N.Y. Public Authorities Law § 3036-b: Further payments to the corporation; additional funds of the corporation

* § 3036-b. Further payments to the corporation; additional funds of

the corporation. 1. In addition to the total amount certified by such

chairman for such fiscal year, all as referred to in subdivision one of

each of sections three thousand thirty-six and three thousand

thirty-six-a of this title, the chairman shall at the same time certify

to the state comptroller and to the mayor a schedule setting forth

additional cash requirements of the corporation which shall be equal to:

(i) the amounts required to be deposited in the bond payment fund of the

corporation to pay all interest and all payments of principal and

redemption premium, if any, on bonds and notes payable from the sources

hereinafter identified in this section and maturing or otherwise coming

due during such fiscal year; (ii) the amounts required to be deposited

in the operating fund of the corporation heretofore established, as

determined by the corporation, to meet the operating requirements and

other expenses of the corporation during such fiscal year to the extent

not otherwise provided for; and (iii) the amounts required to be

deposited in the bond reserve fund created and established pursuant to

the agreements of the corporation made with the holders of its bonds or

notes issued pursuant to subdivision two-b of section three thousand

thirty-three of this title during such fiscal year in order to maintain

the bond reserve fund at the level required in accordance with the

agreements of the corporation made with the holders of its bonds or

notes issued pursuant to subdivision two-b of section three thousand

thirty-three of this title. If any increase shall occur in such

additional cash requirements specified above, or if payments are

required at a time or times earlier than previously certified or if the

city shall, for any reason, fail to make timely payment of the principal

and accrued interest due on any obligation issued by the city to the

corporation and maturing within the same fiscal year, such chairman

shall certify a revised schedule of such additional cash requirements

for such fiscal year to the state comptroller and to the mayor. The

schedule accompanying each certification, or revision thereof, shall

provide for such payment dates as the corporation deems appropriate to

assure that sufficient funds will be available from the sources

identified below to enable it to meet its current obligations under this

section as they come due. Upon receipt of such certification, or any

revision thereof, the state comptroller shall pay such amount to the

corporation for deposit in the appropriate funds referred to in this

section, in accordance with such certification and subject to agreements

with holders of outstanding bonds and notes of the corporation, from the

special account established for the corporation in the municipal

assistance state aid fund in accordance with subdivision one of section

ninety-two-e of the state finance law and from the special account

established for the corporation in the municipal assistance tax fund in

accordance with subdivision one of section ninety-two-d of the state

finance law, including any amount transferred to the municipal

assistance tax fund from the stock transfer tax fund pursuant to

subdivision four of section ninety-two-b of the state finance law. Any

such payment shall be made within thirty days of receipt of the

certification or at the time specified in the certification, whichever

is later; provided that any such amounts shall have been first

appropriated by the state for such purpose or shall have been otherwise

made available. Any amount paid to the corporation from such municipal

assistance state aid fund, in addition to the amount deducted pursuant

to subdivision one of section three thousand thirty-six-a of this title,

shall be deducted from the amount otherwise payable to the city as per

capita aid pursuant to sections fifty-four and ninety-two-e of the state

finance law and shall not obligate the state to make, nor entitle the

city to receive, any additional payments of per capita aid. Any amount

so paid to the corporation from the municipal assistance tax fund, in

addition to the amount deducted pursuant to subdivision one of each of

section three thousand thirty-six or three thousand thirty-six-a of this

title, shall be deducted from the amount otherwise payable to the city

from the municipal assistance tax fund and shall not obligate the state

to make, nor entitle the city to receive, any additional payments from

such municipal assistance tax fund.

2. The provisions of subdivision four of section three thousand

thirty-six and subdivision three of section three thousand thirty-six-a

of this title shall not apply to any bonds or notes issued pursuant to

subdivision two-b of section three thousand thirty-three of this title,

including any bonds or notes issued to fund the bond reserve fund

established pursuant to this section or to refund any such bond or note,

and the principal of and interest on any such bond or note shall not be

payable from or secured by the capital reserve funds established

pursuant to sections three thousand thirty-six and three thousand

thirty-six-a of this title.

3. The corporation shall create a bond payment fund.

* NB The corporation shall continue for a term ending the later of

July 1, 2008 or one year after its liabilities have been fully paid and

discharged per § 3033 sub 1.