N.Y. Private Housing Finance Law § 58: Special revenue housing coverage reserve funds

§ 58. Special revenue housing coverage reserve funds. The agency may

create and establish one or more special funds to be known as special

revenue housing coverage reserve funds and may pay into such reserve

funds any monies appropriated and made available by the state for the

purpose of such funds and any other monies which may be made available

to the agency for the purposes of such funds from any other source or

sources. The monies held in or credited to any such fund, except as

hereinafter provided, shall be used solely for the payment of the

principal of or interest on the revenue housing bonds of the agency

secured by such fund as the same shall become due, whether at maturity

or upon call for redemption, and for the payment of any redemption

premium required to be paid when such bonds are redeemed prior to

maturity. Any income or interest earned by, or increment to any such

special revenue housing coverage reserve 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.