§ 1828. Expenses and reserve funds. 1. There shall be included in the\nfinancial information to be submitted annually by the authority pursuant\nto the provisions of section eighteen hundred twenty-nine of the public\nauthorities law, and in the annual report referred to in said section,\nitems separately showing the respective totals during the last completed\nfiscal year of the authority, of (i) all expenses of the authority\nclearly attributable to its operations under subtitle II of this title,\n(ii) all expenses of the authority clearly attributable to its\noperations under subtitle III of this title, and (iii) expenses of the\nauthority not clearly attributable to a category set forth in clauses\n(i) and (ii) of this subdivision.\n 2. To assure the continued operation and solvency of the authority for\nthe fulfillment of its corporate purposes with pollution control funds,\nprovision is made in subdivision two of section eighteen hundred twenty\nof this title for the accumulation in the pollution control capital\nreserve fund of an amount equal to the maximum amount of principal and\ninterest maturing and becoming due in any succeeding calendar year on\nall pollution control bonds of the authority then outstanding. In order\nfurther to secure such maintenance of the pollution control capital\nreserve fund, there shall be annually apportioned and paid to the\nauthority for deposit in the pollution control capital reserve fund such\nsum, if any, as shall be certified by the chairman of the authority to\nthe governor and director of the budget as necessary to restore the\npollution control capital reserve fund to an amount equal to the maximum\namount of principal and interest maturing and becoming due in any\nsucceeding calendar year on the pollution control bonds of the authority\nthen outstanding. The chairman of the authority shall annually, on or\nbefore December first, make and deliver to the governor and director of\nthe budget his certificate stating the amount, if any, required to\nrestore the pollution control capital reserve fund to the amount\naforesaid and the amount so stated in said certificate, if any, shall be\napportioned and paid to the authority during the then current state\nfiscal year. No amount or amounts shall be apportioned and paid to the\nauthority pursuant to this subdivision two until the authority has\nentered into a written agreement with the director of the budget\nproviding for the repayment thereof to the state. Any such agreement\nshall provide, in lieu of any other provisions required by law regarding\nsuch repayment, that the authority will repay the state in full from\npollution control funds the amount or amounts so apportioned and paid on\nthe date one year after all pollution control bonds and notes of the\nauthority outstanding at the date of such agreement or thereafter\nissued, together with the interest thereon, with interest on any unpaid\ninstallments of interest, and all costs and expenses in connection with\nany action or proceeding by or on behalf of the holders thereof, are\nfully met and discharged. The principal amount of bonds secured by the\npollution control capital reserve fund to which state funds are\napportionable pursuant to this subdivision shall be limited to the total\namount of bonds and notes outstanding on the effective date of this act,\nplus the total amount of bonds and notes contracted after the effective\ndate of this act to finance projects in progress on the effective date\nof this act, as determined by the New York state public authorities\ncontrol board created pursuant to section fifty of this chapter whose\naffirmative determination shall be conclusive as to all matters of law\nand fact solely for the purposes of the limitations contained in this\nsubdivision, but in no event shall the total amount of bonds so secured\nby such a capital reserve fund or funds exceed five million dollars,\nexcluding bonds issued to refund such outstanding bonds un
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.