2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 3 - Municipal Assistance Corporation for the City of New York › 3036-B - Further Payments to the Corporation; Additional Funds of the Corporation.

* §  3036-b.  Further payments to the corporation; additional funds of
  the corporation. 1. In addition to the total amount  certified  by  such
  chairman  for such fiscal year, all as referred to in subdivision one of
  each  of  sections  three  thousand  thirty-six   and   three   thousand
  thirty-six-a  of this title, the chairman shall at the same time certify
  to the state comptroller and to  the  mayor  a  schedule  setting  forth
  additional cash requirements of the corporation which shall be equal to:
  (i) the amounts required to be deposited in the bond payment fund of the
  corporation  to  pay  all  interest  and  all  payments of principal and
  redemption premium, if any, on bonds and notes payable from the  sources
  hereinafter  identified in this section and maturing or otherwise coming
  due during such fiscal year; (ii) the amounts required to  be  deposited
  in  the  operating  fund  of  the corporation heretofore established, as
  determined by the corporation, to meet the  operating  requirements  and
  other  expenses of the corporation during such fiscal year to the extent
  not otherwise provided  for;  and  (iii)  the  amounts  required  to  be
  deposited  in  the bond reserve fund created and established pursuant to
  the agreements of the corporation made with the holders of its bonds  or
  notes  issued  pursuant  to  subdivision two-b of section three thousand
  thirty-three of this title during such fiscal year in order to  maintain
  the  bond  reserve  fund  at  the  level required in accordance with the
  agreements of the corporation made with the  holders  of  its  bonds  or
  notes  issued  pursuant  to  subdivision two-b of section three thousand
  thirty-three of  this  title.  If  any  increase  shall  occur  in  such
  additional  cash  requirements  specified  above,  or  if  payments  are
  required at a time or times earlier than previously certified or if  the
  city shall, for any reason, fail to make timely payment of the principal
  and  accrued  interest  due  on any obligation issued by the city to the
  corporation and maturing within the  same  fiscal  year,  such  chairman
  shall  certify  a  revised schedule of such additional cash requirements
  for such fiscal year to the state comptroller  and  to  the  mayor.  The
  schedule  accompanying  each  certification,  or revision thereof, shall
  provide for such payment dates as the corporation deems  appropriate  to
  assure  that  sufficient  funds  will  be  available  from  the  sources
  identified below to enable it to meet its current obligations under this
  section as they come due. Upon receipt of  such  certification,  or  any
  revision  thereof,  the  state  comptroller shall pay such amount to the
  corporation for deposit in the appropriate funds  referred  to  in  this
  section, in accordance with such certification and subject to agreements
  with holders of outstanding bonds and notes of the corporation, from the
  special  account  established  for  the  corporation  in  the  municipal
  assistance state aid fund in accordance with subdivision one of  section
  ninety-two-e  of  the  state  finance  law  and from the special account
  established for the corporation in the municipal assistance tax fund  in
  accordance  with  subdivision  one  of section ninety-two-d of the state
  finance  law,  including  any  amount  transferred  to   the   municipal
  assistance  tax  fund  from  the  stock  transfer  tax  fund pursuant to
  subdivision four of section ninety-two-b of the state finance  law.  Any
  such  payment  shall  be  made  within  thirty  days  of  receipt of the
  certification or at the time specified in the  certification,  whichever
  is  later;  provided  that  any  such  amounts  shall  have  been  first
  appropriated by the state for such purpose or shall have been  otherwise
  made  available.  Any amount paid to the corporation from such municipal
  assistance state aid fund, in addition to the amount  deducted  pursuant
  to subdivision one of section three thousand thirty-six-a of this title,
  shall  be  deducted from the amount otherwise payable to the city as per
  capita aid pursuant to sections fifty-four and ninety-two-e of the state
  finance law and shall not obligate the state to make,  nor  entitle  the

  city  to  receive, any additional payments of per capita aid. Any amount
  so paid to the corporation from the municipal assistance  tax  fund,  in
  addition  to  the amount deducted pursuant to subdivision one of each of
  section three thousand thirty-six or three thousand thirty-six-a of this
  title,  shall  be deducted from the amount otherwise payable to the city
  from the municipal assistance tax fund and shall not obligate the  state
  to  make,  nor entitle the city to receive, any additional payments from
  such municipal assistance tax fund.
2. The provisions  of  subdivision  four  of  section  three  thousand
  thirty-six  and subdivision three of section three thousand thirty-six-a
  of this title shall not apply to any bonds or notes issued  pursuant  to
  subdivision  two-b of section three thousand thirty-three of this title,
  including any bonds or notes  issued  to  fund  the  bond  reserve  fund
  established pursuant to this section or to refund any such bond or note,
  and  the principal of and interest on any such bond or note shall not be
  payable from  or  secured  by  the  capital  reserve  funds  established
  pursuant  to  sections  three  thousand  thirty-six  and  three thousand
  thirty-six-a of this title.
3. The corporation shall create a bond payment fund.
* NB The corporation shall continue for a term  ending  the  later  of
  July  1, 2008 or one year after its liabilities have been fully paid and
  discharged per § 3033 sub 1.