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This entry was published on 2014-09-22
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SECTION 1270
Reserve funds and appropriations
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 11
§ 1270. Reserve funds and appropriations. The authority may create and
establish one or more reserve funds in accordance with agreements with
bondholders, noteholders or the holders of other obligations of the
authority and may pay into such reserve funds (a) any monies
appropriated and made available by the state for the purposes of such
funds, (b) any proceeds of sale of notes, bonds or other obligations to
the extent provided in the resolution of the authority authorizing the
issuance thereof, and (c) any other monies which may be made available
to the authority for the purpose of such funds from any other source or
sources. In lieu thereof, the authority may provide for the deposit
therein of, or substitute for moneys on deposit therein, a liquidity or
credit facility, surety bond or other similar agreement.