47. Reserve funds and appropriations. 1. (a) The agency shall create and establish a special fund (herein referred to as capital reserve fund), and shall pay into such capital reserve fund (1) any monies appropriated and made available by the state for the purposes of such fund, (2) any proceeds of sale of notes or bonds other than state university construction notes or state university construction bonds, equity notes or equity bonds, non-profit project notes or non-profit project bonds, hospital and nursing home project notes or hospital and nursing home project bonds, urban rental project notes or urban rental project bonds, health facilities notes or health facilities bonds, youth facilities project notes or youth facilities project bonds, community mental health services and mental retardation services project notes or community mental health services and mental retardation services project bonds, community senior citizens services project notes or community senior citizens services project bonds, mental hygiene improvement notes or mental hygiene improvement bonds and revenue housing bonds, and bonds and notes for the housing program to the extent provided in the resolution of the agency authorizing the issuance thereof, and (3) any other moneys which may be made available to the agency for the purpose of such fund from any other source or sources. All moneys held in the capital reserve fund, except as hereinafter provided, shall be used solely for the payment of the principal of bonds of the agency other than state university construction bonds, equity bonds, non-profit project bonds, hospital and nursing home project bonds, urban rental project bonds, health facilities bonds, youth facilities project bonds, community mental health services and mental retardation services project bonds, community senior citizens services project bonds, mental hygiene improvement bonds and revenue housing bonds, and bonds and notes for the housing program as the same mature, required payments to any sinking fund established in a resolution of the agency for the amortization of term bonds (hereinafter referred to as "sinking fund payments"), the purchase or redemption of bonds of the agency other than state university construction bonds, equity bonds, non-profit project bonds, hospital and nursing home project bonds, urban rental project bonds, health facilities bonds, youth facilities project bonds, community mental health services and mental retardation services project bonds, community senior citizens services project bonds, mental hygiene improvement bonds and revenue housing bonds, and bonds and notes for the housing program the payment of interest on such bonds of the agency or the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity; provided, however, that monies in such fund shall not be withdrawn therefrom at any time in such amount as would reduce the amount of such fund to less than the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on all bonds of the agency then outstanding other than state university construction bonds, equity bonds, non-profit project bonds, hospital and nursing home project bonds, urban rental project bonds, health facilities bonds, youth facilities project bonds, community mental health services and mental retardation services project bonds, community senior citizens services project bonds, mental hygiene improvement bonds and revenue housing bonds and bonds and notes for the housing program, except for the purpose of paying principal of, interest and sinking fund payments becoming due on such bonds of the agency maturing and becoming due and for the payment of which other moneys of the agency are not available. For the purposes of this subdivision one, in computing the maximum amount of principal maturing at a single future date (herein called "term bonds") in any succeeding calendar year, the principal amount of any such term bonds which are subject to mandatory redemption prior to such future date by sinking fund payments shall not be included in the computation determining the maximum amount of principal maturing in said future year. Any income or interest earned by, or increment to, the capital reserve fund due to the investment thereof may be transferred by the agency to the general reserve fund or other fund of the agency to the extent it does not reduce the amount of the capital reserve fund below the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on all such bonds of the agency then outstanding other than state university construction bonds, equity bonds, non-profit project bonds, hospital and nursing home project bonds, urban rental project bonds, health facilities bonds, youth facilities project bonds, community mental health services and mental retardation services project bonds, community senior citizens services project bonds, mental hygiene improvement bonds and revenue housing bonds and bonds and notes for the housing program.
(b) The agency shall not issue bonds other than state university construction bonds, equity bonds, non-profit project bonds, hospital and nursing home project bonds, urban rental project bonds, health facilities bonds, youth facilities project bonds, community mental health services and mental retardation services project bonds, community senior citizens services project bonds, mental hygiene improvement bonds and revenue housing bonds and bonds and notes for the housing program at any time secured by the capital reserve fund if the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in a succeeding calendar year on such bonds then to be issued and on all other bonds of the agency then outstanding other than state university construction bonds, equity bonds, non-profit project bonds, hospital and nursing home project bonds, urban rental project bonds, health facilities bonds, youth facilities project bonds, community mental health services and mental retardation services project bonds, community senior citizens services project bonds, mental hygiene improvement bonds and revenue housing bonds and bonds and notes for the housing program will exceed the amount of the capital reserve fund at the time of issuance unless the agency, at the time of issuance of such bonds, shall deposit in such fund from the proceeds of the bonds so to be issued, or otherwise, an amount which, together with the amount then in such fund, will be not less than the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on such bonds then to be issued and on all other bonds of the agency then outstanding other than state university construction bonds, equity bonds, non-profit project bonds, hospital and nursing home project bonds, urban rental project bonds, health facilities bonds, youth facilities project bonds, community mental health services and mental retardation services project bonds, community senior citizens services project bonds, mental hygiene improvement bonds and revenue housing bonds and bonds and notes for the housing program.
(c) The agency shall not issue bonds and notes other than state university construction bonds and state university construction notes, hospital and nursing home project bonds and hospital and nursing home project notes, health facilities bonds and health facilities notes, youth facilities project bonds and youth facilities project notes, community mental health services and mental retardation services project bonds and community mental health services and mental retardation services project notes, community senior citizens services project notes or community senior citizens services project bonds and mental hygiene improvement bonds and mental hygiene improvement notes and bonds and notes for the housing program for any of its corporate purposes in an aggregate principal amount exceeding twenty-six billion seven hundred eighty million dollars, excluding bonds and notes issued to refund outstanding bonds and notes.
(d) To assure the continued operation and solvency of the agency for the carrying out of the public purposes of this article, provision is made in paragraph (a) of this subdivision for the accumulation in the capital reserve fund of an amount equal to the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on all bonds of the agency then outstanding other than state university construction bonds, equity bonds, non-profit project bonds, hospital and nursing home project bonds, urban rental project bonds, health facilities bonds, youth facilities project bonds, community mental health services and mental retardation services project bonds, community senior citizens services project bonds, mental hygiene improvement bonds and revenue housing bonds and bonds and notes for the housing program. In order further to assure such maintenance of the capital reserve fund, there shall be annually apportioned and paid to the agency for deposit in the capital reserve fund such sum, if any, as shall be certified by the chairman of the agency to the governor and director of the budget as necessary to restore the capital reserve fund to an amount equal to the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on the bonds of the agency then outstanding other than state university construction bonds, equity bonds, non-profit project bonds, hospital and nursing home project bonds, urban rental project bonds, health facilities bonds, youth facilities project bonds, community mental health services and mental retardation services project bonds, community senior citizens services project bonds, mental hygiene improvement bonds and revenue housing bonds and bonds and notes for the housing program. The chairman of the agency shall annually, on or before December first, make and deliver to the governor and director of the budget his certificate stating the amount, if any, required to restore the capital reserve fund to the amount aforesaid and the amount so stated, if any, shall be apportioned and paid to the agency during the then current state fiscal year. The principal amount of bonds secured by the capital reserve fund to which state funds are apportionable pursuant to this paragraph shall be limited to the total amount of bonds and notes outstanding on the effective date of this act, plus the total amount of bonds and notes contracted after the effective date of this act to finance projects in progress on the effective date of this act as determined by the New York state public authorities control board created pursuant to section fifty of the public authorities law whose affirmative determination shall be conclusive as to all matters of law and fact solely for the purposes of the limitations contained in this paragraph, but in no event shall the total amount of bonds so secured by such a capital reserve fund or funds exceed three hundred thirty-eight million dollars, excluding bonds issued to refund such outstanding bonds until the date of redemption of such outstanding bonds. As outstanding bonds so secured are paid, the amount so secured shall be reduced accordingly but the redemption of such outstanding bonds from the proceeds of refunding bonds shall not reduce the amount so secured.
(e) In computing the amount of the capital reserve fund for the purposes of this section, securities in which all or a portion of such fund shall be invested shall be valued at par or if purchased at less than par, at their cost to the agency.
2. The agency shall create and establish a special fund (herein referred to as general reserve fund) and shall pay into such fund all fees and charges collected by the agency pursuant to paragraph (a) of subdivision eleven of section forty-four of this article, or otherwise, other than fees and charges collected in connection with the making of mortgage loans (or commitments therefor) to mutual companies, non-profit companies, urban rental companies or community development corporations, and any monies which the agency shall transfer from the capital reserve fund pursuant to the provisions of paragraph (a) of subdivision one of this section. Such monies and any other monies paid into the general reserve fund may, in the discretion of the agency but subject to agreements with bondholders and noteholders, be used by the agency (a) for the repayment of advances from the state in accordance with the provisions of repayment agreements between the agency and the director of the budget, (b) to reimburse the division of housing and community renewal the reasonable costs of the services performed by the commissioner of housing and community renewal and division of housing and community renewal pursuant to section fifty-five of this article, (c) to pay all costs, expenses and charges of financing, including fees and expenses of trustees and paying agents, (d) for transfers to the capital reserve fund, (e) for the payment of the principal of and interest on bonds or notes other than state university construction bonds or state university construction notes, equity bonds or equity notes, non-profit project bonds or non-profit project notes, hospital and nursing home project bonds or hospital and nursing home project notes, urban rental project bonds or urban rental project notes, health facilities bonds or health facilities notes, youth facilities project bonds or youth facilities project notes, community mental health services and mental retardation services project bonds or community mental health services and mental retardation services project notes, community senior citizens services project notes or community senior citizens services project bonds, mental hygiene improvement bonds or mental hygiene improvement notes and revenue housing bonds and bonds and notes for the housing program issued by the agency when the same shall become due whether at maturity or on call for redemption and for the payment of any redemption premium required to be paid where such bonds or notes are redeemed prior to their stated maturities, and to purchase bonds or notes other than state university construction bonds or state university construction notes, equity bonds or equity notes, non-profit project bonds or non-profit project notes, hospital and nursing home project bonds or hospital and nursing home project notes, urban rental project bonds or urban rental project notes, health facilities bonds or health facilities notes, youth facilities project bonds or youth facilities project notes, community mental health services and mental retardation services project bonds or community mental health services and mental retardation services project notes, community senior citizens services project notes or community senior citizens services project bonds, mental hygiene improvement bonds or mental hygiene improvement notes and revenue housing bonds and bonds and notes for the housing program issued by the agency, or (f) for such other corporate purposes of the agency as the agency in its discretion shall determine and provide.
3. (a) The agency shall create and establish a special fund (herein referred to as equity reserve fund), and shall pay into such equity reserve fund (1) any monies appropriated and made available by the state for the purposes of such fund, (2) any proceeds of sale of equity notes or equity bonds, to the extent provided in the resolution of the agency authorizing the issuance thereof, and (3) any other monies which may be made available to the agency for the purpose of such fund from any other source or sources. All moneys held in the equity reserve fund, except as hereinafter provided, shall be used solely for the payment of the principal of equity bonds of the agency, as the same mature, the purchase of equity bonds of the agency, the payment of interest on equity bonds of the agency or the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity; provided, however, that moneys in such fund shall not be withdrawn therefrom at any time in such amount as would reduce the amount of such fund to less than the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on all equity bonds of the agency then outstanding, except for the purpose of paying principal and interest on equity bonds of the agency maturing and becoming due and for the payment of which other monies of the agency are not available. Any income or interest earned by, or increment to, the equity reserve fund due to the investment thereof may be transferred to the equity loan fund or other fund of the agency to the extent it does not reduce the amount of the equity reserve fund below the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on all equity bonds of the agency then outstanding.
(b) The agency shall not issue equity bonds at any time secured by the equity reserve fund if the maximum amount of principal and interest maturing and becoming due in a succeeding calendar year on the equity bonds then to be issued and on all other equity bonds of the agency then outstanding will exceed the amount of the equity reserve fund at the time of issuance, unless the agency, at the time of issuance of such bonds, shall deposit in such fund from the proceeds of the bonds so to be issued, or otherwise, an amount which together with the amount then in such fund, will be not less than the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on the equity bonds then to be issued and on all other equity bonds of the agency then outstanding.
(c) The agency shall not issue equity bonds and equity notes in an aggregate principal amount exceeding fifty million dollars, excluding equity bonds and notes issued to refund outstanding equity bonds and notes.
(d) To assure the continued operation and solvency of the agency for the carrying out of the public purposes of this article, provision is made in paragraph (a) of this subdivision for the accumulation in the equity reserve fund of an amount equal to the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on all equity bonds of the agency then outstanding. In order further to assure such maintenance of the equity reserve fund, there shall be annually apportioned and paid to the agency for deposit in the equity reserve fund such sum, if any, as shall be certified by the chairman of the agency to the governor and director of the budget as necessary to restore the equity reserve fund to an amount equal to the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on the equity bonds of the agency then outstanding. The chairman of the agency shall annually, on or before December first, make and deliver to the governor and director of the budget his certificate stating the amount, if any, required to restore the equity reserve fund to the amount aforesaid and the amount so stated, if any, shall be apportioned and paid to the agency during the then current state fiscal year. The principal amount of bonds secured by the equity reserve fund to which state funds are apportionable pursuant to this paragraph shall be limited to the total amount of bonds and notes outstanding on the effective date of this act, plus the total amount of bonds and notes contracted after the effective date of this act to finance projects in progress on the effective date of this act, as determined by the New York state public authorities control board created pursuant to section fifty of the public authorities law whose affirmative determination shall be conclusive as to all matters of law and fact solely for the purposes of the limitations contained in this paragraph, but in no event shall the total amount of bonds so secured by such a equity reserve fund or funds exceed three hundred fifteen thousand dollars, excluding bonds issued to refund such outstanding bonds until the date of redemption of such outstanding bonds. As outstanding bonds so secured are paid, the amount so secured shall be reduced accordingly but the redemption of such outstanding bonds from the proceeds of refunding bonds shall not reduce the amount so secured.
(e) In computing the amount of the equity reserve fund for the purposes of this section, securities in which all or a portion of such fund shall be invested shall be valued at par if purchased at par, or if purchased at other than par, at amortized value.
4. The agency shall create and establish a special fund (herein referred to as equity loan fund) and shall pay into such fund any monies which the agency shall transfer from the equity reserve fund pursuant to the provisions of paragraph (a) of subdivision three of this section and any monies received in payment of principal of or interest on equity loans. Such monies and any other monies paid into the equity loan fund may, in the discretion of the agency, but subject to agreements with the holders of equity bonds and equity notes be used by the agency (a) for the repayment of advances from the state in accordance with the provisions of repayment agreements between the agency and the director of the budget, (b) to reimburse the division of housing the reasonable costs of the services performed by the commissioner of housing and division of housing pursuant to section fifty-five of this article, (c) to pay all costs, expenses and charges of financing equity loans, including fees and expenses of trustees and paying agents, (d) for transfers to the equity reserve fund, (e) for the payment of the principal of and interest on equity bonds or equity notes issued by the agency when the same shall become due whether at maturity or on call for redemption and for the payment of any redemption premium required to be paid where such bonds or notes are redeemed prior to their stated maturities, and to purchase equity bonds or equity notes issued by the agency, or (f) for such other corporate purposes of the agency as the agency in its discretion shall determine and provide.
5. (a) The agency may create and establish one or more additional reserve funds to be known as debt service reserve funds and may pay into such reserve funds (1) any moneys appropriated and made available by the state for the purposes of such funds, (2) any proceeds of sale of non-profit project notes or non-profit project bonds, to the extent provided in the resolution of the agency authorizing the issuance thereof, and (3) any other moneys which may be made available to the agency for the purposes of such funds from any other source or sources. The moneys held in or credited to any debt service reserve fund established under this subdivision except as hereinafter provided, shall be used solely for the payment of the principal of non-profit project bonds of the agency secured by such reserve fund, as the same mature, required payments to any sinking fund established in a resolution of the agency for the amortization of term bonds (hereinafter referred to as "sinking fund payments"), the purchase or redemption of such non-profit project bonds of the agency, the payment of interest on such non-profit project bonds of the agency or the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity; provided, however, that moneys in any such fund shall not be withdrawn therefrom at any time in such amount as would reduce the amount of such fund to less than the maximum amount of principal, interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on the non-profit project bonds of the agency then outstanding and secured by such reserve fund, except for the purpose of paying principal and interest and sinking fund payments becoming due on the non-profit project bonds of the agency secured by such reserve fund maturing and becoming due and for the payment of which other moneys of the agency are not available. For the purposes of this subdivision five, in computing the maximum amount of principal maturing at a single future date (herein called "term bonds") in any succeeding calendar year, the principal amount of any such term bonds which are subject to mandatory redemption prior to such future date by sinking fund payments shall not be included in the computation determining the maximum amount of principal maturing in said future year. Any income or interest earned by, or increment to, any such debt service reserve fund due to the investment thereof may be transferred to any other fund or account of the agency to the extent it does not reduce the amount of such debt service reserve fund below the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on all non-profit project bonds of the agency then outstanding and secured by such reserve fund.
(b) The agency shall not issue non-profit project bonds at any time if the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in a succeeding calendar year on the non-profit project bonds outstanding and then to be issued and secured by a debt service reserve fund will exceed the amount of such reserve account at the time of issuance, unless the agency, at the time of issuance of such bonds, shall deposit in such reserve fund from the proceeds of the bonds so to be issued, or otherwise, an amount which together with the amount then in such reserve fund, will be not less than the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on the non-profit project bonds then to be issued and on all other non-profit project bonds of the agency then outstanding and secured by such reserve fund.
(c) To assure the continued operation and solvency of the agency for the carrying out of the public purposes of this article provision is made in paragraph (a) of this subdivision for the accumulation in each debt service reserve fund of an amount equal to the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on all non-profit project bonds of the agency then outstanding and secured by such reserve fund. In order further to assure the maintenance of such debt service reserve funds, there shall be annually apportioned and paid to the agency for deposit in each debt service reserve fund such sum, if any, as shall be certified by the chairman of the agency to the governor and director of the budget as necessary to restore such reserve fund to an amount equal to the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on the non-profit project bonds of the agency then outstanding and secured by such reserve fund. The chairman of the agency shall annually, on or before December first, make and deliver to the governor and director of the budget his certificate stating the sum, if any, required to restore each such debt service reserve fund to the amount aforesaid, and the sum or sums so certified, if any, shall be apportioned and paid to the agency during the then current state fiscal year. The principal amount of bonds secured by a debt service reserve fund or funds to which state funds are apportionable pursuant to this paragraph shall be limited to the total amount of bonds and notes outstanding on the effective date of this act, plus the total amount of bonds and notes contracted after the effective date of this act to finance projects in progress on the effective date of this act as determined by the New York state public authorities control board created pursuant to section fifty of the public authorities law whose affirmative determination shall be conclusive as to all matters of law and fact solely for the purpose of the limitations contained in this paragraph, but in no event shall the total amount of bonds so secured by such a debt service reserve fund or funds exceed seven hundred ninety-three million dollars, excluding bonds issued to refund such outstanding bonds until the date of redemption of such outstanding bonds. As outstanding bonds so secured are paid, the amount so secured shall be reduced accordingly but the redemption of such outstanding bonds from the proceeds of refunding bonds shall not reduce the amount so secured.
(d) In computing any debt service reserve fund for the purposes of this section, securities in which all or a portion of such reserve fund shall be invested shall be valued at par, or if purchased at less than par, at their cost to the agency.
6. (a) The agency may create and establish a special fund to be known as hospital and nursing home capital reserve fund and may pay into such reserve funds (1) any monies appropriated and made available by the state for the purposes of such funds, (2) any proceeds of sale of hospital and nursing home project notes or hospital and nursing home project bonds, to the extent provided in the resolution of the agency authorizing the issuance thereof, and (3) any other monies which may be made available to the agency for the purposes of such accounts from any other source or sources. The monies held in or credited to the capital reserve fund established under this subdivision except as hereinafter provided, shall be used solely for the payment of the principal of hospital and nursing home project bonds of the agency secured by such reserve fund, as the same mature, required payments to any sinking fund established in a resolution of the agency for the amortization of term bonds (hereinafter referred to as "sinking fund payments") the purchase or redemption of such hospital and nursing home project bonds of the agency, the payment of interest on such hospital and nursing home project bonds of the agency, or the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity; provided, however, that monies in any such fund shall not be withdrawn therefrom at any time in such amount as would reduce the amount of such fund to less than the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on the hospital and nursing home project bonds of the agency then outstanding and secured by such reserve fund, except for the purpose of paying principal, interest on hospital and nursing home project bonds of the agency secured by such reserve fund maturing and becoming due and sinking fund payments becoming due and for the payment of which other monies of the agency are not available. For the purposes of this subdivision six, in computing the maximum amount of principal maturing at a single future date (herein called "term bonds") in any succeeding calendar year, the principal amount of any such term bonds which are subject to mandatory redemption prior to such future date by sinking fund payments shall not be included in the computation determining the maximum amount of principal maturing in said future year. Any income or interest earned by, or increment to, any such hospital and nursing home capital reserve fund due to the investment thereof may be transferred to the hospital and nursing home general reserve fund or other fund of the agency, to the extent it does not reduce the amount of such hospital and nursing home capital reserve fund below the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on all hospital and nursing home project bonds of the agency then outstanding and secured by such reserve fund.
(b) The agency shall not issue hospital and nursing home project bonds and notes in an aggregate principal amount exceeding one billion nine hundred fifty million dollars excluding hospital and nursing home project bonds and hospital and nursing home project notes issued to refund outstanding hospital and nursing home project bonds and hospital and nursing home project notes, nor shall it issue hospital and nursing home project bonds at any time secured by the hospital and nursing home capital reserve fund if the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in a succeeding calendar year on the hospital and nursing home project bonds outstanding and then to be issued and secured by the hospital and nursing home capital reserve fund will exceed the amount of such reserve fund at the time of issuance, unless the agency, at the time of issuance of such bonds, shall deposit in such reserve fund from the proceeds of the bonds so to be issued, or otherwise, an amount which together with the amount then in such reserve fund, will be not less than the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on the hospital and nursing home project bonds then to be issued and on all other hospital and nursing home project bonds of the agency then outstanding and secured by such reserve fund.
(c) To assure the continued operation and solvency of the agency for the carrying out of the public purposes of this article provision is made in paragraph (a) of this subdivision for the accumulation in the hospital and nursing home capital reserve fund of an amount equal to the maximum amount of principal and interest maturing and becoming due and sinking fund payments to be made in any succeeding calendar year on all hospital and nursing home project bonds of the agency then outstanding and secured by such reserve fund. In order further to assure the maintenance of such hospital and nursing home capital reserve fund, there shall be annually apportioned and paid to the agency for deposit in such hospital and nursing home capital reserve fund such sum, if any, as shall be certified by the chairman of the agency to the governor and director of the budget as necessary to restore such reserve fund to an amount equal to the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on the hospital and nursing home project bonds of the agency then outstanding and secured by such reserve fund. The chairman of the agency shall annually, on or before December first, make and deliver to the governor and director of the budget his certificate stating the sums, if any, required to restore such hospital and nursing home capital reserve fund to the amount aforesaid, and the sums so certified, if any, shall be apportioned and paid to the agency during the then current state fiscal year. The principal amount of bonds secured by the hospital and nursing home capital reserve fund to which state funds are apportionable pursuant to this paragraph shall be limited to the total amount of bonds and notes outstanding on the effective date of this act, plus the total amount of bonds and notes contracted after the effective date of this act to finance projects on progress on the effective date of this act as determined by the New York state public authorities control board created pursuant to section fifty of the public authorities law whose affirmative determination shall be conclusive as to all matters of law and fact solely for the purposes of the limitations contained in this paragraph, but in no event shall the total amount of bonds so secured by such a capital reserve fund or funds exceed nine hundred sixteen million dollars, excluding bonds issued to refund such outstanding bonds until the date of redemption of such outstanding bonds. As outstanding bonds so secured are paid, the amount so secured shall be reduced accordingly but the redemption of such outstanding bonds from the proceeds of refunding bonds shall not reduce the amount so secured.
(d) In computing any hospital and nursing home capital reserve fund for the purposes of this section, securities in which all or a portion of such reserve fund shall be invested shall be valued at par, or if purchased at less than par, at their cost to the agency.
7. The agency shall create and establish one or more additional special funds (herein referred to as hospital and nursing home general reserve funds) and shall, to the extent provided in the applicable bond resolution of the agency authorizing the issuance of hospital and nursing home project bonds, pay into any such fund the fees and charges collected by the agency pursuant to paragraph (b) of subdivision eleven of section forty-four of this article and any monies which the agency shall transfer from the hospital and nursing home capital reserve fund pursuant to the provisions of paragraph (a) of subdivision six of this section. Such monies and any other monies paid into a hospital and nursing home general reserve fund may, in the discretion of the agency, but subject to agreements with bondholders and noteholders, be used by the agency (a) for the repayment of advances from the state in accordance with the provisions of repayment agreements between the agency and the director of the budget, (b) to reimburse the department of health the reasonable costs of the services performed by the commissioner of health and the department of health pursuant to subdivision three of section fifty-five of this article, (c) to pay all costs, expenses and charges of financing, including fees and expenses of trustees and paying agents, (d) for transfers to the hospital and nursing home capital reserve fund, (e) for the payment of principal and interest on hospital and nursing home project bonds and notes issued by the agency when the same shall become due whether at maturity or on call for redemption and for the payment of any redemption premium required to be paid where such hospital and nursing home project bonds and notes are redeemed prior to their stated maturities and to purchase hospital and nursing home project bonds or notes issued by the agency, or (f) for such other corporate purposes of the agency as the agency in its discretion shall determine and provide.
8. (a) The agency may create and establish one or more additional reserve funds to be known as health facilities reserve funds and may pay into such reserve funds (1) any monies appropriated and made available by the state for the purposes of such funds, (2) any proceeds of sale of health facilities notes or health facilities bonds, to the extent provided in the resolution of the agency authorizing the issuance thereof, and (3) any other monies which may be made available to the agency for the purposes of such funds from any other source or sources. The monies held in or credited to any health facilities reserve fund established under this subdivision, except as hereinafter provided, shall be used solely for the payment of the principal of health facilities bonds of the agency secured by such reserve fund, as the same mature, required payments to any sinking fund established in a resolution of the agency for the amortization of term bonds (hereinafter referred to as "sinking fund payments") the purchase or redemption of such health facilities bonds of the agency, the payment of interest on such health facilities bonds of the agency, or the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity; provided, however, that monies in any such fund shall not be withdrawn therefrom at any time in such amount as would reduce the amount of such fund to less than the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on the health facilities bonds of the agency then outstanding and secured by such reserve fund, except for the purpose of paying principal, interest and sinking fund payments becoming due on the health facilities bonds of the agency secured by such reserve fund maturing and becoming due and for the payment of which other monies of the agency are not available. For the purposes of this subdivision eight, in computing the maximum amount of principal maturing at a single future date (herein called "term bonds") in any succeeding calendar year, the principal amount of any such term bonds which are subject to mandatory redemption prior to such future date by sinking fund payments shall not be included in the computation determining the maximum amount of principal maturing in said future year. Any income or interest earned by, or increment to, any such health facilities reserve fund due to the investment thereof may be transferred to any other fund or account of the agency to the extent it does not reduce the amount of such health facilities reserve fund below the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on all health facilities bonds of the agency then outstanding and secured by such reserve fund.
(b) The agency shall not issue health facilities bonds at any time if the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in a succeeding calendar year on the health facilities bonds outstanding and then to be issued and secured by any health facilities reserve fund will exceed the amount of such reserve account at the time of issuance, unless the agency, at the time of issuance of such bonds, shall deposit in such reserve fund from the proceeds of the bonds so to be issued, or otherwise, an amount which together with the amount then in such reserve fund will be not less than the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on the health facilities bonds then to be issued and on all other health facilities bonds of the agency then outstanding and secured by such reserve fund.
(c) To assure the continued operation and solvency of the agency for the carrying out of the public purposes of this article, provision is made in paragraph (a) of this subdivision for the accumulation in each health facilities reserve fund of an amount equal to the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on all health facilities bonds of the agency then outstanding and secured by such reserve fund. In order further to assure the maintenance of such health facilities reserve funds, there shall be annually apportioned and paid to the agency for deposit in each health facilities reserve fund such sum, if any, as shall be certified by the chairman of the agency to the governor and director of the budget as necessary to restore such reserve fund to an amount equal to the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on the health facilities bonds of the agency then outstanding and secured by such reserve fund. The chairman of the agency shall annually, on or before December first, make and deliver to the governor and director of the budget his certificate stating the sums, if any, required to restore each such health facilities reserve fund to the amount aforesaid, and the sums so certified, if any, shall be apportioned and paid to the agency during the then current state fiscal year. The principal amount of bonds secured by a health facilities reserve fund or funds to which state funds are apportionable pursuant to this paragraph shall be limited to the total amount of bonds and notes outstanding on the effective date of this act, plus the total amount of bonds and notes contracted after the effective date of this act to finance projects in progress on the effective date of this act as determined by the New York state public authorities control board created pursuant to section fifty of the public authorities law whose affirmative determination shall be conclusive as to all matters of law and fact solely for the purposes of the limitations contained in this paragraph, but in no event shall the total amount of bonds so secured by such a reserve fund or funds exceed six hundred seventy-five million dollars, excluding bonds issued to refund such outstanding bonds until the date of redemption of such outstanding bonds. As outstanding bonds so secured are paid, the amount so secured shall be reduced accordingly but the redemption of such outstanding bonds from the proceeds of refunding bonds shall not reduce the amounts so secured.
(d) In computing any health facilities reserve fund for the purposes of this section, securities in which all or a portion of such reserve fund shall be invested shall be valued at par, or if purchased at less than par, at their cost to the agency.
9. (a) The agency may create and establish one or more additional reserve funds to be known as urban rental debt service reserve funds and may pay into such reserve funds (1) any monies appropriated and made available by the state for the purposes of such funds, (2) any proceeds of sale of urban rental project notes or urban rental project bonds, to the extent provided in the resolution of the agency authorizing the issuance thereof, and (3) any other monies which may be made available to the agency for the purposes of such funds from any other source or sources. The monies held in or credited to any urban rental debt service reserve fund established under this subdivision except as hereinafter provided, shall be used solely for the payment of the principal of urban rental project bonds of the agency secured by such reserve fund, as the same mature, required payments to any sinking fund established in a resolution of the agency for the amortization of term bonds (hereinafter referred to as "sinking fund payments"), the purchase or redemption of such urban rental project bonds of the agency, the payment of interest on such urban rental project bonds of the agency, or the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity; provided, however, that monies in any such fund shall not be withdrawn therefrom at any time in such amount as would reduce the amount of such fund to less than the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on the urban rental project bonds of the agency then outstanding and secured by such reserve fund, except for the purpose of paying principal, interest and sinking fund payments becoming due on the urban rental project bonds of the agency secured by such reserve fund maturing and becoming due and for the payment of which other monies of the agency are not available. For the purposes of this subdivision nine, in computing the maximum amount of principal maturing at a single future date (herein called "term bonds") in any succeeding calendar year, the principal amount of any such term bonds which are subject to mandatory redemption prior to such future date by sinking fund payments shall not be included in the computation determining the maximum amount of principal maturing in said future year. Any income or interest earned by, or increment to, any such urban rental debt service reserve fund due to the investment thereof may be transferred to any other fund or account of the agency to the extent it does not reduce the amount of such urban rental debt service reserve fund below the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on all urban rental project bonds of the agency then outstanding and secured by such reserve fund.
(b) The agency shall not issue urban rental project bonds at any time if the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on the urban rental project bonds outstanding and then to be issued and secured by an urban rental debt service reserve fund will exceed the amount of such reserve account at the time of issuance, unless the agency, at the time of issuance of such bonds, shall deposit in such reserve fund from the proceeds of the bonds so to be issued, or otherwise, an amount which together with the amount then in such reserve fund, will be not less than the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on the urban rental project bonds then to be issued and on all other urban rental project bonds of the agency then outstanding and secured by such reserve fund.
(c) To assure the continued operation and solvency of the agency for the carrying out of the public purposes of this article provision is made in paragraph (a) of this subdivision for the accumulation in each urban rental debt service reserve fund of an amount equal to the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on all urban rental project bonds of the agency then outstanding and secured by such reserve fund. In order further to assure the maintenance of such urban rental debt service reserve funds, there shall be annually apportioned and paid to the agency for deposit in each urban rental debt service reserve fund such sum, if any, as shall be certified by the chairman of the agency to the governor and director of the budget as necessary to restore such reserve fund to an amount equal to the maximum amount of principal and interest maturing and becoming due and sinking fund payments required to be made in any succeeding calendar year on the urban rental project bonds of the agency then outstanding and secured by such reserve fund. The chairman of the agency shall annually, on or before December first, make and deliver to the governor and director of the budget his certificate stating the sums, if any, required to restore each such urban rental debt service reserve fund to the amount aforesaid, and the sums so certified, if any, shall be apportioned and paid to the agency during the then current state fiscal year. The principal amount of bonds secured by an urban rental debt service reserve fund or funds to which state funds are apportionable pursuant to this paragraph shall be limited to the total amount of bonds and notes outstanding on the effective date of this act, plus the total amount of bonds and notes contracted after the effective date of this act to finance projects in progress on the effective date of this act as determined by the New York state public authorities control board created pursuant to section fifty of the public authorities law whose affirmative determination shall be conclusive as to all matters of law and fact solely for the purposes of the limitations contained in this paragraph, but in no event shall the total amount of bonds so secured by such a debt service reserve fund or funds exceed six hundred forty-five million dollars, excluding bonds issued to refund such outstanding bonds until the date of redemption of such outstanding bonds. As outstanding bonds so secured are paid, the amount so secured shall be reduced accordingly but the redemption of such outstanding bonds from the proceeds of refunding bonds shall not reduce the amount so secured.
(d) In computing any urban rental debt service reserve fund for the purposes of this section, securities in which all or a portion of such reserve fund shall be invested shall be valued at par if purchased at par, or if purchased at other than par, at amortized value.
10. (a) The agency may create and establish a special fund to be known as youth facilities capital reserve fund and may pay into such reserve funds (1) any monies appropriated and made available by the state for the purposes of such funds, (2) any proceeds of sale of youth facilities project notes or youth facilities project bonds, to the extent provided in the resolution of the agency authorizing the issuance thereof, and (3) any other monies which may be made available to the agency for the purposes of such accounts from any other source or sources. The monies held in or credited to the capital reserve fund established under this subdivision except as hereinafter provided, shall be used solely for the payment of principal of youth facilities project bonds of the agency secured by such reserve fund, as the same mature, the purchase of such youth facilities project bonds of the agency, the payment of interest on youth facilities project bonds of the agency, or the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity; provided, however, that monies in any such fund shall not be withdrawn therefrom at any time in such amount as would reduce the amount of such fund to less than the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on the youth facilities project bonds of the agency then outstanding and secured by such reserve fund, except for the purpose of paying principal and interest on youth facilities project bonds of the agency secured by such reserve fund maturing and becoming due and for the payment of which other monies of the agency are not available. Any income or interest earned by, or increment to, any such youth facilities capital reserve fund due to the investment thereof may be transferred to the youth facilities general reserve fund or other fund of the agency, to the extent it does not reduce the amount of such youth facilities capital reserve fund below the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on all youth facilities project bonds of the agency then outstanding and secured by such reserve fund.
(b) The agency shall not issue youth facilities project bonds and notes in an aggregate principal amount exceeding one hundred million dollars excluding youth facilities project bonds and youth facilities project notes issued to refund outstanding youth facilities project bonds and youth facilities project notes, nor shall it issue youth facilities project bonds at any time secured by the youth facilities capital reserve fund if the maximum amount of principal and interest maturing and becoming due in a succeeding calendar year on the youth facilities project bonds outstanding and then to be issued and secured by the youth facilities capital reserve fund will exceed the amount of such reserve fund at the time of issuance, unless the agency, at the time of issuance of such bonds, shall deposit in such reserve fund from the proceeds of the bonds so to be issued, or otherwise, an amount which together with the amount then in such reserve fund, will be not less than the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on the youth facilities project bonds then to be issued and on all other youth facilities project bonds of the agency then outstanding and secured by such reserve fund.
(c) To assure the continued operation and solvency of the agency for the carrying out of the public purposes of this article provision is made in paragraph (a) of this subdivision for the accumulation in the youth facilities capital reserve fund of an amount equal to the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on all youth facilities project bonds of the agency then outstanding and secured by such reserve fund. In order further to assure the maintenance of such youth facilities capital reserve fund, there shall be annually apportioned and paid to the agency for deposit in such youth facilities capital reserve fund such sum, if any, as shall be certified by the chairman of the agency to the governor and director of the budget as necessary to restore such reserve fund to an amount equal to the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on the youth facilities project bonds of the agency then outstanding and secured by such reserve fund. The chairman of the agency shall annually, on or before December first, make and deliver to the governor and director of the budget his certificate stating the sums, if any, required to restore such youth facilities capital reserve fund to the amount aforesaid, and the sums so certified, if any, shall be apportioned and paid to the agency during the then current state fiscal year. The principal amount of bonds secured by the youth facilities capital reserve fund to which state funds are apportionable pursuant to this paragraph shall be limited to the total amount of bonds and notes outstanding on the effective date of this act, plus the total amount of bonds and notes contracted after the effective date of this act to finance projects in progress on the effective date of this act as determined by the New York state public authorities control board created pursuant to section fifty of the public authorities law whose affirmative determination shall be conclusive as to all matters of law and fact solely for the purposes of the limitations contained in this paragraph, but in no event shall the total amount of bonds so secured by such a capital reserve fund exceed twenty-four million dollars, excluding bonds issued to refund such outstanding bonds until the date of redemption of such outstanding bonds. As outstanding bonds so secured are paid, the amount so secured shall be reduced accordingly but the redemption of such outstanding bonds from the proceeds of refunding bonds shall not reduce the amount so secured.
(d) In computing any youth facilities capital reserve fund for the purpose of this section, securities in which all or a portion of such reserve fund shall be invested shall be valued at par if purchased at par, or if purchased at other than par, at amortized value.
11. The agency shall create and establish a special fund (herein referred to as the youth facilities general reserve fund) and shall pay into such fund all fees and charges collected by the agency pursuant to paragraph (c) of subdivision eleven of section forty-four of this article and any monies which the agency shall transfer from the youth facilities capital reserve fund pursuant to the provisions of paragraph (a) of subdivision ten of this section. Such monies and any other monies paid into the youth facilities general reserve fund may, in the discretion of the agency, but subject to agreements with bondholders and noteholders, be used by the agency (a) for the repayment of advances from the state in accordance with the provisions of repayment agreements between the agency and the director of the budget, (b) to reimburse the department of social services the reasonable costs of the services performed by the commissioner of social services and the department of social services pursuant to subdivision four of section fifty-five of this article, (c) to pay all costs, expenses and charges of financing, including fees and expenses of trustees and paying agents, (d) for transfers to the youth facilities capital reserve fund, (e) for the payment of principal of and interest on youth facilities project bonds and notes issued by the agency when the same shall become due whether at maturity or on call for redemption and for the payment of any redemption premium required to be paid where such youth facilities project bonds and notes are redeemed prior to their stated maturities and to purchase youth facilities project bonds or notes issued by the agency, or (f) for such other corporate purposes of the agency as the agency in its discretion shall determine and provide.
12. (a) The agency may create and establish a special fund to be known as community mental health services and mental retardation services capital reserve fund and may pay into such reserve funds (1) any monies appropriated and made available by the state for the purposes of such funds, (2) any proceeds of sale of community mental health services and mental retardation services project notes or community mental health services and mental retardation services project bonds, to the extent provided in the resolution of the agency authorizing the issuance thereof, and (3) any other monies which may be made available to the agency for the purposes of such accounts from any other source or sources. The monies held in or credited to the capital reserve fund established under this subdivision except as hereinafter provided, shall be used solely for the payment of principal of community mental health services and mental retardation services project bonds of the agency secured by such reserve fund, as the same mature, the purchase of such community mental health services and mental retardation services project bonds of the agency, the payment of interest on such community mental health services and mental retardation services project bonds of the agency, or the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity; provided, however, that monies in any such fund shall not be withdrawn therefrom at any time in such amount as would reduce the amount of such fund to less than the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on the community mental health services and mental retardation services project bonds of the agency then outstanding and secured by such reserve fund, except for the purpose of paying principal and interest on community mental health services and mental retardation services project bonds of the agency secured by such reserve fund maturing and becoming due and for the payment of which other monies of the agency are not available. Any income or interest earned by, or increment to, any such community mental health services and mental retardation services capital reserve fund due to the investment thereof may be transferred to the community mental health services and mental retardation services general reserve fund or other fund of the agency, to the extent it does not reduce the amount of such community mental health services and mental retardation services capital reserve fund below the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on all community mental health services and mental retardation services project bonds of the agency then outstanding and secured by such reserve fund.
(b) The agency shall not issue community mental health services and mental retardation services project bonds and notes in an aggregate principal amount exceeding one hundred million dollars excluding community mental health services and mental retardation services project bonds and community mental health services and mental retardation services project notes issued to refund outstanding community mental health services and mental retardation services project bonds and community mental health services and mental retardation services project notes, nor shall it issue community mental health services and mental retardation services project bonds at any time secured by the community mental health services and mental retardation services capital reserve fund if the maximum amount of principal and interest maturing and becoming due in a succeeding calendar year on the community mental health services and mental retardation services project bonds outstanding and then to be issued and secured by the community mental health services and mental retardation services capital reserve fund will exceed the amount of such reserve fund at the time of issuance, unless the agency, at the time of issuance of such bonds, shall deposit in such reserve fund from the proceeds of the bonds so to be issued, or otherwise, an amount which together with the amount then in such reserve fund, will be not less than the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on the community mental health services and mental retardation services project bonds then to be issued and on all other community mental health services and mental retardation services project bonds of the agency then outstanding and secured by such reserve fund.
(c) To assure the continued operation and solvency of the agency for the carrying out of the public purposes of this article provision is made in paragraph (a) of this subdivision for the accumulation in the community mental health services and mental retardation services capital reserve fund of an amount equal to the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on all community mental health services and mental retardation services project bonds of the agency then outstanding and secured by such reserve fund. In order further to assure the maintenance of such community mental health services and mental retardation services capital reserve fund, there shall be annually apportioned and paid to the agency for deposit in such community mental health services and mental retardation services capital reserve fund such sum, if any, as shall be certified by the chairman of the agency to the governor and director of the budget as necessary to restore such reserve fund to an amount equal to the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on the community mental health services and mental retardation services project bonds of the agency then outstanding and secured by such reserve fund. The chairman of the agency shall annually, on or before December first, make and deliver to the governor and director of the budget his certificate stating the sums, if any, required to restore such community mental health services and mental retardation services capital reserve fund to the amount aforesaid, and the sums so certified, if any, shall be apportioned and paid to the agency during the then current state fiscal year. The principal amount of bonds secured by the community mental health services and mental retardation services capital reserve fund to which state funds are apportionable pursuant to this paragraph shall be limited to the total amount of bonds and notes outstanding on the effective date of this act, plus the total amount of bonds and notes contracted after the effective date of this act to finance projects in progress on the effective date of this act as determined by the New York state public authorities control board created pursuant to section fifty of the public authorities law whose affirmative determination shall be conclusive as to all matters of law and fact solely for the purposes of the limitations contained in this paragraph, but in no event shall the total amount of bonds so secured by such a capital reserve fund or funds exceed thirteen million dollars, excluding bonds issued to refund such outstanding bonds until the date of redemption of such outstanding bonds. As outstanding bonds so secured are paid, the amount so secured shall be reduced accordingly but the redemption of such outstanding bonds from the proceeds of refunding bonds shall not reduce the amount so secured.
(d) In computing any community mental health services and mental retardation services capital reserve fund for the purposes of this section, securities in which all or a portion of such reserve fund shall be invested shall be valued at par if purchased at par, or if purchased at other than par, at amortized value.
13. The agency shall create and establish a special fund (herein referred to as community mental health services and mental retardation services general reserve fund) and shall pay into such fund all fees and charges collected by the agency pursuant to paragraph (c) of subdivision eleven of section forty-four of this article and any monies which the agency shall transfer from the community mental health services and mental retardation services capital reserve fund pursuant to the provisions of paragraph (a) of subdivision ten of this section. Such monies and any other monies paid into the community mental health services and mental retardation services general reserve fund may, in the discretion of the agency, but subject to agreements with bondholders and noteholders, be used by the agency (a) for the repayment of advances from the state in accordance with the provisions of repayment agreements between the agency and the director of the budget, (b) to reimburse the department of mental hygiene the reasonable costs of the services performed by the commissioner of mental hygiene and the department of mental hygiene pursuant to subdivision four of section fifty-five of this article, including the reasonable costs of such services performed by the health and mental hygiene facilities improvement corporation upon request by the commissioner of mental hygiene pursuant to the provisions of section 75.25 of the mental hygiene law, (c) to pay all costs, expenses and charges of financing, including fees and expenses of trustees and paying agents, (d) for transfers to the community mental health services and mental retardation services capital reserve fund, (e) for the payment of principal of and interest on community mental health services and mental retardation services project bonds and notes issued by the agency when the same shall become due whether at maturity or on call for redemption and for the payment of any redemption premium required to be paid where such community mental health services and mental retardation services project bonds and notes are redeemed prior to their stated maturities and to purchase community mental health services and mental retardation services project bonds or notes issued by the agency, or (f) for such other corporate purposes of the agency as the agency in its discretion shall determine and provide.
14. (a) The agency may create and establish a special fund to be known as community senior citizens services capital reserve fund and may pay into such reserve fund (1) any moneys appropriated and made available by the state for the purposes of such fund, (2) any proceeds of sale of community senior citizens services project notes or community senior citizens services project bonds, to the extent provided in the resolution of the agency authorizing the issuance thereof, and (3) any other moneys which may be made available to the agency for the purposes of such accounts from any other source or sources. The moneys held in or credited to the capital reserve fund established under this subdivision except as hereinafter provided, shall be used solely for the payment of principal of community senior citizens services project bonds of the agency secured by such reserve fund, as the same mature, the purchase of such community senior citizens services project bonds of the agency, the payment of interest on such community senior citizens services project bonds of the agency, or the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity; provided, however, that moneys in any such fund shall not be withdrawn thereform at any time in such amount as would reduce the amount of such fund to less than the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on the community senior citizens services project bonds of the agency then outstanding and secured by such reserve fund, except for the purpose of paying principal and interest on community senior citizens services project bonds of the agency secured by such reserve fund maturing and becoming due and for the payment of which other moneys of the agency are not available. Any income or interest earned by, or increment to, any such community senior citizens services capital reserve fund due to the investment thereof may be transferred to the community senior citizens services general reserve fund or other fund of the agency, to the extent it does not reduce the amount of such community senior citizens services capital reserve fund below the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on all community senior citizens services project bonds of the agency then outstanding and secured by such reserve fund.
(b) The agency shall not issue community senior citizens services project bonds and notes in an aggregate principal amount exceeding fifty million dollars excluding community senior citizens services project bonds and community senior citizens services project notes issued to refund outstanding community senior citizens services project bonds and community senior citizens services project notes, nor shall it issue community senior citizens services project bonds at any time secured by the community senior citizens capital reserve fund if the maximum amount of principal and interest maturing and becoming due in a succeeding calendar year on the community senior citizens services project bonds outstanding and then to be issued and secured by the community senior citizens services capital reserve fund will exceed the amount of such reserve fund at the time of issuance, unless the agency, at the time of issuance of such bonds, shall deposit in such reserve fund from the proceeds of the bonds so to be issued, or otherwise, an amount which together with the amount then in such reserve fund, will be not less than the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on the community senior citizens services project bonds then to be issued and on all other community senior citizens services project bonds of the agency then outstanding and secured by such reserve fund.
(c) To assure the continued operation and solvency of the agency for the carrying out of the public purposes of this article provision is made in paragraph (a) of this subdivision for the accumulation in the community senior citizens services capital reserve fund of an amount equal to the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on all community senior citizens services project bonds of the agency then outstanding and secured by such reserve fund. In order further to assure the maintenance of such community senior citizens services capital reserve fund, there shall be annually apportioned and paid to the agency for deposit in such community senior citizens services capital reserve fund such sum, if any, as shall be certified by the chairman of the agency to the governor and director of the budget as necessary to restore such reserve fund to an amount equal to the maximum amount of principal and interest maturing and becoming due in any succeeding calendar year on the community senior citizens services project bonds of the agency then outstanding and secured by such reserve fund. The chairman of the agency shall annually, on or before December first, make and deliver to the governor and director of the budget his certificate stating the sums, if any, required to restore such community senior citizens services capital reserve fund to the amount aforesaid, and the sums so certified, if any, shall be apportioned and paid to the agency during the then current state fiscal year. The principal amount of bonds secured by the community senior citizens services capital reserve fund to which state funds are apportionable pursuant to this paragraph shall be limited to the total amount of bonds and notes outstanding on the effective date of this act, plus the total amount of bonds and notes contracted after the effective date of this act to finance projects in progress on the effective date of this act as determined by the New York state public authorities control board created pursuant to section fifty of the public authorities law whose affirmative determination shall be conclusive as to all matters of law and fact solely for the purposes of the limitations contained in this paragraph, but in no event shall the total amount of bonds so secured by such a capital reserve fund or funds exceed two million eight hundred thousand dollars, excluding bonds issued to refund such outstanding bonds until the date of redemption of such outstanding bonds. As outstanding bonds so secured are paid, the amount so secured shall be reduced accordingly but the redemption of such outstanding bonds from the proceeds of refunding bonds shall not reduce the amount so secured.
(d) In computing any community senior citizens services capital reserve fund for the purposes of this section, securities in which all or a portion of such reserve fund shall be invested shall be valued at par if purchased at par, or if purchased at other than par, at amortized value.
15. The agency shall create and establish a special fund (herein referred to as community senior citizens services general reserve fund) and shall pay into such fund all fees and charges collected by the agency pursuant to subdivision eleven-a of section forty-four of this article and any moneys which the agency shall transfer from the community senior citizens services capital reserve fund pursuant to the provisions of paragraph (a) of subdivision fourteen of this section. Such moneys and any other moneys paid into the community senior citizens services general reserve fund may, in the discretion of the agency, but subject to agreements with bondholders and noteholders, be used by the agency (a) for the repayment of advances from the state in accordance with the provisions of repayment agreements between the agency and the director of the budget, (b) to reimburse the department of social services of the state of New York for the reasonable costs of the services performed by such department pursuant to subdivision six of section fifty-five of this article, (c) to pay all costs, expenses and charges of financing, including fees and expenses of trustees and paying agents, (d) for transfers to the community senior citizens services capital reserve fund, (e) for the payment of principal of and interest on community senior citizens services project bonds and notes issued by the agency when the same shall become due whether at maturity or on call for redemption and for the payment of any redemption premium required to be paid where such community senior citizens services project bonds and notes are redeemed prior to their stated maturities and to purchase community senior citizens services project bonds or notes issued by the agency, or (f) for such other corporate purposes of the agency as it, in its discretion, shall determine and provide.
16. (a) The agency may create and establish one or more special funds to be known as community mental health services and mental retardation services capital reserve funds and may pay into such reserve funds (1) any monies appropriated and made available by the state for the purposes of such funds, (2) any proceeds of the sale of community mental health services and mental retardation services project revenue bonds or notes, to the extent provided in the resolution of the agency authorizing the issuance thereof, and (3) any other monies which may be made available to the agency for the purposes of such fund or funds from any other source or sources. The monies held in or credited to a capital reserve fund established under this subdivision, except as hereinafter provided and as provided in agreements with bondholders and noteholders, shall be used solely for the payment of principal of community mental health services and mental retardation services project revenue bonds of the agency secured by such reserve fund, as the same mature, required payments to any sinking fund established in a resolution of the agency for the amortization of term bonds (hereinafter referred to as "sinking fund payments"), the purchase of such revenue bonds of the agency, the payment of interest on such revenue bonds of the agency, or the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity. Any income or interest earned by, or increment to, any such community mental health services and mental retardation services capital reserve fund due to the investment thereof may be transferred to the agency, subject to agreements with bondholders and noteholders.
(b) In computing any community mental health services and mental retardation services capital reserve fund for the purposes of this section, securities in which all or a portion of such reserve fund shall be invested shall be valued at par if purchased at par, or if purchased at other than par, at the amortized value.
(c) The agency shall create and establish one or more special funds (herein referred to as community mental health services and mental retardation services general reserve funds) and shall to the extent provided in the applicable bond resolution of the agency authorizing the issuance of community mental services and mental retardation services project revenue bonds, pay into any such fund the fees and charges collected by the agency pursuant to paragraph (d) of subdivision eleven of section forty-four of this article and any monies which the agency shall transfer from a community mental health services and mental retardation services capital reserve fund pursuant to the provisions of paragraph (a) of this subdivision. Such monies and any other monies paid into a community mental health services and mental retardation service general reserve fund may, in the discretion of the agency, but subject to agreements with bondholders and noteholders, be used by the agency (i) for the repayment of advances from the state in accordance with the provisions of repayment agreements between the agency and the director of the budget, (ii) to reimburse the department of mental hygiene the reasonable costs of the services performed by the commissioner of mental hygiene and the department of mental hygiene pursuant to subdivision five of section fifty-five of this article, including the reasonable costs of such services performed by the facilities development corporation upon request by the commissioner of mental hygiene pursuant to the provisions of section 75.25 of the mental hygiene law, (iii) to pay all costs, expenses and charges of financing, including fees and expenses of trustees and paying agents, (iv) for transfers to a community mental health services and mental retardation services capital reserve fund, (v) for the payment of principal of and interest on community mental health services and mental retardation services project revenue bonds and notes issued by the agency when the same shall become due whether at maturity or on call for redemption and for the payment of any redemption premium required to be paid where such community mental health services and mental retardation services project revenue bonds and notes are redeemed prior to their stated maturities and to purchase community mental health services and mental retardation services revenue bonds or notes issued by the agency, or (vi) for such other corporate purposes of the agency as the agency in its discretion shall determine and provide.
Last modified: February 3, 2019