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

* §  3036-b.  Further payments to the corporation; additional funds of   the corporation. 1. In addition to the total amount  certified  by  such   chairman  for such fiscal year, all as referred to in subdivision one of   each  of  sections  three  thousand  thirty-six   and   three   thousand   thirty-six-a  of this title, the chairman shall at the same time certify   to the state comptroller and to  the  mayor  a  schedule  setting  forth   additional cash requirements of the corporation which shall be equal to:   (i) the amounts required to be deposited in the bond payment 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 heretofore established, 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;  and  (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  subdivision two-b of section three thousand   thirty-three of this title during such fiscal year in order to  maintain   the  bond  reserve  fund  at  the  level required in accordance with the   agreements of the corporation made with the  holders  of  its  bonds  or   notes  issued  pursuant  to  subdivision two-b of section three thousand   thirty-three of  this  title.  If  any  increase  shall  occur  in  such   additional  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 such additional 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 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  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,  including  any  amount  transferred  to   the   municipal   assistance  tax  fund  from  the  stock  transfer  tax  fund pursuant to   subdivision four of section ninety-two-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 paid to the corporation from such municipal   assistance state aid fund, in addition to the amount  deducted  pursuant   to subdivision one of section three thousand thirty-six-a of this title,   shall  be  deducted from the amount otherwise payable to the city as per   capita aid pursuant to sections fifty-four and ninety-two-e of the state   finance law and shall not obligate the state to make,  nor  entitle  the    city  to  receive, any additional payments of per capita aid. Any amount   so paid to the corporation from the municipal assistance  tax  fund,  in   addition  to  the amount deducted pursuant to subdivision one of each of   section three thousand thirty-six or three thousand thirty-six-a of this   title,  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.2. The provisions  of  subdivision  four  of  section  three  thousand   thirty-six  and subdivision three of section three thousand thirty-six-a   of this title shall not apply to any bonds or notes issued  pursuant  to   subdivision  two-b of section three thousand thirty-three of this title,   including any bonds or notes  issued  to  fund  the  bond  reserve  fund   established pursuant to this section or to refund any such bond or note,   and  the principal of and interest on any such bond or note shall not be   payable from  or  secured  by  the  capital  reserve  funds  established   pursuant  to  sections  three  thousand  thirty-six  and  three thousand   thirty-six-a of this title.3. The corporation shall create a bond payment fund.* 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.