NY Rac, Pari-Mut Wag & Breeding L § 509 (2021)
2021 New York Laws PML - Racing, Pari-Mutuel Wagering and Breeding Law Article 5 - Regional Off-Track Betting Corporations 509 - Reserve Fund.

§  509.  Reserve fund. 1. The corporation shall create and establish a   special fund (herein referred to as the capital reserve fund), and shall   pay into such capital reserve fund:a.  Any  moneys  appropriated  and  made  available  by  participating   counties for the purpose of such capital reserve fund;b.  Any  proceeds  of sale of bonds or notes to the extent provided in   the  resolution  or  resolutions  of  the  corporation  authorizing  the   issuance thereof; andc.  Any other moneys that may be made available to the corporation for   the purpose of such capital  reserve  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 corporation, the payment of interest on such   bonds, 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bonds are redeemed  prior  to  maturity;  provided,  however,  that   moneys  in such capital reserve fund shall not be withdrawn therefrom at   any time in such amount as would reduce the amount of such fund to  less   than  the maximum amount of principal and interest maturing and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 fiscal year of the corporation on all bonds of the   corporation then outstanding, except for the purpose of paying principal   of and interest on such bonds of the corporation maturing  and  becoming   due and for the payment of which other moneys of the corporation are not   available.  Any  income  or  interest  earned  by,  or increment to, the   capital reserve fund due to the investment thereof may be transferred to   other funds or accounts 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 in any such succeeding fiscal year on   all bonds of the corporation then outstanding.2. The corporation shall not issue bonds at any time  if  the  maximum   amount  of  principal  and  interest  maturing  and  becoming  due  in a   succeeding fiscal year of the corporation  on  such  bonds  then  to  be   issued  and  on all other bonds of the corporation then outstanding will   exceed the amount of the capital reserve fund at the time of issuance of   such bonds, unless the corporation, at the  time  of  issuance  of  such   bonds,  shall  deposit  in the capital reserve 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 not be less than the maximum amount   of principal  and  interest  maturing  and  becoming  due  in  any  such   succeeding  fiscal year on such bonds then to be issued and on all other   bonds of the corporation then outstanding.3. For the purposes of computing the amount  of  the  capital  reserve   fund, any securities in which any portion of such fund is invested shall   be  valued  at  the  par  value  thereof  or  at the cost thereof to the   corporation if such cost was less than said par value.