Section 3041. Funds of the corporation

The  municipal  assistance
  corporation for the city of New York shall not hereafter enter into  any
  memorandum  of  agreement with the governor of the state of New York and
  the mayor of the city of New  York,  other  than  the  agreement  to  be
  entered  into  pursuant  to  subdivision two-b of section three thousand
  thirty-three of this  title,  providing  for  the  disposition  of  such
  revenues of such corporation as may be available from time to time after
  providing for the payment of principal, interest, and redemption premium
  on  its  outstanding  bonds  and  notes,  its operating expenses and its
  commitments  under  existing  agreements,  and,  subject  to  any  other
  provision  of  law,  agreements  with  holders of its bonds or notes, or
  memoranda of agreement, and on the approval  of  the  board,  all  funds
  generated  by  future  actions  of  the corporation shall either be made
  available to the city of New York as  such  funds  become  available  or
  applied  by  the  corporation  to pay principal, interest and redemption
  premium on its outstanding obligations.
    * 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.