earned by, or increment to, any such urban rental debt service reserve fund due to the investment  thereof  may  be transferred  to any other fund or account of the agency to the extent it does not reduce the amount of such urban  rental  debt  service  reserve fund  below  the  maximum  amount of principal and interest maturing and becoming due and sinking fund  payments  required  to  be  made  in  any succeeding calendar year on all urban rental project bonds of the agency then outstanding and secured by such reserve fund.  (b)  The agency shall not issue urban rental project bonds at any time if the maximum amount of principal and interest  maturing  and  becoming due  and  sinking  fund  payments  required to be made in any succeeding calendar year on the urban rental project bonds outstanding and then  to be  issued and secured by an urban rental debt service reserve fund will exceed the amount of such reserve  account  at  the  time  of  issuance, unless  the agency, at the time of issuance of such bonds, shall deposit in such reserve fund from the proceeds of the bonds so to be issued,  or otherwise, an amount which together with the amount then in such reserve fund, will be not less than the maximum amount of principal and interest maturing  and becoming due and sinking fund payments required to be made in any succeeding calendar year on the urban rental project  bonds  then to  be  issued and on all other urban rental project bonds of the agency then outstanding and secured by such reserve fund.  (c) To assure the continued operation and solvency of the  agency  for the  carrying  out  of  the public purposes of this article provision is made in paragraph (a) of this subdivision for the accumulation  in  each urban rental debt service reserve fund of an amount equal to the maximum amount  of  principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on all urban rental project bonds of the agency then outstanding and secured by such reserve fund. In order further to assure the  maintenance  of  such urban  rental  debt  service  reserve  funds,  there  shall  be annually apportioned and paid to the agency for deposit in each urban rental debt service reserve fund such sum, if any, as  shall  be  certified  by  the chairman  of  the  agency  to the governor and director of the budget as necessary to restore such reserve fund to an amount equal to the maximum amount of principal and interest maturing and becoming due  and  sinking fund payments required to be made in any succeeding calendar year on the urban rental project bonds of the agency then outstanding and secured by such  reserve  fund.  The  chairman  of the agency shall annually, on or before December first, make and deliver to the governor and director  of the budget his certificate stating the sums, if any, required to restore each  such  urban  rental  debt  service  reserve  fund  to  the  amount aforesaid, and the sums so certified, if any, shall be  apportioned  and paid  to  the  agency  during  the  then  current state fiscal year. The principal amount of bonds  secured  by  an  urban  rental  debt  service reserve fund or funds to which state funds are apportionable pursuant to this  paragraph  shall be limited to the total amount of bonds and notes outstanding on the effective date of this act, plus the total amount  of bonds  and  notes  contracted  after  the  effective date of this act to finance projects in progress on  the  effective  date  of  this  act  as determined  by  the  New  York  state  public  authorities control board created pursuant to section fifty of the public  authorities  law  whose affirmative  determination  shall be conclusive as to all matters of law  and fact solely for the purposes of the limitations  contained  in  this paragraph, but in no event shall the total amount of bonds so secured by such  a debt service reserve fund or funds exceed six hundred forty-five million dollars, excluding bonds issued to refund such outstanding bonds until  the  date of redemption of such outstanding bonds. As outstanding bonds so secured are paid,  the  amount  so  secured  shall  be  reduced accordingly  but  the  redemption  of  such  outstanding  bonds from the proceeds of refunding bonds shall not reduce the amount so secured.  (d) In computing any urban rental debt service reserve  fund  for  the purposes  of  this section, securities in which all or a portion of such reserve fund shall be invested shall be valued at par  if  purchased  at par, or if purchased at other than par, at amortized value.   10. (a) The agency may create and establish a special fund to be known as  youth  facilities capital reserve fund and may pay into such reserve funds (1) any monies appropriated and made available by  the  state  for the purposes of such funds, (2) any proceeds of sale of youth facilities project  notes or youth facilities project bonds, to the extent provided in the resolution of the agency authorizing the  issuance  thereof,  and (3)  any  other monies which may be made available to the agency for the purposes of such accounts from any other source or sources.  The  monies held  in  or credited to the capital reserve fund established under this subdivision except as hereinafter provided, shall be used solely for the payment of principal of youth facilities project  bonds  of  the  agency secured  by  such reserve fund, as the same mature, the purchase of such youth facilities project bonds of the agency, the payment of interest on youth facilities project bonds of the agency,  or  the  payment  of  any redemption  premium  required  to  be  paid when such bonds are redeemed prior to maturity; provided, however, that monies in any such fund shall not be withdrawn therefrom at any time in such amount  as  would  reduce the amount of such fund to less than the maximum amount of principal and interest  maturing  and  becoming due in any succeeding calendar year on the youth facilities project bonds of the agency  then  outstanding  and secured by such reserve fund, except for the purpose of paying principal and  interest on youth facilities project bonds of the agency secured by such reserve fund maturing and becoming due and for the payment of which other monies of the agency are not available.  Any  income  or  interest earned  by,  or  increment to, any such youth facilities capital reserve fund due to the investment thereof  may  be  transferred  to  the  youth facilities  general  reserve  fund  or  other fund of the agency, to the extent it does not reduce the amount of such  youth  facilities  capital reserve fund below the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on all youth facilities project bonds of the agency then outstanding and secured by such reserve fund.  (b)  The  agency  shall  not  issue youth facilities project bonds and notes in an aggregate principal amount  exceeding  one  hundred  million dollars  excluding  youth  facilities project bonds and youth facilities project notes issued to  refund  outstanding  youth  facilities  project bonds  and  youth  facilities  project  notes,  nor shall it issue youth facilities project bonds at any time secured  by  the  youth  facilities capital  reserve  fund  if  the maximum amount of principal and interest maturing and becoming due in a succeeding calendar  year  on  the  youth facilities  project  bonds outstanding and then to be issued and secured by the youth facilities capital reserve fund will exceed the  amount  of such  reserve  fund  at  the time of issuance, unless the agency, at the time of issuance of such bonds, shall deposit in such reserve fund  from the proceeds of the bonds so to be issued, or otherwise, an amount which together  with  the  amount  then in such reserve fund, will be not less  than the maximum amount of principal and interest maturing and  becoming due  in  any  succeeding  calendar  year on the youth facilities project bonds then to be issued and on all other youth facilities project  bonds of the agency then outstanding and secured by such reserve fund.  (c)  To  assure the continued operation and solvency of the agency for the carrying out of the public purposes of  this  article  provision  is made  in  paragraph  (a) of this subdivision for the accumulation in the youth facilities capital reserve fund of an amount equal to the  maximum amount  of  principal  and  interest  maturing  and  becoming due in any succeeding calendar year on all youth facilities project  bonds  of  the agency  then  outstanding  and  secured  by  such reserve fund. In order further to assure the  maintenance  of  such  youth  facilities  capital reserve fund, there shall be annually apportioned and paid to the agency for  deposit  in such youth facilities capital reserve fund such sum, if any, as shall be certified by the chairman of the agency to the governor and director of the budget as necessary to restore such reserve fund  to an amount equal to the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on the youth facilities project bonds of the agency then outstanding and secured by such reserve fund.   The chairman of the agency shall annually, on or before December first, make and deliver to the governor and director of the  budget  his certificate  stating  the  sums,  if any, required to restore such youth facilities capital reserve fund to the amount aforesaid, and the sums so certified, if any, shall be apportioned and paid to  the  agency  during the  then  current  state  fiscal  year.  The  principal amount of bonds secured by the youth facilities capital  reserve  fund  to  which  state funds  are  apportionable pursuant to this paragraph shall be limited to the total amount of bonds and notes outstanding on the effective date of this act, plus the total amount of bonds and notes contracted after  the effective  date  of  this  act  to  finance  projects in progress on the effective date of this act as determined by the New  York  state  public authorities  control  board  created  pursuant  to  section fifty of the public  authorities  law  whose  affirmative  determination   shall   be conclusive  as to all matters of law and fact solely for the purposes of the limitations contained in this paragraph, but in no event  shall  the total  amount  of bonds so secured by such a capital reserve fund exceed twenty-four million dollars,  excluding  bonds  issued  to  refund  such outstanding  bonds  until  the  date  of  redemption of such outstanding bonds. As outstanding bonds so secured are paid, the amount  so  secured shall  be  reduced  accordingly  but  the redemption of such outstanding bonds from the proceeds of refunding bonds shall not reduce  the  amount so secured.  (d)  In  computing  any  youth facilities capital reserve fund for the purpose of this section, securities in which all or a  portion  of  such reserve  fund  shall  be invested shall be valued at par if purchased at par, or if purchased at other than par, at amortized value.   11. The agency shall create  and  establish  a  special  fund  (herein referred  to as the youth facilities general reserve fund) and shall pay into such fund all fees and charges collected by the agency pursuant  to paragraph  (c)  of  subdivision  eleven  of  section  forty-four of this article and any monies which the agency shall transfer  from  the  youth facilities  capital reserve fund pursuant to the provisions of paragraph (a) of subdivision ten of this section. Such monies and any other monies paid into  the  youth  facilities  general  reserve  fund  may,  in  the discretion of the agency, but subject to agreements with bondholders and noteholders,  be  used  by  the agency (a) for the repayment of advances from the state in accordance with the provisions of repayment agreements between the agency and the director of the budget, (b) to reimburse  the  department  of  social  services  the  reasonable  costs of the services performed by the commissioner of social services and the  department  of social  services  pursuant  to subdivision four of section fifty-five of this  article,  (c) to pay all costs, expenses and charges of financing, including fees and expenses of  trustees  and  paying  agents,  (d)  for transfers  to  the  youth  facilities  capital reserve fund, (e) for the payment of principal of and interest on youth facilities  project  bonds and notes issued by the agency when the same shall become due whether at maturity or on call for redemption and for the payment of any redemption premium  required  to  be paid where such youth facilities project bonds and notes are redeemed prior to their stated maturities and to  purchase youth facilities project bonds or notes issued by the agency, or (f) for such  other  corporate  purposes  of  the  agency  as  the agency in its discretion shall determine and provide.   12. (a) The agency may create and establish a special fund to be known as community mental health  services  and  mental  retardation  services capital  reserve fund and may pay into such reserve funds (1) any monies appropriated and made available by the state for the  purposes  of  such funds,  (2) any proceeds of sale of community mental health services and mental retardation services project notes  or  community  mental  health services  and  mental  retardation services project bonds, to the extent provided in the  resolution  of  the  agency  authorizing  the  issuance thereof,  and  (3)  any  other monies which may be made available to the agency for the purposes of  such  accounts  from  any  other  source  or sources.  The  monies  held  in  or credited to the capital reserve fund established under this subdivision except as hereinafter provided, shall be used solely for the payment of principal of community  mental  health services  and  mental  retardation  services project bonds of the agency secured by such reserve fund, as the same mature, the purchase  of  such community mental health services and mental retardation services project bonds  of  the  agency, the payment of interest on such community mental health services and mental retardation services  project  bonds  of  the agency,  or  the  payment  of any redemption premium required to be paid when such bonds are redeemed prior to maturity; provided, however,  that monies  in any such fund shall not be withdrawn therefrom at any time in such amount as would reduce the amount of such fund  to  less  than  the maximum  amount  of  principal and interest maturing and becoming due in any succeeding calendar year on the community mental health services and mental retardation services project bonds of the agency then outstanding and secured by such reserve fund,  except  for  the  purpose  of  paying principal  and  interest  on community mental health services and mental retardation services project bonds of the agency secured by such reserve fund maturing and becoming due and for the payment of which other monies of the agency are not available. Any income or interest  earned  by,  or increment  to,  any  such  community  mental  health services and mental retardation services capital reserve fund due to the investment  thereof may  be  transferred  to the community mental health services and mental retardation services general reserve fund or other fund of  the  agency, to  the  extent  it  does not reduce the amount of such community mental health services and mental retardation  services  capital  reserve  fund below the maximum amount of principal and interest maturing and becoming due  in  any  succeeding  calendar  year  on all community mental health services and mental retardation services project  bonds  of  the  agency then outstanding and secured by such reserve fund.  (b)  The  agency  shall not issue community mental health services and mental retardation services project bonds  and  notes  in  an  aggregate principal   amount  exceeding  one  hundred  million  dollars  excluding community mental health services and mental retardation services project  bonds and  community  mental  health  services  and  mental  retardation services  project  notes  issued  to refund outstanding community mental health services  and  mental  retardation  services  project  bonds  and community mental health services and mental retardation services project notes,  nor  shall  it issue community mental health services and mental retardation services project bonds at any time secured by the  community mental  health  services and mental retardation services capital reserve fund if the maximum  amount  of  principal  and  interest  maturing  and becoming  due  in  a  succeeding  calendar  year on the community mental health  services  and  mental   retardation   services   project   bonds outstanding  and  then  to be issued and secured by the community mental health services and mental retardation  services  capital  reserve  fund will  exceed  the  amount  of such reserve fund at the time of issuance, unless the agency, at the time of issuance of such bonds, shall  deposit in  such reserve fund from the proceeds of the bonds so to be issued, or otherwise, an amount which together with the amount then in such reserve fund, will be not less than the maximum amount of principal and interest maturing and becoming  due  in  any  succeeding  calendar  year  on  the community mental health services and mental retardation services project bonds  then  to  be  issued  and  on  all  other community mental health services and mental retardation services project  bonds  of  the  agency then outstanding and secured by such reserve fund.  (c)  To  assure the continued operation and solvency of the agency for the carrying out of the public purposes of  this  article  provision  is made  in  paragraph  (a) of this subdivision for the accumulation in the community mental health services and mental retardation services capital reserve fund of an amount equal to the maximum amount of  principal  and interest  maturing  and  becoming due in any succeeding calendar year on all community mental health services  and  mental  retardation  services project bonds of the agency then outstanding and secured by such reserve fund.    In  order  further  to assure the maintenance of such community mental health services and mental retardation services  capital  reserve fund,  there  shall  be  annually apportioned and paid to the agency for deposit in such community mental health services and mental  retardation services capital reserve fund such sum, if any, as shall be certified by the chairman of the agency to the governor and director of the budget as necessary to restore such reserve fund to an amount equal to the maximum amount  of  principal  and  interest  maturing  and  becoming due in any succeeding calendar year on the community  mental  health  services  and mental retardation services project bonds of the agency then outstanding and  secured  by  such  reserve  fund.  The chairman of the agency shall annually, on or before December first, make and deliver to the  governor and  director  of  the  budget his certificate stating the sums, if any, required to restore such community mental  health  services  and  mental retardation  services  capital reserve fund to the amount aforesaid, and the sums so certified, if any, shall be  apportioned  and  paid  to  the agency  during  the then current state fiscal year. The principal amount of bonds secured by the community  mental  health  services  and  mental retardation  services  capital  reserve  fund  to  which state funds are apportionable pursuant to this paragraph shall be limited to  the  total amount of bonds and notes outstanding on the effective date of this act, plus  the total amount of bonds and notes contracted after the effective date of this act to finance projects in progress on the  effective  date of  this  act  as  determined  by  the New York state public authorities control  board  created  pursuant  to  section  fifty  of   the   public authorities  law  whose affirmative determination shall be conclusive as to all  matters  of  law  and  fact  solely  for  the  purposes  of  the limitations contained in this paragraph, but in no event shall the total  amount  of  bonds  so  secured  by  such a capital reserve fund or funds exceed thirteen million dollars, excluding bonds issued to  refund  such outstanding  bonds  until  the  date  of  redemption of such outstanding bonds.  As  outstanding bonds so secured are paid, the amount so secured shall be reduced accordingly but  the  redemption  of  such  outstanding bonds  from  the proceeds of refunding bonds shall not reduce the amount so secured.  (d) In computing any  community  mental  health  services  and  mental retardation  services  capital  reserve  fund  for  the purposes of this section, securities in which all or a portion of such reserve fund shall be invested shall be valued at par if purchased at par, or if  purchased at other than par, at amortized value.   13.  The  agency  shall  create  and  establish a special fund (herein referred to as community mental health services and  mental  retardation services general reserve fund) and shall pay into such fund all fees and charges collected by the agency pursuant to paragraph (c) of subdivision eleven  of  section  forty-four of this article and any monies which the agency shall transfer from the  community  mental  health  services  and mental  retardation  services  capital  reserve  fund  pursuant  to  the provisions of paragraph (a) of subdivision ten  of  this  section.  Such monies  and  any  other  monies  paid  into  the community mental health services and mental retardation services general reserve  fund  may,  in the discretion of the agency, but subject to agreements with bondholders and noteholders, be used by the agency (a) for the repayment of advances from the state in accordance with the provisions of repayment agreements between  the agency and the director of the budget, (b) to reimburse the department of mental  hygiene  the  reasonable  costs  of  the  services performed  by  the  commissioner of mental hygiene and the department of mental hygiene pursuant to subdivision four  of  section  fifty-five  of this  article, including the reasonable costs of such services performed by the health and mental hygiene facilities improvement corporation upon request by the commissioner of mental hygiene pursuant to the provisions of section 75.25 of the mental  hygiene  law,  (c)  to  pay  all  costs, expenses  and  charges  of  financing,  including  fees  and expenses of trustees and paying agents, (d) for transfers to  the  community  mental health  services  and  mental retardation services capital reserve fund, (e) for the payment of principal of and  interest  on  community  mental health  services and mental retardation services project bonds and notes issued by the agency when the same shall become due whether at  maturity or  on call for redemption and for the payment of any redemption premium required to be paid where such  community  mental  health  services  and mental  retardation  services project bonds and notes are redeemed prior to their stated maturities  and  to  purchase  community  mental  health services  and  mental retardation services project bonds or notes issued by the agency, or (f) for such other corporate purposes of the agency as the agency in its discretion shall determine and provide.   14. (a) The agency may create and establish a special fund to be known as community senior citizens services capital reserve fund and  may  pay into such reserve fund (1) any moneys appropriated and made available by the  state  for  the  purposes of such fund, (2) any proceeds of sale of community senior citizens services project  notes  or  community  senior citizens   services  project  bonds,  to  the  extent  provided  in  the resolution of the agency authorizing the issuance thereof, and  (3)  any other  moneys which may be made available to the agency for the purposes of such accounts from any other source or sources. The moneys held in or credited to the capital reserve fund established under this  subdivision except  as hereinafter provided, shall be used solely for the payment of principal of community senior citizens services  project  bonds  of  the  agency secured by such reserve fund, as the same mature, the purchase of such community senior citizens services project bonds of the agency, the payment  of  interest on such community senior citizens services project bonds  of  the agency, or the payment of any redemption premium required to be paid when such bonds are redeemed  prior  to  maturity;  provided, however,  that  moneys in any such fund shall not be withdrawn thereform at any time in such amount as would reduce the amount of  such  fund  to less  than  the  maximum  amount  of principal and interest maturing and becoming due in any succeeding calendar year  on  the  community  senior citizens  services  project  bonds  of  the  agency then outstanding and secured by such reserve fund, except for the purpose of paying principal and interest on community senior citizens services project bonds of  the agency  secured  by  such reserve fund maturing and becoming due and for the payment of which other moneys of the agency are not  available.  Any income or interest earned by, or increment to, any such community senior citizens services capital reserve fund due to the investment thereof may be transferred to the community senior citizens services general reserve fund  or  other fund of the agency, to the extent it does not reduce the amount of such community senior citizens services capital  reserve  fund below the maximum amount of principal and interest maturing and becoming due  in  any  succeeding  calendar year on all community senior citizens services project bonds of the agency then  outstanding  and  secured  by such reserve fund.  (b)  The  agency  shall  not  issue community senior citizens services project bonds and notes in an aggregate principal amount exceeding fifty million dollars excluding community  senior  citizens  services  project bonds  and  community  senior  citizens services project notes issued to refund outstanding community senior citizens services project bonds  and community  senior  citizens  services  project notes, nor shall it issue community senior citizens services project bonds at any time secured  by the community senior citizens capital reserve fund if the maximum amount of  principal  and  interest  maturing  and becoming due in a succeeding calendar year on the community senior citizens  services  project  bonds outstanding  and  then  to be issued and secured by the community senior citizens services capital reserve fund will exceed the  amount  of  such reserve  fund at the time of issuance, unless the agency, at the time of issuance of such bonds, shall deposit in  such  reserve  fund  from  the proceeds  of  the  bonds  so to be issued, or otherwise, an amount which together with the amount then in such reserve fund,  will  be  not  less than  the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on  the  community  senior  citizens services  project  bonds  then  to  be issued and on all other community senior citizens services project bonds of the  agency  then  outstanding and secured by such reserve fund.  (c)  To  assure the continued operation and solvency of the agency for the carrying out of the public purposes of  this  article  provision  is made  in  paragraph  (a) of this subdivision for the accumulation in the community senior citizens services capital reserve  fund  of  an  amount equal  to  the  maximum  amount  of  principal and interest maturing and becoming due in any succeeding calendar year  on  all  community  senior citizens  services  project  bonds  of  the  agency then outstanding and secured by such reserve fund. In order further to assure the maintenance of such community senior citizens services capital reserve  fund,  there shall be annually apportioned and paid to the agency for deposit in such community  senior  citizens  services  capital reserve fund such sum, if any, as shall be certified by the chairman of the agency to the governor and director of the budget as necessary to restore such reserve fund  to an amount equal to the maximum amount of principal and interest maturing  and becoming due in any succeeding calendar year on the community senior citizens  services  project  bonds  of  the  agency then outstanding and secured by such reserve fund. The chairman of the agency shall annually, on  or  before  December  first,  make  and  deliver to the governor and director of the  budget  his  certificate  stating  the  sums,  if  any, required  to  restore  such  community  senior citizens services capital reserve fund to the amount aforesaid, and the sums so certified, if any, shall be apportioned and paid to the  agency  during  the  then  current state  fiscal  year.  The  principal  amount  of  bonds  secured  by the community senior citizens services capital reserve fund to  which  state funds  are  apportionable pursuant to this paragraph shall be limited to the total amount of bonds and notes outstanding on the effective date of this act, plus the total amount of bonds and notes contracted after  the effective  date  of  this  act  to  finance  projects in progress on the effective date of this act as determined by the New  York  state  public authorities  control  board  created  pursuant  to  section fifty of the public  authorities  law  whose  affirmative  determination   shall   be conclusive  as to all matters of law and fact solely for the purposes of the limitations contained in this paragraph, but in no event  shall  the total amount of bonds so secured by such a capital reserve fund or funds exceed  two  million  eight  hundred  thousand  dollars, excluding bonds issued to refund such outstanding bonds until the date of redemption  of such  outstanding  bonds.  As outstanding bonds so secured are paid, the amount so secured shall be reduced accordingly  but  the  redemption  of such  outstanding  bonds  from the proceeds of refunding bonds shall not reduce the amount so secured.  (d) In  computing  any  community  senior  citizens  services  capital reserve  fund  for the purposes of this section, securities in which all or a portion of such reserve fund shall be invested shall be  valued  at par if purchased at par, or if purchased at other than par, at amortized value.   15.  The  agency  shall  create  and  establish a special fund (herein referred to as community senior citizens services general reserve  fund) and  shall  pay  into  such  fund  all fees and charges collected by the agency pursuant to subdivision eleven-a of section  forty-four  of  this article  and  any  moneys  which  the  agency  shall  transfer  from the community senior citizens services capital reserve fund pursuant to  the provisions  of  paragraph  (a)  of subdivision fourteen of this section. Such moneys and any other moneys paid into the community senior citizens services general reserve fund may, in the discretion of the agency,  but subject  to  agreements with bondholders and noteholders, be used by the agency (a) for the repayment of advances from the  state  in  accordance with  the  provisions of repayment agreements between the agency and the director of the budget,  (b)  to  reimburse  the  department  of  social services  of  the  state  of  New  York  for the reasonable costs of the services performed by such department pursuant  to  subdivision  six  of section  fifty-five  of this article, (c) to pay all costs, expenses and charges of financing, including fees and expenses of trustees and paying agents, (d) for transfers to  the  community  senior  citizens  services capital  reserve  fund, (e) for the payment of principal of and interest on community senior citizens services project bonds and notes issued  by the agency when the same shall become due whether at maturity or on call for redemption and for the payment of any redemption premium required to be  paid where such community senior citizens services project bonds and notes are redeemed prior to their  stated  maturities  and  to  purchase community  senior citizens services project bonds or notes issued by the agency, or (f) for such other corporate purposes of the agency as it, in its discretion, shall determine and provide.    16. (a) The agency may create and establish one or more special  funds to  be  known as community mental health services and mental retardation services capital reserve funds and may pay into such reserve  funds  (1) any monies appropriated and made available by the state for the purposes of  such  funds, (2) any proceeds of the sale of community mental health services and mental retardation services project revenue bonds or notes, to the extent provided in the resolution of the agency  authorizing  the issuance  thereof,  and (3) any other monies which may be made available to the agency for the purposes of such fund  or  funds  from  any  other source  or  sources. The monies held in or credited to a capital reserve fund established under this subdivision, except as hereinafter  provided and as provided in agreements with bondholders and noteholders, shall be used  solely  for  the  payment  of principal of community mental health services and mental retardation services project revenue  bonds  of  the agency  secured  by  such  reserve  fund,  as  the same mature, required payments to any sinking fund established in a resolution of  the  agency for  the amortization of term bonds (hereinafter referred to as "sinking fund payments"), the purchase of such revenue bonds of the  agency,  the payment  of interest on such revenue bonds of the agency, or the payment of any redemption premium required  to  be  paid  when  such  bonds  are redeemed  prior  to  maturity.  Any  income  or  interest  earned by, or increment to, any such  community  mental  health  services  and  mental retardation  services capital reserve fund due to the investment thereof may be transferred to the agency, subject to agreements with bondholders and noteholders.  (b) In computing any  community  mental  health  services  and  mental retardation  services  capital  reserve  fund  for  the purposes of this section, securities in which all or a portion of such reserve fund shall be invested shall be valued at par if purchased at par, or if  purchased at other than par, at the amortized value.  (c)  The  agency  shall create and establish one or more special funds (herein referred to as  community  mental  health  services  and  mental retardation  services  general  reserve  funds)  and shall to the extent provided in the applicable bond resolution of the agency authorizing the issuance of community mental services and  mental  retardation  services project  revenue  bonds,  pay  into  any  such fund the fees and charges collected by the agency pursuant to paragraph (d) of subdivision  eleven of  section  forty-four  of this article and any monies which the agency shall transfer from  a  community  mental  health  services  and  mental retardation  services capital reserve fund pursuant to the provisions of paragraph (a) of this subdivision. Such monies and any other monies paid into a community mental health services and mental  retardation  service general  reserve  fund may, in the discretion of the agency, but subject to agreements with bondholders and noteholders, be used  by  the  agency (i)  for the repayment of advances from the state in accordance with the provisions of repayment agreements between the agency and  the  director of  the  budget,  (ii) to reimburse the department of mental hygiene the reasonable costs of the services performed by the commissioner of mental hygiene and the department of mental  hygiene  pursuant  to  subdivision five  of  section  fifty-five  of this article, including the reasonable costs  of  such  services  performed  by  the   facilities   development corporation  upon request by the commissioner of mental hygiene pursuant to the provisions of section 75.25 of the mental hygiene law,  (iii)  to pay  all  costs,  expenses  and charges of financing, including fees and expenses of  trustees  and  paying  agents,  (iv)  for  transfers  to  a community mental health services and mental retardation services capital reserve  fund,  (v)  for  the  payment  of  principal of and interest on community mental health services and mental retardation services project  revenue bonds and notes issued by the agency when the same shall  become due whether at maturity or on call for redemption and for the payment of any  redemption  premium required to be paid where such community mental health  services  and  mental retardation services project revenue bonds and notes are redeemed prior to their stated maturities and to  purchase community mental health services and mental retardation services revenue bonds  or  notes  issued by the agency, or (vi) for such other corporate purposes of the agency as the agency in its discretion  shall  determine and provide.