NY Rac, Pari-Mut Wag & Breeding L § 612 (2021)
2021 New York Laws PML - Racing, Pari-Mutuel Wagering and Breeding Law Article 6 - New York City Off-Track Betting Corporation 612 - Reserve Fund.

§  612.  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 the state 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 bonds  are  redeemed  prior  to  maturity; provided, however, that   moneys in such capital reserve fund shall not be withdrawn therefrom  at   any  time in such amount as would reduce the amount of such fund to less   than the maximum amount of principal and interest maturing and 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.