New York Laws
Title 3 - Municipal Assistance Corporation for the City of New York
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.