2023 New York Laws › PBA - Public Authorities › Article 10 - New York State Municipal Assistance Corporation Act › Title 4 - Municipal Assistance Corporation for the City of Troy › 3053 - Creation of the Municipal Assistance Corporation for the City of Troy; Authorized Indebtedness.

§  3053. Creation of the municipal assistance corporation for the city
of Troy;  authorized  indebtedness.  1.  There  is  hereby  created  the
municipal  assistance  corporation for the city of Troy. The corporation
shall be a corporate governmental  agency  and  instrumentality  of  the
state  constituting  a  public  benefit  corporation.  It shall have the
powers, privileges and duties of a corporation under title two  of  this
article  and under this title. The corporation shall continue for a term
of one  year  after  all  its  liabilities  have  been  fully  paid  and
discharged.  Upon  the  termination of the existence of the corporation,
all of its rights and property shall pass to and be vested in the state.
1-a. Notwithstanding the provisions of subdivision one of this section
or any other provision of law, upon payment in full of  all  outstanding
bonds  or  notes issued by the corporation under this title, and payment
of all amounts required to be paid to the  United  States  Treasury  for
tax-exempt   bond   rebate  obligations,  all  remaining  funds  of  the
corporation not  needed  in  the  determination  of  the  board  of  the
corporation  for  operating  expenses  of  the  corporation,  are hereby
authorized and directed to be paid directly to the  city  of  Troy.  The
determination  of  the  board  of  the corporation of the amount of such
funds available to be paid to the  city  of  Troy  shall  be  final  and
conclusive.  In addition, upon payment of all outstanding obligations of
the  corporation,  including  after  completion  of  audited   financial
statements  of  the  corporation  for the two thousand twenty-one fiscal
year, as well as any shortened audit for any portion of the two thousand
twenty-two fiscal year which may be  determined  by  the  board  of  the
corporation  to  be  in  the  public  interest,  the  existence  of  the
corporation may  be  terminated  by  resolution  of  the  board  of  the
corporation  at  any time, but in no event later than one year after all
its liabilities have been paid.
2. Subject to the provisions  of  any  contract  with  noteholders  or
bondholders,  the  corporation  shall  not  issue  bonds and notes in an
aggregate  principal  amount  exceeding  seventy-one  million   dollars,
excluding  bonds  and  notes  issued  to  fund  the  bond  reserve  fund
established pursuant to section three thousand fifty-six of  this  title
and  any  bonds or notes issued to refund outstanding bonds and notes of
the corporation, for the purposes described in paragraphs (c), (d), (e),
and (f) of subdivision one of section three thousand fifty-seven of this
title.
2-a. In addition to the authority provided in subdivision two of  this
section,  the  corporation  may,  until  December thirty-first, nineteen
hundred ninety-nine, issue notes in an aggregate principal amount  which
the  chief executive officer certifies to the corporation is required by
the  city  to  provide  for  purposes  described  in  paragraph  (b)  of
subdivision  one  of  section  three thousand fifty-seven of this title,
without  interruption,  services  essential  to  its  inhabitants  while
meeting  its  obligation to the holders of its outstanding securities to
December thirty-first, nineteen hundred ninety-nine, but not  to  exceed
two  million dollars outstanding in the aggregate at any time (excluding
notes to fund the bond reserve  fund  established  pursuant  to  section
three thousand fifty-six of this title). Such notes shall finally mature
no  later  than  December  thirty-first,  two thousand. Such notes shall
mature within one year from their date of issue and may be renewed  from
time  to  time, but each renewal shall be for a period not to exceed one
year. The terms  of  issuance  of  such  notes  shall  not  contain  any
provision  creating  rights in the holders of such notes to convert such
notes to or exchange such notes for bonds of the corporation.
2-b. In addition to the authority provided  in  subdivisions  two  and
two-a  of  this  section,  the  corporation may, not later than December

thirty-first, nineteen hundred ninety-eight issue bonds and notes in  an
aggregate  principal amount not to exceed two million dollars (excluding
any bonds or notes issued to fund  the  bond  reserve  fund  established
pursuant to section three thousand fifty-six of this title and any bonds
or notes issued to refund outstanding bonds or notes) for the purpose of
funding  capital projects within the city pursuant to subdivision (a) of
section three thousand fifty-seven of this title.
3. (a) No note or bond (i) shall mature more than  thirty  years  from
the  date  of the original issue of such note or bond and, in any event,
not later than January first, two  thousand  thirty  or  (ii)  shall  be
issued  on  a  date  later  than December thirty-first, nineteen hundred
ninety-nine, unless such note or bond is a renewal or  refunding  of  an
outstanding note or bond.
(b) No bond shall be issued by the corporation for a purpose set forth
in   paragraph   (b)  of  subdivision  one  of  section  three  thousand
fifty-seven of this title.
(c) Whenever all or a portion of a series of notes  or  bonds  of  the
corporation  is issued for a purpose set forth in section three thousand
fifty-seven of this title to the extent that the payment of the proceeds
of such series is evidenced by a bond or bonds of  the  city,  not  more
than  one  year  following  a scheduled payment of principal on any such
city bond (including sinking fund installments), a  substantially  equal
payment  of  principal  (including  sinking  fund installments) shall be
scheduled with respect to the notes or bonds included in such series  of
the corporation.
4.  The  corporation  is authorized to procure a bond or note facility
with respect to its bonds or notes issued pursuant to this  section  and
as  security  for  the  principal  of and interest on any bonds or notes
issued pursuant to this section and for its obligations under  any  bond
or  note facility the corporation may pledge any part of its revenues or
assets.
5. Whenever this title establishes a limit on the principal amount  of
bonds  or notes that the corporation is authorized to issue, there shall
not be counted against such limit (i) amounts certified by the  chairman
of  the  corporation as reasonable to be used to pay the cost of issuing
such bonds or notes  where  such  certification  has  been  provided  in
writing  to  the state comptroller and the city of Troy, (ii) the amount
of bonds or notes that would  constitute  interest  under  the  Internal
Revenue  Code of 1986, as amended, and (iii) the portion of any bonds or
notes issued to accomplish the purposes described in paragraphs (d)  and
(e)  of  subdivision  one  of section three thousand fifty-seven of this
title to the extent necessary to pay interest to the date of  redemption
or maturity, redemption premium, if any, or other similar costs relating
to the accomplishment of such purposes.
6.  At  the written request of the city, the corporation is authorized
to pledge, subject to the prior pledge of the corporation's revenues and
assets pursuant to its contracts with the holders of its bonds, notes or
other obligations, any part of its revenues or assets not to exceed  one
hundred  thousand  dollars  in  any  state  fiscal  year in favor of the
commissioner of environmental conservation to secure obligations of  the
city  related  to post-closure care and potential corrective measures of
the city's landfill.