Section 3036. 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 July 1, 1975 for the
  fiscal year ending  June  30,  1976),  the  chairman  of  the  board  of
  directors  of the corporation shall certify to the state comptroller and
  to the mayor 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  which are required to be
  deposited in the capital reserve  fund  authorized  to  be  created  and
  established  pursuant  to  subdivision three of this section during such
  fiscal year in order to  maintain  such  capital  reserve  fund  of  the
  corporation at the level required in accordance with subdivision five of
  this  section;  (ii)  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 notes and bonds secured by
  such debt service fund maturing or  otherwise  coming  due  during  such
  fiscal  year;  and  (iii)  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.  If  any  increase  shall  occur  in  the  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,  such  chairman shall certify a revised
  schedule of  cash  requirements  for  such  fiscal  year  to  the  state
  comptroller   and   to   the   mayor.  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  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, in
  accordance with such certification 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,
  including  any  amount  transferred to the municipal assistance tax fund
  from the stock transfer tax fund pursuant to subdivision four of section
  92-b 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  so  paid  to  the
  corporation  shall  be deducted from the amount otherwise payable to the
  city from the municipal  assistance  tax  fund  established  by  section
  ninety-two-d  of  the state finance law and shall not obligate the state
  to make, nor entitle the city to receive, any additional payments.
    2. Notwithstanding subdivision one  of  this  section,  prior  to  any
  transfers  from  the stock transfer tax fund to the municipal assistance
  tax  fund,  moneys,  if  any,  payable  to  any  other  public   benefit
  corporation  from  such  fund  pursuant to the provision of any law, the
  effective date of which is prior to the effective date  of  this  title,
  shall be paid in full to such other corporation.
    3.  The  corporation shall create and establish a special fund (herein
  referred to as capital reserve fund), and shall pay  into  such  capital
  reserve fund (i) any moneys appropriated and made available by the state
  for  the  purposes  of  such fund, (ii) any proceeds of sale of notes or

  bonds, to the extent provided  in  the  resolution  of  the  corporation
  authorizing  the  issuance thereof, and (iii) any other moneys which may
  be made available to the corporation 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 secured by such capital reserve fund
  of the corporation, as the same mature  or  otherwise  become  due,  the
  purchase  of  such  bonds of the corporation, the payment of interest of
  such bonds of the corporation or the payment of any  redemption  premium
  required  to  be paid when such bonds are redeemed prior to maturity. If
  the amount contained in the capital  reserve  fund  exceeds  the  amount
  required to be contained in such fund pursuant to this subdivision three
  of  this section plus any additional amounts required to be contained in
  such fund pursuant to the terms of issuance of any bonds or notes,  such
  excess  moneys  may  be  withdrawn  from the capital reserve fund by the
  corporation; provided, however, that moneys in such fund  shall  not  be
  withdrawn  therefrom  at  any  time  in such amounts as would reduce the
  amount of such fund to less than the amount of  principal  and  interest
  maturing  or  otherwise  becoming due in the succeeding calendar year on
  all bonds of the corporation secured by such capital reserve  fund  then
  outstanding,  except for the purpose of paying principal of and interest
  on such bonds of the corporation maturing or otherwise due  or  becoming
  due and for the payment of which other moneys of the corporation are not
  available.  Any  income  or  interest  earned  by,  or increment to, the
  capital reserve fund due to the investment thereof may be transferred by
  the corporation to any other fund of the corporation to  the  extent  it
  does  not reduce the amount of the capital reserve fund below the amount
  of principal and interest maturing or otherwise due or becoming  due  in
  the  succeeding calendar year on all bonds of the corporation secured by
  such capital reserve fund then outstanding.
    4. In order further to assure the maintenance of the  capital  reserve
  fund,  there  shall be annually appropriated and paid to the corporation
  for deposit in the capital reserve fund such sum, if any,  as  shall  be
  certified  by the chairman to the governor and director of the budget as
  necessary to restore the capital reserve fund to an amount equal to  the
  capital reserve fund requirement. The chairman of the board of directors
  of  the  corporation  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 the capital reserve fund to
  the amount aforesaid; and the sum or sums so certified, if any, shall be
  appropriated  and  paid to the corporation during the then current state
  fiscal year.
    5. The corporation shall not issue bonds at any time if the amount  of
  principal  and interest maturing or otherwise due or becoming due in the
  succeeding calendar year on such bonds then to  be  issued  and  on  all
  other bonds of the corporation secured by such capital reserve fund then
  outstanding   will  exceed  the  amount  of  the  capital  reserve  fund
  requirement with respect to such capital reserve fund  at  the  time  of
  issuance,  unless  the  corporation, at the time of such issuance, shall
  deposit in the capital reserve 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 amount of principal and interest
  maturing  or  otherwise  due  or becoming due in the succeeding calendar
  year on such bonds then to be issued and  on  all  other  bonds  of  the
  corporation  secured by such capital reserve fund then outstanding (such
  amount is herein sometimes referred  to  as  the  capital  reserve  fund
  requirement).   Notwithstanding   the   foregoing   provisions  of  this
  subdivision for each of the calendar years set forth below  the  capital

  reserve fund requirement, as of any date of calculation, shall equal the
  percentage  set  forth  opposite  such  calendar  year  of the amount of
  principal and interest maturing or otherwise due or becoming due  during
  such  calendar  year  on  all  bonds  of the corporation secured by such
  capital reserve fund outstanding on such date:
     Calendar Year        Percentage
   _____________        __________
       1975                 0%
       1976                 0%
       1977                25%
       1978                50%
       1979                75%
       1980               100%
    6. 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  other
  than par, at amortized value.
    7.  The  corporation shall create 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.
    8.  The fiscal year of the corporation shall be the same as the fiscal
  year of the city.
    * NB The corporation shall continue for a term  ending  the  later  of
  July  1, 2008 or one year after its liabilities have been fully paid and
  discharged per § 3033 sub 1.