N.Y. Arts and Cultural Affairs Law § 20.21: Reserve fund

§ 20.21. Reserve fund. A trust may create and establish a reserve fund

to secure the bonds of a trust and may pay into such reserve fund any

monies which may be made available to the trust for the purposes of such

fund from any source, including without limitation tax-equivalency

payments. The monies held in or credited to any such reserve fund shall

be used only in accordance with the proceedings under which the bonds

shall be issued or as provided by special law.