NY Priv Hous Fin L § 212 (2021)
2021 New York Laws PVH - Private Housing Finance Article 6 - Urban Redevelopment Corporations 212 - Limited Return on Income Debentures and Stock.

§   212.  Limited  return  on  income  debentures  and  stock.  1.  No   redevelopment  corporation  shall  pay  any  interest  on   its   income   debentures  or  dividends  on its stock during any dividend year, unless   there shall exist at the time of any such payment no default  under  any   amortization requirements with respect to its indebtedness.2.  No  redevelopment  corporation shall pay or declare as interest on   its income debentures and as dividends on its stock during any  dividend   year  during  any portion of which there shall exist pursuant to section   two hundred eleven of this article any exemption from local taxation  on   any  of its real property, an amount which in the aggregate is in excess   of the maximum dividend, except as provided in paragraphs three and four   of this section two hundred twelve.3. In the event that in any dividend year the maximum exemption period   with respect to  some  of  the  parcels  of  real  property  held  by  a   redevelopment  corporation  shall have expired, and with respect to some   such parcels shall not have  expired,  then  that  portion  of  its  net   earnings  which  may  be  paid  or  declared  as  interest on its income   debentures and as dividends on its stock during such dividend year shall   be determined as follows: multiply the net earnings of  the  corporation   subject  to  payment  or declaration as such interest or dividends, by a   fraction the numerator of which is the total  of  the  maximum  assessed   valuation  of  all  real property for which the maximum exemption period   has not expired and the denominator of which is the total of the maximum   assessed valuation of all the real property of the corporation; and  the   result  will be the apportioned net earnings restricted as to payment as   such interest or dividends; compute the amount of the  maximum  dividend   as  though no apportionment of the same were to be affected and multiply   the amount so arrived at by the same fraction; and the  result  will  be   the  apportioned maximum dividend; only that portion of such apportioned   net earnings which does not exceed such apportioned maximum dividend may   be paid or declared as such interest or dividends; and that  portion  of   the  net  earnings  obtained by subtracting from total net earnings such   apportioned net earnings restricted as to payment as such  interest  and   dividends  may  be paid or declared without restriction as such interest   or dividends.4. In the event that in any one or more prior dividend years the total   amount  paid  or  declared  as  interest  on  the  corporation's  income   debentures  or  as  dividends on its stock shall have been less than the   amounts allowable pursuant to paragraphs two and three of  this  section   two  hundred twelve, then cumulative interest and dividends equal to the   difference may be paid out of any net income applicable thereto  in  any   subsequent dividend year despite the limitation imposed by paragraph two   of this section two hundred twelve.