N.Y. Medical Care Facilities Finance Agency 392/73 § 19: Bond reserve insurance fund

§ 19. Bond reserve insurance fund. The agency shall create and

establish a special fund, to be known as the bond reserve insurance fund

and shall pay into such fund all monies appropriated and made available

by the state for the purposes of such fund and any other monies which

may be made available to the agency for the purposes of such fund from

any other source or sources. All monies held in the bond reserve

insurance fund shall be used by the agency to meet the agency's

obligation to repay principal and interest on its outstanding bonds

solely to the extent that all other revenues of the agency available for

such purpose are not sufficient to meet such obligations of the agency.

Any income or interest earned by, or increment to the bond reserve

insurance fund may be used for authorized purposes including, but not

limited to, the addition of such income or interest earned, or increment

to the monies held in such fund for the purposes herein provided, or the

repayment of appropriation expenditures made to the credit of such fund.