* § 9-a. Establishment and application of a general debt service fund.\n1. Commencing on the first day of the first full fiscal quarter\nsubsequent to the first sale of a federally guaranteed city obligation,\nthe city shall establish a general debt service fund for the purpose of\npaying debt service due or becoming due in the then current fiscal year\nand in subsequent fiscal years. All monies in the fund shall be held by\nthe comptroller, who shall administer and maintain the fund in\naccordance with the provisions of this section.\n 2. All payments of or on account of real estate taxes or assessments,\nother than the proceeds of tax anticipation notes, shall be immediately\nupon receipt deposited in such fund. The comptroller shall retain,\ndisburse and apply monies in the fund during each month as follows:\n a. During the first month of each fiscal quarter, there shall be\nretained in the fund, subject to the provisions of subdivision three of\nthis section, all real estate tax payments deposited in the fund until\nthere shall have been retained from monies so deposited during such\nmonth an amount equal to the total monthly debt service, computed as of\nthe date of any disbursement of money from the fund, for the second and\nthird months of such fiscal quarter; provided that such amount shall be\nreduced by any amount already on deposit in the fund which may be used\nto pay the monthly debt service for such months.\n For purposes of this section, fiscal quarter shall mean the\nthree-month period beginning July first, October first, January first or\nApril first, and monthly debt service shall mean, as of any date of\ncomputation, the amount of monies equal to the aggregate of (i) all\ninterest payable during such month on bonds and notes of the city, plus\n(ii) the amount of principal (including payments into sinking funds)\nmaturing or otherwise coming due during such month on all bonds of the\ncity (excluding principal payments made from sinking funds required by\nthe terms of certain city bonds), plus (iii) the amount of principal to\nbe paid on notes of the city during such month from sources other than\nthe proceeds of bonds or renewal notes (exclusive of revenue\nanticipation notes and tax anticipation notes or renewals thereof issued\nless than two years prior to the date of computation).\n b. During the second and third months of each fiscal quarter, there\nshall be retained in the fund, subject to the provisions of subdivision\nthree of this section, all real estate tax payments deposited in the\nfund until there shall have been retained from monies so deposited\nduring such month an amount equal to the total monthly debt service,\ncomputed as of the date of any disbursement of monies from the fund, for\nthe first month of the next succeeding fiscal quarter; provided that\nsuch amount shall be reduced by any amount already on deposit in the\nfund which may be used to pay the monthly debt service for such month.\n c. During any month of a fiscal quarter, after the retentions required\nby paragraphs a and b of this subdivision have been made for such month,\nthe comptroller shall deposit any remaining balance of real estate taxes\nreceived during such month, first into the TAN debt service account to\nthe extent required under subdivision six of this section, and second\ninto the board fund to be applied in accordance with procedures of the\nboard.\n d. The city may at any time pay into the fund any monies required by\nlaw to be used to pay monthly debt service and any other monies\navailable for such purpose.\n 3. The board may approve, subject to agreements made with the holders\nor guarantors of outstanding notes or bonds issued by or for the benefit\nof the city after the effective date of this act, criteria for\ncalculating a proportion of real estate tax receipts to be retained in\nthe fund in order to provide for the retention of amounts required by\nthe provisions of subdivision two of this section
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