NY Pub Auth L § 3056 (2021)
2021 New York Laws PBA - Public Authorities Article 10 - New York State Municipal Assistance Corporation Act Title 4 - Municipal Assistance Corporation for the City of Troy 3056 - Payments to the Corporation; Funds of the Corporation.

§ 3056. Payments to the corporation; funds of the corporation.  1. Not   less  than  one  hundred twenty days before the beginning of each fiscal   year of the corporation (but not  later  than  October  first,  nineteen   hundred  ninety-five  for  the fiscal year ending December thirty-first,   nineteen hundred ninety-five), the chairman of the board of directors of   the corporation shall certify  to  the  state  comptroller  and  to  the   governor   a  schedule  setting  forth  the  cash  requirements  of  the   corporation for such fiscal year and the time or times when such cash is   required. The total amount so certified by such chairman for such fiscal   year shall be equal to: (i) the amounts required to be deposited in  the   debt  service  fund  of  the  corporation  to  pay  all interest and all   payments of principal and redemption premium, if any, on bonds and notes   payable from the sources hereinafter  identified  in  this  section  and   maturing  or  otherwise  coming  due  during  such fiscal year; (ii) the   amounts  required  to  be  deposited  in  the  operating  fund  of   the   corporation,  as  determined  by  the corporation, to meet the operating   requirements and other expenses of the corporation  during  such  fiscal   year  to  the  extent  not  otherwise  provided  for;  (iii) the amounts   required  to  be  deposited  in  the  bond  reserve  fund  created   and   established  pursuant to the agreements of the corporation made with the   holders of its bonds or notes issued pursuant to section three  thousand   fifty-three  of  this title during such fiscal year in order to maintain   the bond reserve fund level required in accordance with  the  agreements   of  the  corporation  made with the holders of its bonds or notes issued   pursuant to section three thousand fifty-three of this title;  (iv)  the   amount,  if  any,  due  to  any  provider  of any bond or note facility,   representing  payments  made  by  it  as  provided  in  the   applicable   resolution   or   trust  indenture,  including  any  related  reasonable   interest, fees or charges so provided; (v) the amount, if any,  required   to  be rebated to the United States to provide for continued federal tax   exemption for bonds and notes of the corporation; and (vi)  the  amount,   if  any,  required  to  be  paid  to  the  commissioner of environmental   conservation to secure obligations of the city related  to  post-closure   care  and  potential  corrective  measures  of the city's landfill. Such   certification shall also set forth the amount which would  be  necessary   to  be  appropriated  and available for deposit into the special account   established  for  the  corporation  under  subdivision  one  of  section   ninety-two-e  of  the  state  finance  law  in the next succeeding state   fiscal year to provide a minimum coverage ratio of one and  one-half  to   one  on  the  debt service payable by the corporation in such succeeding   fiscal year; provided, however, that for the purposes of  the  foregoing   calculation  the  term  "debt  service payable" shall include redemption   premiums and the reasonably estimated amount of debt  service  on  bonds   and  notes  the  corporation  expects  to  issue  after  the date of the   certification and prior to the close of such succeeding fiscal year, and   shall also include the interest on but not the principal  of  any  notes   issued  or  expected  to  be  issued  by  the  corporation  pursuant  to   subdivision two-a of section three thousand fifty-three of  this  title.   In  determining the amount certified as necessary to provide the minimum   coverage ratio described in the preceding sentence, the  chairman  shall   make  estimates covering the period corresponding to the next succeeding   state fiscal year of (a) the moneys available  from  other  sources  and   pledged to the payment of debt service in accordance with any agreements   between  the  corporation and the holders of its bonds or notes, (b) the   amount of investment earnings on funds held by the corporation that  the   corporation  will  apply  to  the  payment  of debt service, and (c) the   funding needed to meet the operating requirements and other expenses  of   the  corporation.  If any increase shall occur in such cash requirements    specified above, or if payments are required at a time or times  earlier   than  previously certified or if the city shall, for any reason, fail to   make timely payment of the principal and accrued  interest  due  on  any   obligation issued by the city to the corporation and maturing within the   same  fiscal  year,  or if the city shall fail to make timely payment of   any amount due and owing from the city  to  the  corporation  under  any   contract  or  agreement  between  the  city  and  the  corporation, such   chairman shall certify  a  revised  schedule  of  such  additional  cash   requirements  for  such  fiscal year to the state comptroller and to the   governor. Such chairman shall, as changed conditions  or  estimates  may   warrant,  certify  to  the state comptroller and to the governor as to a   revised amount which would be necessary to be appropriated and available   for deposit into the corporation's special account under subdivision one   of section ninety-two-e of the state finance law in  order  to  maintain   the  minimum  coverage  ratio described above provided, however, that no   such revised certification shall be  made  after  the  adoption  by  the   legislature  of  a  budget  for  the  state  fiscal  year  to  which the   certification pertains. The schedule accompanying each certification, or   revision  thereof,  shall  provide  for  such  payment  dates   as   the   corporation  deems  appropriate  to assure that sufficient funds will be   available from the sources identified below to enable  it  to  meet  its   current obligations under this section as they come due. Upon receipt of   such certification, or any revision thereof, the state comptroller shall   pay  such amount to the corporation for deposit in the appropriate funds   referred to in this section, in accordance with such  certification  and   subject to agreements with holders of outstanding bonds and notes of the   corporation, from the special account established for the corporation in   the  municipal  assistance state aid fund in accordance with subdivision   one of section ninety-two-e of the state finance law  subject,  however,   to  the  provisions  of  paragraph  (b)  of  subdivision  five-a of such   section, and from the special account established for the corporation in   the municipal assistance tax fund in accordance with subdivision one  of   section ninety-two-d of the state finance law. Any such payment shall be   made  within  thirty days of receipt of the certification or at the time   specified in the certification, whichever is later;  provided  that  any   such  amounts  shall  have been first appropriated by the state for such   purpose or shall have been otherwise made available. Any amount paid  to   the  corporation  from such municipal assistance state aid fund shall be   deducted from the amount otherwise  payable  to  the  city  pursuant  to   sections  fifty-four  and  ninety-two-e  of  the  state finance law and,   except as to amounts paid to the corporation pursuant to  paragraph  (b)   of  subdivision five-a of section ninety-two-e of the state finance law,   shall not obligate the state to make, nor entitle the city  to  receive,   any  additional payments. Any amount so paid to the corporation from the   municipal  assistance  tax  fund  shall  be  deducted  from  the  amount   otherwise payable to the city from the municipal assistance tax fund and   shall  not  obligate the state to make, nor entitle the city to receive,   any additional payments from such municipal  assistance  tax  fund.  The   city  shall  pay  to  the corporation such additional payments as may be   necessary to fund items (i), (ii), (iii), (iv), (v)  and  (vi)  of  this   subdivision.2.  Nothing  contained  in  this title shall be deemed to restrict the   right of the state to amend, repeal, modify or otherwise alter  sections   fifty-four  and  ninety-two-e of the state finance law or section twenty   of a chapter of the laws of nineteen hundred ninety-six entitled "AN ACT   to amend chapter 721 of the laws of 1994 authorizing the city of Troy to   issue serial  bonds  for  the  purpose  of  liquidating  cumulative  and   projected   deficits   in   the  city's  general  fund,  establishing  a    supervisory board, and establishing a debt service fund, in relation  to   granting  a  lien  to the county of Rensselaer relating to certain taxes   collected on behalf of such county by the city of  Troy"  which  chapter   added  a new paragraph (b) to subdivision five-a of section ninety-two-e   of the state finance law. The corporation shall not include  within  any   resolution,  contract  or  agreement  with holders of the bonds or notes   issued under this title any provision  which  provides  that  a  default   occurs  as  a result of the state exercising its right to amend, repeal,   modify or otherwise alter sections fifty-four and  ninety-two-e  of  the   state  finance law or the above described section twenty of such chapter   of the laws of nineteen hundred ninety-six.3. The corporation shall create a bond reserve fund,  a  debt  service   fund  and an operating fund and may create and establish such other fund   or funds as may be necessary or desirable for its corporate purposes.4. The fiscal year of the corporation shall be the same as the  fiscal   year of the city.