NY Pub Auth L § 3036 (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 3036 - Payments to the Corporation; Funds of the Corporation.

* §  3036.  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 July 1, 1975 for the   fiscal year ending  June  30,  1976),  the  chairman  of  the  board  of   directors  of the corporation shall certify to the state comptroller and   to the mayor 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  which are required to be   deposited in the capital reserve  fund  authorized  to  be  created  and   established  pursuant  to  subdivision three of this section during such   fiscal year in order to  maintain  such  capital  reserve  fund  of  the   corporation at the level required in accordance with subdivision five of   this  section;  (ii)  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 notes and bonds secured by   such debt service fund maturing or  otherwise  coming  due  during  such   fiscal  year;  and  (iii)  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.  If  any  increase  shall  occur  in  the  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,  such  chairman shall certify a revised   schedule of  cash  requirements  for  such  fiscal  year  to  the  state   comptroller   and   to   the   mayor.  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  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, in   accordance with such certification 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,   including  any  amount  transferred to the municipal assistance tax fund   from the stock transfer tax fund pursuant to subdivision four of section   92-b 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  so  paid  to  the   corporation  shall  be deducted from the amount otherwise payable to the   city from the municipal  assistance  tax  fund  established  by  section   ninety-two-d  of  the state finance law and shall not obligate the state   to make, nor entitle the city to receive, any additional payments.2. Notwithstanding subdivision one  of  this  section,  prior  to  any   transfers  from  the stock transfer tax fund to the municipal assistance   tax  fund,  moneys,  if  any,  payable  to  any  other  public   benefit   corporation  from  such  fund  pursuant to the provision of any law, the   effective date of which is prior to the effective date  of  this  title,   shall be paid in full to such other corporation.3.  The  corporation shall create and establish a special fund (herein   referred to as capital reserve fund), and shall pay  into  such  capital   reserve fund (i) any moneys appropriated and made available by the state   for  the  purposes  of  such fund, (ii) any proceeds of sale of notes or    bonds, to the extent provided  in  the  resolution  of  the  corporation   authorizing  the  issuance thereof, and (iii) any other moneys which may   be made available to the corporation for the purpose of such  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 secured by such capital reserve fund   of the corporation, as the same mature  or  otherwise  become  due,  the   purchase  of  such  bonds of the corporation, the payment of interest of   such bonds of the corporation or the payment of any  redemption  premium   required  to  be paid when such bonds are redeemed prior to maturity. If   the amount contained in the capital  reserve  fund  exceeds  the  amount   required to be contained in such fund pursuant to this subdivision three   of  this section plus any additional amounts required to be contained in   such fund pursuant to the terms of issuance of any bonds or notes,  such   excess  moneys  may  be  withdrawn  from the capital reserve fund by the   corporation; provided, however, that moneys in such fund  shall  not  be   withdrawn  therefrom  at  any  time  in such amounts as would reduce the   amount of such fund to less than the amount of  principal  and  interest   maturing  or  otherwise  becoming due in the succeeding calendar year on   all bonds of the corporation secured by such capital reserve  fund  then   outstanding,  except for the purpose of paying principal of and interest   on such bonds of the corporation maturing or otherwise due  or  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 by   the corporation to any other fund of the corporation to  the  extent  it   does  not reduce the amount of the capital reserve fund below the amount   of principal and interest maturing or otherwise due or becoming  due  in   the  succeeding calendar year on all bonds of the corporation secured by   such capital reserve fund then outstanding.4. In order further to assure the maintenance of the  capital  reserve   fund,  there  shall be annually appropriated and paid to the corporation   for deposit in the capital reserve fund such sum, if any,  as  shall  be   certified  by the chairman to the governor and director of the budget as   necessary to restore the capital reserve fund to an amount equal to  the   capital reserve fund requirement. The chairman of the board of directors   of  the  corporation  shall, annually, on or before December first, make   and deliver to the governor and director of the budget  his  certificate   stating the sum, if any, required to restore the capital reserve fund to   the amount aforesaid; and the sum or sums so certified, if any, shall be   appropriated  and  paid to the corporation during the then current state   fiscal year.5. The corporation shall not issue bonds at any time if the amount  of   principal  and interest maturing or otherwise due or becoming due in the   succeeding calendar year on such bonds then to  be  issued  and  on  all   other bonds of the corporation secured by such capital reserve fund then   outstanding   will  exceed  the  amount  of  the  capital  reserve  fund   requirement with respect to such capital reserve fund  at  the  time  of   issuance,  unless  the  corporation, at the time of such issuance, 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 be not less than the amount of principal and interest   maturing  or  otherwise  due  or becoming due in the succeeding calendar   year on such bonds then to be issued and  on  all  other  bonds  of  the   corporation  secured by such capital reserve fund then outstanding (such   amount is herein sometimes referred  to  as  the  capital  reserve  fund   requirement).   Notwithstanding   the   foregoing   provisions  of  this   subdivision for each of the calendar years set forth below  the  capital    reserve fund requirement, as of any date of calculation, shall equal the   percentage  set  forth  opposite  such  calendar  year  of the amount of   principal and interest maturing or otherwise due or becoming due  during   such  calendar  year  on  all  bonds  of the corporation secured by such   capital reserve fund outstanding on such date:Calendar Year        Percentage    _____________        __________1975                 0%1976                 0%1977                25%1978                50%1979                75%1980               100%6. In computing the  amount  of  the  capital  reserve  fund  for  the   purposes  of  this  section securities in which all or a portion of such   fund shall be invested shall be valued at par or if purchased  at  other   than par, at amortized value.7.  The  corporation shall create 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.8.  The fiscal year of the corporation shall be the same as the fiscal   year of the city.* 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.