NY Pub Auth L § 3037 (2021)
2021 New York Laws PBA - Public Authorities Article 10 - New York State Municipal Assistance Corporation Act Title 3 - Municipal Assistance Corporation for the City of New York 3037 - Payments to or Purchases of Obligations of the City.

* § 3037. Payments to or purchases of obligations of the city.  In the   event  that  the mayor from time to time certifies to the corporation an   amount required by the city to enable it (a) to pay,  at  maturity,  the   principal  of and interest on any short-term obligations of the city, or   (b) to pay for any item which is permitted by law to be included in  the   city's  capital  budget for the fiscal year for which such certification   is made, including payments to reimburse the  general  fund  for  moneys   advanced and expended for any such item, or (c) to make any payment in a   fiscal year to the extent the mayor certifies such payment will have the   effect  of reducing from the then existing level the city's requirements   for an advance by the state, during such fiscal year or  the  succeeding   fiscal  year,  of state assistance moneys payable to the city, or (d) to   meet its seasonal borrowing requirements for the fiscal  year  in  which   such certification is made, or (e) to pay operating expenses of the city   other  than  those  included in subparagraph (b), (c) or (d) hereof, the   corporation may (i) pay to the city, or  (ii)  purchase  from  the  city   obligations  hereafter  issued  by  the city in an amount equivalent to,   part or all of such certified amount. Moneys paid to the  city  pursuant   to  clause  (i)  or  (ii) of this section shall be held in trust for the   payment of short-term obligations or shall be used to make  the  payment   for which such moneys have been so certified.  Any obligations issued by   the  city  and  purchased by the corporation pursuant to this section in   consideration of the payments made to the city pursuant to  subparagraph   (a)  or  (e)  hereof shall mature on a date not later than fifteen years   from the original date of issue of  such  obligations.  The  corporation   shall not make any payment to the city, or purchase any obligations from   the  city, pursuant to this section unless the city shall have agreed to   observe the conditions set forth in section three thousand  thirty-eight   of  this  chapter,  subject  to  such  modifications  as  are  permitted   thereunder. The outstanding amounts  paid  to  the  city  for  operating   expenses  which  are  described  in  subparagraph (e) hereof pursuant to   clause (i) and clause (ii) of this section shall not exceed two  billion   dollars,  provided that not more than nine hundred million dollars shall   be obligations maturing in a fiscal year succeeding the fiscal  year  in   which issued (of which not less than seven hundred fifty million dollars   shall  be  applied for welfare or public education purposes, as to which   state assistance payments have been or will be advanced to the city) and   shall be evidenced by city obligations, and any balance shall  be  short   term obligations payable in the fiscal year in which issued.The  outstanding  amounts  paid to the city for a purpose set forth in   subparagraph (b) hereof, other than to pay for expense  items  permitted   to be included in the capital budget of the city pursuant to subdivision   five  of  section  three thousand thirty-eight of this article, shall be   evidenced by city bonds. Nothing herein shall be  construed  to  prevent   the  corporation  from acquiring from the city obligations issued by the   city pursuant to the local finance law which evidence  amounts  paid  to   the city by the corporation for other purposes.Nothing  contained in this article shall be deemed to create an object   or purpose or to establish or extend a period for which a city bond  may   be  issued pursuant to the local finance law, or to create authority for   the city to issue a bond payable  from  a  tax  on  real  estate  levied   outside  the limit imposed by the state constitution on the amount to be   raised by tax on real estate for local purposes other than debt service,   or to modify, amend, repeal, or rescind any other provision of the local   finance law governing the issuance by the  city  of  its  bonds  or  the   payment of principal and interest thereon.At  all times after receipt of short-term obligations, other than bond   anticipation notes, of the city acquired pursuant to this  section,  the    corporation  shall  have the same rights and powers with respect to such   short-term obligations as the corporation shall  have  with  respect  to   short-term  obligations, other than bond anticipation notes, of the city   received   pursuant   to  subdivision  one  of  section  three  thousand   thirty-five of this article. The corporation shall have the same  rights   and powers with respect to bond anticipation notes and bonds so received   as  the  corporation  shall have with respect to bond anticipation notes   received  pursuant  to  subdivision  one  of  section   three   thousand   thirty-five;  provided  that  the corporation shall not deliver any bond   received pursuant to this section for cancellation unless the city  pays   the  principal  amount  and  accrued  interest  thereon  or pays accrued   interest and exchanges such bond for another bond of the city  in  equal   principal  amounts  in  refunding thereof, and provided further that the   corporation may not sell or transfer to any person other than  the  city   any  bond of the city acquired by it pursuant to this section unless the   mayor and the city  comptroller  have  requested  in  writing  that  the   corporation  sell  or  transfer  such  bond and, if such bond be sold or   transferred at private sale, unless the terms of  such  sale  have  been   approved by the city comptroller.For   purposes   of   this   section,  the  term  "seasonal  borrowing   requirements" means amounts which are required by the city to enable  it   to  pay  current operating expenses, provided such expenses are included   in an expense budget  of  the  city  balanced  in  accordance  with  the   provisions of section three thousand thirty-eight of this title and such   amounts   are   required   solely   because   the  city's  revenues  and   expenditures, even when in balance on an annual basis, are not  received   and disbursed at equivalent rates throughout the year.* NB The  corporation  shall  continue  for a term ending the later of   July 1, 2008 or one year after its liabilities have been fully paid  and   discharged per § 3033 sub 1.