* § 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.