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 › 3056 - Payments to the Corporation; Funds of the Corporation.

§ 3056. Payments to the corporation; funds of the corporation.  1. Not
  less  than  one  hundred twenty days before the beginning of each fiscal
  year of the corporation (but not  later  than  October  first,  nineteen
  hundred  ninety-five  for  the fiscal year ending December thirty-first,
  nineteen hundred ninety-five), the chairman of the board of directors of
  the corporation shall certify  to  the  state  comptroller  and  to  the
  governor   a  schedule  setting  forth  the  cash  requirements  of  the
  corporation for such fiscal year and the time or times when such cash is
  required. The total amount so certified by such chairman for such fiscal
  year shall be equal to: (i) the amounts required to be deposited in  the
  debt  service  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,  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;  (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 section three  thousand
  fifty-three  of  this title during such fiscal year in order to maintain
  the bond reserve fund level required in accordance with  the  agreements
  of  the  corporation  made with the holders of its bonds or notes issued
  pursuant to section three thousand fifty-three of this title;  (iv)  the
  amount,  if  any,  due  to  any  provider  of any bond or note facility,
  representing  payments  made  by  it  as  provided  in  the   applicable
  resolution   or   trust  indenture,  including  any  related  reasonable
  interest, fees or charges so provided; (v) the amount, if any,  required
  to  be rebated to the United States to provide for continued federal tax
  exemption for bonds and notes of the corporation; and (vi)  the  amount,
  if  any,  required  to  be  paid  to  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. Such
  certification shall also set forth the amount which would  be  necessary
  to  be  appropriated  and available for deposit into the special account
  established  for  the  corporation  under  subdivision  one  of  section
  ninety-two-e  of  the  state  finance  law  in the next succeeding state
  fiscal year to provide a minimum coverage ratio of one and  one-half  to
  one  on  the  debt service payable by the corporation in such succeeding
  fiscal year; provided, however, that for the purposes of  the  foregoing
  calculation  the  term  "debt  service payable" shall include redemption
  premiums and the reasonably estimated amount of debt  service  on  bonds
  and  notes  the  corporation  expects  to  issue  after  the date of the
  certification and prior to the close of such succeeding fiscal year, and
  shall also include the interest on but not the principal  of  any  notes
  issued  or  expected  to  be  issued  by  the  corporation  pursuant  to
  subdivision two-a of section three thousand fifty-three of  this  title.
  In  determining the amount certified as necessary to provide the minimum
  coverage ratio described in the preceding sentence, the  chairman  shall
  make  estimates covering the period corresponding to the next succeeding
  state fiscal year of (a) the moneys available  from  other  sources  and
  pledged to the payment of debt service in accordance with any agreements
  between  the  corporation and the holders of its bonds or notes, (b) the
  amount of investment earnings on funds held by the corporation that  the
  corporation  will  apply  to  the  payment  of debt service, and (c) the
  funding needed to meet the operating requirements and other expenses  of
  the  corporation.  If any increase shall occur in such 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,  or if the city shall fail to make timely payment of
  any amount due and owing from the city  to  the  corporation  under  any
  contract  or  agreement  between  the  city  and  the  corporation, such
  chairman shall certify  a  revised  schedule  of  such  additional  cash
  requirements  for  such  fiscal year to the state comptroller and to the
  governor. Such chairman shall, as changed conditions  or  estimates  may
  warrant,  certify  to  the state comptroller and to the governor as to a
  revised amount which would be necessary to be appropriated and available
  for deposit into the corporation's special account under subdivision one
  of section ninety-two-e of the state finance law in  order  to  maintain
  the  minimum  coverage  ratio described above provided, however, that no
  such revised certification shall be  made  after  the  adoption  by  the
  legislature  of  a  budget  for  the  state  fiscal  year  to  which the
  certification pertains. 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  subject,  however,
  to  the  provisions  of  paragraph  (b)  of  subdivision  five-a of such
  section, 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. 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  pursuant  to
  sections  fifty-four  and  ninety-two-e  of  the  state finance law and,
  except as to amounts paid to the corporation pursuant to  paragraph  (b)
  of  subdivision five-a of section ninety-two-e of the state finance law,
  shall not obligate the state to make, nor entitle the city  to  receive,
  any  additional payments. Any amount so paid to the corporation from the
  municipal  assistance  tax  fund  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.  The
  city  shall  pay  to  the corporation such additional payments as may be
  necessary to fund items (i), (ii), (iii), (iv), (v)  and  (vi)  of  this
  subdivision.
2.  Nothing  contained  in  this title shall be deemed to restrict the
  right of the state to amend, repeal, modify or otherwise alter  sections
  fifty-four  and  ninety-two-e of the state finance law or section twenty
  of a chapter of the laws of nineteen hundred ninety-six entitled "AN ACT
  to amend chapter 721 of the laws of 1994 authorizing the city of Troy to
  issue serial  bonds  for  the  purpose  of  liquidating  cumulative  and
  projected   deficits   in   the  city's  general  fund,  establishing  a

  supervisory board, and establishing a debt service fund, in relation  to
  granting  a  lien  to the county of Rensselaer relating to certain taxes
  collected on behalf of such county by the city of  Troy"  which  chapter
  added  a new paragraph (b) to subdivision five-a of section ninety-two-e
  of the state finance law. The corporation shall not include  within  any
  resolution,  contract  or  agreement  with holders of the bonds or notes
  issued under this title any provision  which  provides  that  a  default
  occurs  as  a result of the state exercising its right to amend, repeal,
  modify or otherwise alter sections fifty-four and  ninety-two-e  of  the
  state  finance law or the above described section twenty of such chapter
  of the laws of nineteen hundred ninety-six.
3. The corporation shall create a bond reserve fund,  a  debt  service
  fund  and an operating fund and may create and establish such other fund
  or funds as may be necessary or desirable for its corporate purposes.
4. The fiscal year of the corporation shall be the same as the  fiscal
  year of the city.