2023 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.