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-A - Further Payments to the Corporation; Additional Funds of the Corporation.

* §  3036-a.  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
  section three thousand thirty-six, 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  which are required to be deposited in the
  capital reserve fund authorized to be created and  established  pursuant
  to  subdivision  two of this section (in this section called the capital
  reserve fund) during such fiscal year in order to maintain  the  capital
  reserve  fund  at the level required in accordance with subdivision four
  of this section; (ii) the amounts required to be deposited in  the  bond
  service  fund of the corporation to pay all interest and all payments of
  principal and redemption premium, if any, on  notes  and  bonds  payable
  from  the sources hereinafter identified in this section and maturing or
  otherwise coming due during such fiscal  year;  and  (iii)  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.  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 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,
  subject  to  agreements  with  outstanding  bond and note holders of the
  corporation, 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 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 shall, in addition to
  the amount  deducted  pursuant  to  subdivision  one  of  section  three
  thousand  thirty-six,  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  corporation shall create and establish a capital reserve fund
  as an additional special fund, and shall pay into such  capital  reserve
  fund (i) any moneys appropriated and made available by the state for the
  purposes  of  such fund, (ii) any proceeds of sale or notes or bonds, to
  the extent provided in the resolution of the corporation authorizing the
  issuance thereof, and (iii) any other moneys which may be made available
  to the corporation for the purpose of such 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  secured  by  such  capital  reserve  fund  of  the
  corporation, as the same mature or otherwise become due, the purchase of
  such  bonds  of  the corporate, the payment of interest on such bonds of
  the corporation or the payment of any redemption premium required to  be
  paid  when  such  bonds  are  redeemed  prior to maturity. If the amount
  contained in the capital reserve fund exceeds the amount required to  be
  contained in such fund pursuant to this subdivision of this section plus
  any additional amounts required to be contained in such fund pursuant to
  the  terms  of  issuance  of  any bonds or notes secured by such capital
  reserve fund, such excess moneys  may  be  withdrawn  from  the  capital
  reserve  fund by the corporation; provided, however, that moneys in such
  fund shall not be withdrawn therefrom at any time  in  such  amounts  as
  would  reduce  the  amount  of  such  fund  to  less  than the amount of
  principal and interest maturing or otherwise due or becoming due in  the
  succeeding calendar year on all bonds of the corporation secured by such
  capital  reserve fund then outstanding, except for the purpose of paying
  principal of and interest on such bonds of the corporation  maturing  or
  otherwise  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  by the corporation to any other fund of the corporation
  to the extent it does not reduce the amount of the capital reserve  fund
  below  the amount of principal and interest maturing or otherwise due or
  becoming due in the  succeeding  calendar  year  on  all  bonds  of  the
  corporation secured by such capital reserve fund then outstanding.
3.  In  order further to assure the maintenance of the capital reserve
  fund, there shall be annually appropriated and paid to  the  corporation
  for  deposit  in  the capital reserve fund such sum, if any, as shall be
  certified by the chairman to the governor and director of the budget  as
  necessary  to restore the capital reserve fund to an amount equal to the
  capital reserve fund requirement. The chairman of the board of directors
  of the corporation shall, annually, on or before  December  first,  make
  and  deliver  to the governor and director of the budget his certificate
  stating the sum, if any, required to restore the capital reserve fund to
  the amount aforesaid; and the sum or sums so certified, if any, shall be
  appropriated and paid to the corporation during the then  current  state
  fiscal year.
4.  The  corporation  shall  not  issue  bonds  secured by the capital
  reserve fund at any  time  if  the  amount  of  principal  and  interest
  maturing  or  otherwise  due  or becoming due in the succeeding calendar
  year on such bonds then to be issued and on all other such bonds of  the
  corporation  then  outstanding  will  exceed  the  amount of the capital
  reserve  fund  requirement  at  the  time  of   issuance,   unless   the
  corporation,  at the time of such issuance, 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 be not less than the amount of principal and interest  maturing  or

  otherwise  due  or  becoming due in the succeeding calendar year on such
  bonds then to be issued and  on  all  other  bonds  of  the  corporation
  secured  by  such  capital reserve fund then outstanding (such amount is
  herein  sometimes  referred to as the capital reserve fund requirement).
  Notwithstanding the foregoing provisions of this subdivision for each of
  the calendar years set forth below the capital reserve fund requirement,
  as of any date of calculation, shall  equal  the  percentage  set  forth
  opposite  such  calendar  year  of  the amount of principal and interest
  maturing or otherwise due or becoming due during such calendar  year  on
  all  bonds  of  the  corporation  secured  by  the  capital reserve fund
  outstanding on such date:
Calendar Year    Percentage
1975         0%
1976         0%
1977        25%
1978        50%
1979        75%
1980        100%
5. In computing the  amount  of  the  capital  reserve  fund  for  the
  purposes  of  this  section securities in which all or a portion of such
  fund shall be invested shall be valued at par or if purchased  at  other
  than par, at amortized value.
6. The corporation shall create a bond service 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.