NY Pub Auth L § 1828 (2021)
2021 New York Laws PBA - Public Authorities Article 8 - Miscellaneous Authorities Title 8 - New York Job Development Authority Subtitle I General Provisions Sub Title 5 - Subtitle v Miscellaneous Provisions 1828 - Expenses and Reserve Funds.

§  1828. Expenses and reserve funds. 1. There shall be included in the   financial information to be submitted annually by the authority pursuant   to the provisions of section eighteen hundred twenty-nine of the  public   authorities  law,  and in the annual report referred to in said section,   items separately showing the respective totals during the last completed   fiscal year of the authority, of  (i)  all  expenses  of  the  authority   clearly  attributable to its operations under subtitle II of this title,   (ii)  all  expenses  of  the  authority  clearly  attributable  to   its   operations  under  subtitle III of this title, and (iii) expenses of the   authority not clearly attributable to a category set  forth  in  clauses   (i) and (ii) of this subdivision.2. To assure the continued operation and solvency of the authority for   the  fulfillment of its corporate purposes with pollution control funds,   provision is made in subdivision two of section eighteen hundred  twenty   of  this  title  for  the  accumulation in the pollution control capital   reserve fund of an amount equal to the maximum amount of  principal  and   interest  maturing  and  becoming due in any succeeding calendar year on   all pollution control bonds of the authority then outstanding. In  order   further  to  secure  such  maintenance  of the pollution control capital   reserve fund, there shall  be  annually  apportioned  and  paid  to  the   authority for deposit in the pollution control capital reserve fund such   sum,  if  any, as shall be certified by the chairman of the authority to   the governor and director of the budget  as  necessary  to  restore  the   pollution control capital reserve fund to an amount equal to the maximum   amount  of  principal  and  interest  maturing  and  becoming due in any   succeeding calendar year on the pollution control bonds of the authority   then outstanding. The chairman of the authority shall  annually,  on  or   before  December first, make and deliver to the governor and director of   the budget his certificate stating  the  amount,  if  any,  required  to   restore  the  pollution  control  capital  reserve  fund  to  the amount   aforesaid and the amount so stated in said certificate, if any, shall be   apportioned and paid to the authority  during  the  then  current  state   fiscal  year.  No amount or amounts shall be apportioned and paid to the   authority pursuant to this  subdivision  two  until  the  authority  has   entered  into  a  written  agreement  with  the  director  of the budget   providing for the repayment thereof to the  state.  Any  such  agreement   shall provide, in lieu of any other provisions required by law regarding   such  repayment,  that  the  authority will repay the state in full from   pollution control funds the amount or amounts so apportioned and paid on   the date one year after all pollution control bonds  and  notes  of  the   authority  outstanding  at  the  date  of  such  agreement or thereafter   issued, together with the interest thereon, with interest on any  unpaid   installments  of interest, and all costs and expenses in connection with   any action or proceeding by or on behalf of  the  holders  thereof,  are   fully  met  and discharged. The principal amount of bonds secured by the   pollution  control  capital  reserve  fund  to  which  state  funds  are   apportionable pursuant to this subdivision shall be limited to the total   amount of bonds and notes outstanding on the effective date of this act,   plus  the total amount of bonds and notes contracted after the effective   date of this act to finance projects in progress on the  effective  date   of  this  act,  as  determined  by the New York state public authorities   control board created pursuant to section fifty of  this  chapter  whose   affirmative  determination  shall be conclusive as to all matters of law   and fact solely for the purposes of the limitations  contained  in  this   subdivision,  but in no event shall the total amount of bonds so secured   by such a capital reserve fund or funds  exceed  five  million  dollars,   excluding  bonds  issued to refund such outstanding bonds until the date   of redemption of such outstanding bonds. As outstanding bonds so secured    are paid, the amount so secured shall be  reduced  accordingly  but  the   redemption  of  such  outstanding  bonds  from the proceeds of refunding   bonds shall not reduce the amount so secured.3.  The  authority  may  make  and  enter  into all such covenants and   agreements with respect to accounting for or paying  its  expenses  with   holders  of  any  of its bonds and notes, or of any issue thereof, as it   may determine to be necessary and desirable.4. To assure the continued operation and solvency of the authority for   the fulfillment of its corporate purposes, there shall be annually  paid   to  the  authority  such  sum  as  shall  have been appropriated for the   expenses of the authority. The chairman of the authority shall make  and   deliver to the governor and director of the budget on or before December   first,  nineteen  hundred  sixty-six  and on or before December first in   each year thereafter, a certificate stating the amount estimated  to  be   required  for  payment of or provision for expenses of the authority for   the next ensuing state fiscal year. The amount so stated  for  any  such   ensuing  state  fiscal  year  shall  be  the sum of the amounts, if any,   estimated for such fiscal year,  by  which  pollution  control  expenses   exceed  pollution  control  available revenues, by which special purpose   expenses in respect of loans and the special purpose expenses in respect   of loan guarantees exceed special purpose available revenues. The entire   amount appropriated for each such fiscal year for the  expenses  of  the   authority shall be paid to the authority not later than the tenth day of   each  such  fiscal  year.  As  used  in  this  subdivision, (i) the term   "expenses" for the fiscal year means ordinary expenditures for operation   and administration of the authority,  including  interest  paid  by  the   authority  on its bonds and notes, and, in addition, such amounts as the   authority may determine to be reasonable  and  necessary  as  a  reserve   against  defaults  on its loans and as a reserve against defaults in the   payment or terms of loans guaranteed by the  authority,  but  shall  not   include  amounts  required  to be paid to the state under or pursuant to   any written agreement entered into pursuant to subdivision two  of  this   section;  and  (ii)  the  term  "available revenues" for the fiscal year   means all amounts received on account of loans (exclusive  of  principal   repayments),  and  loan guarantees and applications therefor, and income   or interest earned or added to funds of the authority due to  investment   thereof,  and not required under the terms or provisions of any covenant   or agreement with holders of any bonds or notes of the authority  to  be   applied to any purposes other than payment of expenses of the authority.5.  The  members of the authority shall formulate a plan and policy to   provide an  expedited  financial  assistance  process  for  fixed  asset   financing  and  other  financing  assistance  programs  provided  by the   authority for new  businesses  and  expansions  of  existing  businesses   within  areas  designated as empire zones pursuant to article eighteen-B   of the general municipal law.