ยง 59. Bond reserve insurance fund. The agency shall create and
establish a special fund, to be known as the bond reserve insurance fund
and shall pay into such fund all monies appropriated and made available
by the state for the purposes of such fund and any other monies which
may be made available to the agency for the purposes of such fund from
any other source or sources. All monies held in the bond reserve
insurance fund shall be used by the agency to meet the agency's
obligation to repay principal and interest on its outstanding bonds,
solely to the extent all other revenues of the agency available for such
purposes are not sufficient to meet such obligations of the agency. Any
income or interest earned by, or increment to the bond reserve insurance
fund may be used for authorized purposes including, but not limited to,
the addition of such income or interest earned, or increment to the
monies held in such fund for the purposes herein provided, or the
repayment of appropriation expenditures made to the credit of such fund.
Structure New York Laws
Article 3 - New York State Housing Finance Agency
41 - Statement of Legislative Findings and Purposes.
43 - New York State Housing Finance Agency.
44-A - Low Rent Dwelling Accommodations.
44-B - Mortgage Modifications, Evidence of Pre-Existing Indebtedness.
44-C - Federally-Aided Mortgage Loans.
45 - Transfer of Officers and Employees.
45-A - Housing Trust Fund Corporation.
45-B - Affordable Housing Corporation.
45-C - Homeless Housing and Assistance Corporation.
46 - Notes and Bonds of the Agency.
47 - Reserve Funds and Appropriations.
47-A - State University Construction Bonds and Notes.
47-B - Mental Hygiene Improvement Bonds and Notes.
47-C - Special Provisions Related to Certain Bonds and Notes.
47-D - Health Facilities Bonds and Notes.
47-E - Housing Program Bonds and Notes.
48 - Agreement With the State.
49 - State's Right to Require Redemption of Bonds.
50 - Remedies of Noteholders and Bondholders.
51-A - Federal Rental Assistance Program Administrative Fees.
52 - Notes and Bonds as Legal Investment.
53 - Exemption From Taxation of Property and Income.
54 - Exemption From Taxation of Notes and Bonds.
55 - Assistance by State Officers, Departments, Boards and Commissions.
56-A - Indemnification of Members, Officers and Employees.
57 - Insured Mortgage Reserve Fund.
58 - Special Revenue Housing Coverage Reserve Funds.
59 - Bond Reserve Insurance Fund.
59-A - Housing Trust Fund Account.
59-B - Affordable Housing Development Account.
59-C - Insured Housing Initiatives Fund.
59-D - Turnkey/enhanced Housing Account.
59-E - Infrastructure Development Fund.
59-G - Permanent Housing for Homeless Families Fund.
59-H - Manufactured Home Cooperative Fund.
59-I - Homeless Housing and Assistance Account.
60 - Housing Project Repair Fund.