N.Y. Private Housing Finance Law § 59: Bond reserve insurance fund

§ 59. 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 all other revenues of the agency available for such

purposes 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.