§ 21.11. Special provisions relating to tax-equivalency payments. 1.\nThe trust shall use and apply in the following order the tax-equivalency\npayments it receives in respect of each combined-use facility:\n (a) the trust shall first pay the costs of administration of the trust\nallocable to such combined-use facility in accordance with generally\naccepted accounting principles consistently applied, including without\nlimitation, the costs of collecting such tax-equivalency payments, and\nestablish or maintain such reserves for the payment of such costs as the\ntrust deems necessary;\n (b) the trust shall then pay to the city, from and after the date on\nwhich the trust acquires any real property described in subdivision two\nof section 21.09 of this article or any other real property in or on\nwhich all or any part of a combined use facility is or is designed to be\ndeveloped after January first, nineteen hundred ninety-seven, as nearly\nas practicable in accordance with the applicable schedule for making\nreal property tax payments to the city with respect to such property,\nannual amounts equal to the total assessed valuation, for the fiscal\nyear of such acquisition, of any such acquired real property with\nrespect to which real property taxes were paid to the city during the\nfiscal year immediately preceding such acquisition, multiplied by the\nreal property tax rate applicable to such acquired property during each\nfiscal year in which such amounts are required to be paid; provided that\nthe amount paid by the trust pursuant to this paragraph during any\nfiscal year shall not be less than the amount paid by the trust pursuant\nto this paragraph during the immediately preceding fiscal year;\n (c) if, for any fiscal year of the city up to and including the fiscal\nyear ending ten years after the taxable status date next following the\ncompletion of construction of the non-institutional portion of such\nfacility, the amount required to be paid by the trust pursuant to\nparagraph (b) of this subdivision is less than ten per centum of the\naggregate amount of tax-equivalency payments received by the trust in\nrespect of such portion during the same fiscal year, then the trust\nshall pay to the city, in lieu of the amount required to be paid by the\ntrust pursuant to paragraph (b) of this subdivision, an amount equal to\nten per centum of the aggregate amount of such tax-equivalency payments;\n (d) the trust shall then pay to the city an amount equal to fifty per\ncentum of the increase in the amount of tax-equivalency payments\nreceived by the trust in respect of the non-institutional portion of\nsuch facility, during each fiscal year of the city following the fiscal\nyear beginning ten years after the taxable status date next following\nthe completion of construction of such portion, above the amount of the\ntax-equivalency payments received by it during the fiscal year beginning\nten years after such taxable status date, such payments to be made by\nthe trust at the end of each fiscal year of the city for which they are\nrequired to be made; to the extent that such increase has resulted from\na change in the assessed valuation or the real property tax rate applied\nto such portion;\n (e) with remaining amounts, to pay principal and interest on bonds,\nnotes and other obligations of the trust issued to finance development\nof all or any part of the institutional portion of such combined-use\nfacility, and establish or maintain reserves to pay or secure such\nbonds, notes or other obligations equal to no more than the sum required\nto be paid to such reserves so that the moneys then held in such\nreserves equal the aggregate amount of the then outstanding principal of\nsuch bonds plus any redemption premium thereon and any interest to\naccrue thereon to the earliest or subsequent date of payment or\nredemption thereof;\n (f) unless otherwise provided by a resolution of the board of estimate\nof the city, or successor
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