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 obligatethe 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  orotherwise  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.