New York Laws
Sub Title 2 - Subtitle Ii Financial Assistance From Special Purpose Funds
1815 - Special Purpose Funds.

(i) any expenses which are clearly attributable, in the opinion of the
authority, to the exercise of any of the authority's powers in respect
of loan guarantees issued or reasonably expected to be issued;
(ii) any payments and all expenses attendant thereto which are
required to be paid by the authority because of a default in the payment
or in the other terms of a loan guaranteed by the authority;
(iii) all expenses and payments for the protection of the authority's
interests in connection with defaulted or delinquent loans guaranteed by
the authority, or in property possessed in consequences thereof;
(iv) all amounts required in the opinion of the authority to be set
aside to provide a reasonable reserve for losses expected to be incurred
by the authority as a result of defaults or expected defaults in the
terms and payment of loans guaranteed by the authority;
(v) all amounts required to repay advances from the state for use as
special purpose funds in respect of loan guarantees in accordance with
any provision of law or repayment agreement between the authority and
the director of the budget;
(vi) all amounts required to pay the principal and redemption price of
or interest on special purpose bonds and notes specially issued for the
purpose of providing funds to the special purpose loan guarantee
insurance fund; and
(vii) all amounts required to purchase special purpose bonds or notes
issued for the purpose of providing funds to the special purpose loan
guarantee insurance fund.
c. The following shall constitute special purpose funds in respect of
a loan guarantee:
(i) the proceeds of the issuance and sale of special purpose bonds and
notes issued for the purpose of providing funds to the special purpose
loan guarantee insurance fund;
(ii) any moneys made available by the state for the purposes of
providing funds to the special purpose loan guarantee insurance fund and
any other moneys made available for the purpose of providing funds to
the special purpose loan guarantee insurance fund from any other source
or sources, including, without limitation, any federal agency;
(iii) any moneys received in respect of loan guarantees including
amounts received as loan guarantee insurance premiums or fees, or assets
or property of any kind or nature received by the authority as a result
of a default or delinquency with respect to loans guaranteed by the
authority including the proceeds from the sale, disposal, lease or
rental of real or personal property which the authority may receive in
respect of a loan guarantee;
(iv) any moneys deposited in the special purpose loan guarantee
insurance fund pursuant to paragraph (g) of subdivision two of this
section.

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