2023 New York Laws › PBA - Public Authorities › Article 8 - Miscellaneous Authorities › Title 8 - New York Job Development Authority Subtitle I General Provisions › Sub Title 2 - Subtitle Ii Financial Assistance From Special Purpose Funds › 1815 - Special Purpose Funds.

§  1815.  Special  purpose  funds.  1.  The following shall constitute
special purpose funds of the authority and shall, except as provided  in
paragraph  (g)  of subdivision two of this section, be kept separate and
apart from all other funds of the authority: (a) the proceeds of sale of
special purpose bonds and notes, (b) any moneys 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, including, without limitation, any federal
agency, (d) any moneys received by the authority as payments on  account
of  loans  and  loan  guarantees  made by the authority pursuant to this
subtitle and any moneys  now  on  hand  or  hereafter  received  by  the
authority  as  payments  on account of mortgage loans heretofore made by
the authority pursuant to subtitle three, (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, (f) any income or interest earned by,  or  increment  to,  any
special  purpose  funds  due  to  the  investment  thereof,  and (g) the
proceeds of the sale  of  general  purpose  bonds  or  notes  heretofore
issued;  provided, however, amounts received by the authority in respect
of loan guarantees, issued or to be issued, shall be kept  separate  and
apart  from  all  other funds of the authority in a special purpose loan
guarantee insurance fund  as  provided  in  subdivision  three  of  this
section.
2.  Subject  to  the  terms  of  any  agreement  with  special purpose
bondholders and noteholders, special purpose funds may be  used  by  the
authority   only  (a)  to  make  mortgage  loans  to  local  development
corporations for costs of projects and loans for machinery and equipment
as provided in section  eighteen  hundred  fourteen  hereof  to  improve
employment  opportunities  in  any  area  of  the  state, (b) to pay the
expenses of the authority referred to in clause (i) of  subdivision  one
of  section  eighteen  hundred  twenty-eight of this title, (c) to repay
advances from the state for use as special purpose funds  in  accordance
with  any  provision of law or repayment agreement between the authority
and the director of the budget, (d) to pay the principal and  redemption
price  of or interest on special purpose bonds or notes, (e) to purchase
special purpose bonds or notes, (f) to pay the principal and  redemption
price  of  or  interest on any general purpose bonds or notes heretofore
issued, (g) to make deposits  in  the  special  purpose  loan  guarantee
insurance  fund  created  by  paragraph  a  of subdivision three of this
section, or (h)  in  connection  with  projects  financed  with  special
purpose funds to exercise any of the powers conferred in this title.
3. Special purpose loan guarantee insurance fund.
a.  There is hereby created a special purpose loan guarantee insurance
fund for special purpose funds in respect of loan guarantees which shall
be kept separate and apart from all other funds of the authority.
b. The authority is hereby  directed  and  authorized  to  charge  the
following  expenses against the special purpose loan guarantee insurance
fund:
(i) any expenses which are clearly attributable, in the opinion of the
authority, to the exercise of any of the authority's powers  in  respect
of loan guarantees issued or reasonably expected to be issued;
(ii)  any  payments  and  all  expenses  attendant  thereto  which are
required to be paid by the authority because of a default in the payment
or in the other terms of a loan guaranteed by the authority;
(iii) all expenses and payments for the protection of the  authority's
interests in connection with defaulted or delinquent loans guaranteed by
the authority, or in property possessed in consequences thereof;
(iv)  all  amounts  required in the opinion of the authority to be set
aside to provide a reasonable reserve for losses expected to be incurred
by the authority as a result of defaults or  expected  defaults  in  the
terms and payment of loans guaranteed by the authority;
(v)  all  amounts required to repay advances from the state for use as
special purpose funds in respect of loan guarantees in  accordance  with
any  provision  of  law or repayment agreement between the authority and
the director of the budget;
(vi) all amounts required to pay the principal and redemption price of
or interest on special purpose bonds and notes specially issued for  the
purpose  of  providing  funds  to  the  special  purpose  loan guarantee
insurance fund; and
(vii) all amounts required to purchase special purpose bonds or  notes
issued  for  the  purpose of providing funds to the special purpose loan
guarantee insurance fund.
c. The following shall constitute special purpose funds in respect  of
a loan guarantee:
(i) the proceeds of the issuance and sale of special purpose bonds and
notes  issued  for the purpose of providing funds to the special purpose
loan guarantee insurance fund;
(ii) any moneys made available  by  the  state  for  the  purposes  of
providing funds to the special purpose loan guarantee insurance fund and
any  other  moneys  made available for the purpose of providing funds to
the special purpose loan guarantee insurance fund from any other  source
or sources, including, without limitation, any federal agency;
(iii)  any  moneys  received  in  respect of loan guarantees including
amounts received as loan guarantee insurance premiums or fees, or assets
or property of any kind or nature received by the authority as a  result
of  a  default  or  delinquency  with respect to loans guaranteed by the
authority including the proceeds  from  the  sale,  disposal,  lease  or
rental  of  real or personal property which the authority may receive in
respect of a loan guarantee;
(iv) any moneys  deposited  in  the  special  purpose  loan  guarantee
insurance  fund  pursuant  to  paragraph  (g) of subdivision two of this
section.