N.Y. Public Authorities Law § 2436-a: School aid revenues

§ 2436-a. School aid revenues. With respect to each issue of

outstanding special school purpose bonds, the chairman of the agency

shall annually certify, or in the case of the first such certificate

within thirty days after the sale of an issue of special school purpose

bonds, to the comptroller and the director of the budget, with a copy to

the commissioner of education, a schedule setting forth the amount of

school aid revenue necessary for payment of the following obligations:

(a) all interest and all payments of principal and redemption premium,

if any, on such special school purpose bonds maturing or otherwise

coming due during the subsequent state fiscal year;

(b) the amounts required to be deposited in any debt service reserve

fund with respect to such special school purpose bonds;

(c) the amount, if any, due to any provider of any bond credit or

liquidity facility, representing payments made by it as provided in the

applicable resolution or trust indenture, including any related

reasonable interest, fees or charges so provided;

(d) the amount, if any, required to be rebated to the United States to

provide for continued federal tax exemption of such special school

purpose bonds; and

(e) any administrative or other fees, costs or charges due to the

agency or any other party in connection with such special school purpose

bonds.

The certification may be amended and, in the event of a bond sale,

shall be amended no later than thirty days after such sale. The schedule

accompanying such certification shall provide for such payment dates as

the agency deems appropriate to ensure that sufficient funds will be

available to meet its obligations relating to such special school

purpose bonds as they come due.