New York Laws
Title 4 - Municipal Assistance Corporation for the City of Troy
3056 - Payments to the Corporation; Funds of the Corporation.

§ 3056. Payments to the corporation; funds of the corporation. 1. Not
less than one hundred twenty days before the beginning of each fiscal
year of the corporation (but not later than October first, nineteen
hundred ninety-five for the fiscal year ending December thirty-first,
nineteen hundred ninety-five), the chairman of the board of directors of
the corporation shall certify to the state comptroller and to the
governor a schedule setting forth the cash requirements of the
corporation for such fiscal year and the time or times when such cash is
required. The total amount so certified by such chairman for such fiscal
year shall be equal to: (i) the amounts required to be deposited in the
debt service 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, 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; (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 section three thousand
fifty-three of this title during such fiscal year in order to maintain
the bond reserve fund level required in accordance with the agreements
of the corporation made with the holders of its bonds or notes issued
pursuant to section three thousand fifty-three of this title; (iv) the
amount, if any, due to any provider of any bond or note facility,
representing payments made by it as provided in the applicable
resolution or trust indenture, including any related reasonable
interest, fees or charges so provided; (v) the amount, if any, required
to be rebated to the United States to provide for continued federal tax
exemption for bonds and notes of the corporation; and (vi) the amount,
if any, required to be paid to 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. Such
certification shall also set forth the amount which would be necessary
to be appropriated and available for deposit into the special account
established for the corporation under subdivision one of section
ninety-two-e of the state finance law in the next succeeding state
fiscal year to provide a minimum coverage ratio of one and one-half to
one on the debt service payable by the corporation in such succeeding
fiscal year; provided, however, that for the purposes of the foregoing
calculation the term "debt service payable" shall include redemption
premiums and the reasonably estimated amount of debt service on bonds
and notes the corporation expects to issue after the date of the
certification and prior to the close of such succeeding fiscal year, and
shall also include the interest on but not the principal of any notes
issued or expected to be issued by the corporation pursuant to
subdivision two-a of section three thousand fifty-three of this title.
In determining the amount certified as necessary to provide the minimum
coverage ratio described in the preceding sentence, the chairman shall
make estimates covering the period corresponding to the next succeeding
state fiscal year of (a) the moneys available from other sources and
pledged to the payment of debt service in accordance with any agreements
between the corporation and the holders of its bonds or notes, (b) the
amount of investment earnings on funds held by the corporation that the
corporation will apply to the payment of debt service, and (c) the
funding needed to meet the operating requirements and other expenses of
the corporation. If any increase shall occur in such 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, or if the city shall fail to make timely payment of
any amount due and owing from the city to the corporation under any
contract or agreement between the city and the corporation, such
chairman shall certify a revised schedule of such additional cash
requirements for such fiscal year to the state comptroller and to the
governor. Such chairman shall, as changed conditions or estimates may
warrant, certify to the state comptroller and to the governor as to a
revised amount which would be necessary to be appropriated and available
for deposit into the corporation's special account under subdivision one
of section ninety-two-e of the state finance law in order to maintain
the minimum coverage ratio described above provided, however, that no
such revised certification shall be made after the adoption by the
legislature of a budget for the state fiscal year to which the
certification pertains. 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 subject, however,
to the provisions of paragraph (b) of subdivision five-a of such
section, 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. 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 shall be
deducted from the amount otherwise payable to the city pursuant to
sections fifty-four and ninety-two-e of the state finance law and,
except as to amounts paid to the corporation pursuant to paragraph (b)
of subdivision five-a of section ninety-two-e of the state finance law,
shall not obligate the state to make, nor entitle the city to receive,
any additional payments. Any amount so paid to the corporation from the
municipal assistance tax fund 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. The
city shall pay to the corporation such additional payments as may be
necessary to fund items (i), (ii), (iii), (iv), (v) and (vi) of this
subdivision.

2. Nothing contained in this title shall be deemed to restrict the
right of the state to amend, repeal, modify or otherwise alter sections
fifty-four and ninety-two-e of the state finance law or section twenty
of a chapter of the laws of nineteen hundred ninety-six entitled "AN ACT
to amend chapter 721 of the laws of 1994 authorizing the city of Troy to
issue serial bonds for the purpose of liquidating cumulative and
projected deficits in the city's general fund, establishing a

supervisory board, and establishing a debt service fund, in relation to
granting a lien to the county of Rensselaer relating to certain taxes
collected on behalf of such county by the city of Troy" which chapter
added a new paragraph (b) to subdivision five-a of section ninety-two-e
of the state finance law. The corporation shall not include within any
resolution, contract or agreement with holders of the bonds or notes
issued under this title any provision which provides that a default
occurs as a result of the state exercising its right to amend, repeal,
modify or otherwise alter sections fifty-four and ninety-two-e of the
state finance law or the above described section twenty of such chapter
of the laws of nineteen hundred ninety-six.

3. The corporation shall create a bond reserve fund, a debt service
fund and an operating fund and may create and establish such other fund
or funds as may be necessary or desirable for its corporate purposes.

4. The fiscal year of the corporation shall be the same as the fiscal
year of the city.