N.Y. Public Authorities Law § 2675-ii: State aid revenues

§ 2675-ii. State aid revenues. 1. With respect to each issue of

outstanding hotel revenue bonds, the chairperson of the authority shall

certify at least semi-annually, or in the case of the first such

certificate within thirty days after the sale of an issue of hotel

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

copy to the mayor, a schedule setting forth the amount of state aid

revenue payable to the city pursuant to section nineteen-a of the public

lands law, if any, necessary for payment of any amounts required to be

deposited in any debt service reserve fund with respect to such hotel

revenue bonds to make up any deficiency in such fund in accordance with

the provisions of the resolution or indenture pursuant for which such

hotel revenue bonds were issued (all such payments, "eligible

obligations").

2. 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 authority deems appropriate to ensure that sufficient funds will be

available to meet its eligible obligations relating to such hotel

revenue bonds as they come due.