N.Y. Public Authorities Law § 1270: Reserve funds and appropriations

§ 1270. Reserve funds and appropriations. The authority may create and

establish one or more reserve funds in accordance with agreements with

bondholders, noteholders or the holders of other obligations of the

authority and may pay into such reserve funds (a) any monies

appropriated and made available by the state for the purposes of such

funds, (b) any proceeds of sale of notes, bonds or other obligations to

the extent provided in the resolution of the authority authorizing the

issuance thereof, and (c) any other monies which may be made available

to the authority for the purpose of such funds from any other source or

sources. In lieu thereof, the authority may provide for the deposit

therein of, or substitute for moneys on deposit therein, a liquidity or

credit facility, surety bond or other similar agreement.