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