2023 New York Laws › PML - Racing, Pari-Mutuel Wagering and Breeding Law › Article 5 - Regional Off-Track Betting Corporations › 509 - Reserve Fund.

§  509.  Reserve fund. 1. The corporation shall create and establish a
  special fund (herein referred to as the capital reserve fund), and shall
  pay into such capital reserve fund:
a.  Any  moneys  appropriated  and  made  available  by  participating
  counties for the purpose of such capital reserve fund;
b.  Any  proceeds  of sale of bonds or notes to the extent provided in
  the  resolution  or  resolutions  of  the  corporation  authorizing  the
  issuance thereof; and
c.  Any other moneys that may be made available to the corporation for
  the purpose of such capital  reserve  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 of the corporation, the payment of interest on such
  bonds, or the payment of any redemption premium required to be paid when
  such bonds are redeemed  prior  to  maturity;  provided,  however,  that
  moneys  in such capital reserve fund shall not be withdrawn therefrom at
  any time in such amount as would reduce the amount of such fund to  less
  than  the maximum amount of principal and interest maturing and becoming
  due in any succeeding fiscal year of the corporation on all bonds of the
  corporation then outstanding, except for the purpose of paying principal
  of and interest on such bonds of the corporation maturing  and  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 to
  other funds or accounts to the extent it does not reduce the  amount  of
  the  capital  reserve  fund  below  the  maximum amount of principal and
  interest maturing and becoming due in any such succeeding fiscal year on
  all bonds of the corporation then outstanding.
2. The corporation shall not issue bonds at any time  if  the  maximum
  amount  of  principal  and  interest  maturing  and  becoming  due  in a
  succeeding fiscal year of the corporation  on  such  bonds  then  to  be
  issued  and  on all other bonds of the corporation then outstanding will
  exceed the amount of the capital reserve fund at the time of issuance of
  such bonds, unless the corporation, at the  time  of  issuance  of  such
  bonds,  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 not be less than the maximum amount
  of principal  and  interest  maturing  and  becoming  due  in  any  such
  succeeding  fiscal year on such bonds then to be issued and on all other
  bonds of the corporation then outstanding.
3. For the purposes of computing the amount  of  the  capital  reserve
  fund, any securities in which any portion of such fund is invested shall
  be  valued  at  the  par  value  thereof  or  at the cost thereof to the
  corporation if such cost was less than said par value.