New York Laws
Title 4 - Municipal Assistance Corporation for the City of Troy
3053 - Creation of the Municipal Assistance Corporation for the City of Troy; Authorized Indebtedness.

(b) No bond shall be issued by the corporation for a purpose set forth
in paragraph (b) of subdivision one of section three thousand
fifty-seven of this title.
(c) Whenever all or a portion of a series of notes or bonds of the
corporation is issued for a purpose set forth in section three thousand
fifty-seven of this title to the extent that the payment of the proceeds
of such series is evidenced by a bond or bonds of the city, not more
than one year following a scheduled payment of principal on any such
city bond (including sinking fund installments), a substantially equal
payment of principal (including sinking fund installments) shall be
scheduled with respect to the notes or bonds included in such series of
the corporation.
4. The corporation is authorized to procure a bond or note facility
with respect to its bonds or notes issued pursuant to this section and
as security for the principal of and interest on any bonds or notes
issued pursuant to this section and for its obligations under any bond
or note facility the corporation may pledge any part of its revenues or
assets.
5. Whenever this title establishes a limit on the principal amount of
bonds or notes that the corporation is authorized to issue, there shall
not be counted against such limit (i) amounts certified by the chairman
of the corporation as reasonable to be used to pay the cost of issuing
such bonds or notes where such certification has been provided in
writing to the state comptroller and the city of Troy, (ii) the amount
of bonds or notes that would constitute interest under the Internal
Revenue Code of 1986, as amended, and (iii) the portion of any bonds or
notes issued to accomplish the purposes described in paragraphs (d) and
(e) of subdivision one of section three thousand fifty-seven of this
title to the extent necessary to pay interest to the date of redemption
or maturity, redemption premium, if any, or other similar costs relating
to the accomplishment of such purposes.
6. At the written request of the city, the corporation is authorized
to pledge, subject to the prior pledge of the corporation's revenues and
assets pursuant to its contracts with the holders of its bonds, notes or
other obligations, any part of its revenues or assets not to exceed one
hundred thousand dollars in any state fiscal year in favor of the
commissioner of environmental conservation to secure obligations of the
city related to post-closure care and potential corrective measures of
the city's landfill.