NY Pub Auth L § 2472 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 19 - New York State Sports Authority 2472 - Reserve Fund.

*  § 2472. Reserve fund. 1. The authority may create and establish one   or more reserve funds to be known as debt service reserve funds and  may   pay   into   such  reserve  funds  (a)  any  payments  received  from  a   participating  municipality  (b)  any  moneys  appropriated   and   made   available  by  the state for the purposes of such funds (c) any proceeds   of sale of bonds and notes to the extent provided in the  resolution  of   the  authority  authorizing the issuance thereof (d) any moneys directed   to be transferred by the authority to such  funds,  and  (e)  any  other   moneys  which may be made available to the authority 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 and interest on bonds of the authority   secured by such reserve fund, as the same mature, required  payments  to   any  sinking  fund  established  for  the  amortization  of  such  bonds   (hereinafter referred to as "sinking fund payments"),  the  purchase  or   redemption  of  such  bonds  of  the  authority  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 when  such  bonds  are  redeemed   prior to maturity; provided, however, that moneys in any such fund shall   not  be  withdrawn  therefrom at any time in such amount as would reduce   the amount of such fund to less than the maximum amount of principal and   interest maturing and becoming due in the then current or any succeeding   calendar year on the bonds of the authority then outstanding and secured   by such reserve fund, except for the purpose  of  paying  principal  and   interest  on  the  bonds  of  the authority secured by such reserve fund   maturing and becoming due and sinking fund payments for the  payment  of   which  other  moneys  of  the authority are not available. 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 authority 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 in the then current or any succeeding   calendar year on all bonds of the authority then outstanding and secured   by  such  reserve  fund.  In  computing  the  amount of any debt service   reserve fund for the purposes of this section, securities in  which  all   or a portion of such reserve fund are invested shall be valued at par if   purchased at par or, if purchased at other than par, at amortized value.2.  The  authority  shall  not  issue bonds at any time if the maximum   amount of principal and interest maturing and becoming due in  the  then   current  or  any  succeeding  calendar year on the bonds outstanding and   then to be issued and secured by a debt service reserve fund will exceed   the amount of such reserve fund at the  time  of  issuance,  unless  the   authority,  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 the then current or any succeeding calendar   year  on  the  bonds  then  to  be  issued and on all other bonds of the   authority then outstanding and secured by such reserve fund.3. To assure the continued operation and solvency of the authority for   the carrying out of the public purposes of this act, provision  is  made   in  subdivision  one  of  this section 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 in the then current or   any succeeding  calendar  year  on  all  bonds  of  the  authority  then   outstanding and secured by such reserve fund.4.  Upon  full  amortization  of  any outstanding bonds issued for the   acquisition, construction or rehabilitation of  sports  facilities,  the    authority  is  empowered  to  provide  for  the transfer or sale of such   facilities to the participating municipality.* NB (Disbanded March, 1980)