NY Pub Auth L § 1820 (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 3 - Subtitle Iii Financial Assistance From Pollution Control Funds 1820 - Pollution Control Funds.

§  1820.  Pollution  control  funds. 1. The following shall constitute   pollution control funds of the authority and shall be kept separate  and   apart from all other funds of the authority: (a) the proceeds of sale of   pollution  control  bonds and notes (b) any moneys appropriated and made   available by the state for the purposes of this subtitle only,  (c)  any   moneys made available to the authority for the purposes of this subtitle   only  from  any  other source or sources, (d) any moneys received by the   authority as payments on account of loans made by the authority pursuant   to this subtitle, (e) any fees, charges or other moneys received by  the   authority  in  respect of projects assisted by the authority pursuant to   this subtitle or on account of applications therefor, and (f) any income   or interest earned by, or any increment added to, any pollution  control   funds due to the investment thereof.2. The authority shall further create and establish a separate fund to   be  known  as the "pollution control capital reserve fund" and shall pay   into such capital reserve fund (1) any moneys apportioned  and  paid  by   the  state  for the purposes of such fund pursuant to subdivision two of   section eighteen hundred twenty-eight of this title, (2) any proceeds of   sale of pollution control bonds or notes to the extent provided  in  the   resolution  of  the  authority authorizing the issuance thereof, (3) any   pollution control funds directed to be transferred by the  authority  to   such  capital  reserve  fund, and (4) any other moneys which may be made   available to the authority for the purposes of such fund from any  other   source or sources.The  moneys  credited  to  such pollution control capital reserve fund   shall be used, except as hereinafter provided, solely for the payment of   the principal of pollution control bonds of the authority, as  the  same   mature, the purchase of pollution control bonds, the payment of interest   on  pollution  control  bonds,  and  the  payment  of  principal and any   redemption premium required to be paid upon a redemption of  such  bonds   prior to maturity; provided, however, that moneys in 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 any succeeding calendar year on   all pollution control bonds of the authority  then  outstanding,  except   for the purpose of paying the principal of and interest on the pollution   control bonds of the authority maturing and becoming due for the payment   of which other moneys of the authority are not available.Moneys  in the pollution control capital reserve fund not required for   immediate use or disbursement may be invested in accordance with all the   otherwise consistent provisions of section ninety-eight-a of  the  state   finance  law.  In  computing the amount of the pollution control capital   reserve fund for the purposes of this section, securities in  which  all   or  a  portion  of  such fund are invested shall be valued at par or, if   purchased at less  than  par,  at  their  cost  to  the  authority.  The   authority shall not issue pollution control bonds at any time secured by   the  pollution  control  capital  reserve  fund if the maximum amount of   principal and interest maturing  and  becoming  due  in  any  succeeding   calendar  year  on  the pollution control bonds then to be issued and on   all other pollution control bonds of the authority then outstanding will   exceed the amount of the pollution control capital reserve fund  at  the   time  of  issuance unless the authority, at the time of issuance of such   pollution control bonds, shall deposit in such fund from the proceeds of   the pollution control bonds to be issued, or otherwise, an amount which,   together with the amount then in such fund, will be not  less  than  the   maximum  amount  of  principal and interest maturing and becoming due in   any succeeding calendar year on the pollution control bonds then  to  be    issued  and  on  all other pollution control bonds of the authority then   outstanding.Any  excess in the pollution control capital reserve fund at the close   of any fiscal year of the authority  over  the  maximum  amount  of  the   principal  and  interest  maturing  and  becoming  due in any succeeding   calendar year on all pollution  control  bonds  of  the  authority  then   outstanding  shall  be  withdrawn  by  the  authority  from said capital   reserve fund and, subject to  the  provisions  of  subdivision  four  of   section  eighteen  hundred twenty-eight of this title, used as pollution   control funds.3. Subject to the  terms  of  any  agreement  with  pollution  control   bondholders  and noteholders, pollution control funds may be used by the   authority (a) to make loans to local development corporations for  costs   of  projects specified in section eighteen hundred seventeen in any area   of the state, (b) to pay the expenses of the authority  referred  to  in   any  of  the  clauses  of  subdivision  one  of section eighteen hundred   twenty-eight of this title,  (c)  to  make  payments  to  the  pollution   control  capital  reserve fund, (d) to repay advances from the state for   use as pollution control funds in accordance with any provision  of  law   or  repayment  agreement  between  the authority and the director of the   budget, (e) to pay the principal and redemption price of or interest  on   pollution  control  bonds  or  notes,  (f) to purchase pollution control   bonds or notes,  or  (g)  in  connection  with  projects  financed  with   pollution  control funds to exercise any of the powers conferred in this   title. Investment proceeds and repayments from borrowers credited to the   pollution control fund may, to the extent that  they  are  not  required   pursuant  to  the  preceding  sentence  of this subdivision, be used for   other purposes of the authority.