N.Y. Public Authorities Law § 3041: Funds of the corporation

* § 3041. Funds of the corporation. The municipal assistance

corporation for the city of New York shall not hereafter enter into any

memorandum of agreement with the governor of the state of New York and

the mayor of the city of New York, other than the agreement to be

entered into pursuant to subdivision two-b of section three thousand

thirty-three of this title, providing for the disposition of such

revenues of such corporation as may be available from time to time after

providing for the payment of principal, interest, and redemption premium

on its outstanding bonds and notes, its operating expenses and its

commitments under existing agreements, and, subject to any other

provision of law, agreements with holders of its bonds or notes, or

memoranda of agreement, and on the approval of the board, all funds

generated by future actions of the corporation shall either be made

available to the city of New York as such funds become available or

applied by the corporation to pay principal, interest and redemption

premium on its outstanding obligations.

* 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.