§ 1977-c. Reserve funds and appropriations for loans, advances and\nmortgage financing to housing companies.\n 1. Definitions.\n (a) "Revenues". All amounts received on account of fees and other\ncharges imposed by the authority for loans, advances and mortgage loans,\nif any, and all or any part of the moneys received in payment of loans,\nadvances and mortgage loans and interest thereon, including prepayments.\n (b) "Housing loan capital reserve fund requirement". The amount of\nmoney, as of any particular date of computation and with reference to\noutstanding bonds issued by the authority for the purposes of financing\nloans, advances and mortgage loans to housing companies, equal to the\ngreatest of the respective amounts for the then current or any future\nfiscal year of the authority, of annual debt service with respect to\nsuch bonds.\n For purposes of the housing loan capital reserve fund requirement,\n"annual debt service" shall mean an amount of money equal to the\naggregate of:\n (i) All interest payable during such fiscal year on all such bonds\noutstanding on said date of computation; plus,\n (ii) The principal amount of all such bonds outstanding on said date\nof computation which mature during such fiscal year; plus,\n (iii) All amounts specified in any resolution of the authority\nauthorizing any of such bonds as payable during such fiscal year as a\nsinking fund payment with respect to any of such bonds which mature\nafter such fiscal year, such sinking fund payments to be calculated on\nthe assumption that bonds will after said date of computation cease to\nbe outstanding by reason, but only by reason, of the payment of bonds\nwhen due and the payment when due and application in accordance with the\nresolution authorizing those bonds of all of such sinking fund payments\npayable at or after said date of computation.\n (c) "Operating expenses". All ordinary expenditures for operation and\nadministration of the authority in connection with its loans, advances\nand mortgage loans to housing companies.\n (d) "Amortized value". When used with respect to securities purchased\nat a premium above or a discount below par, the value as of any given\ndate obtained by dividing the total amount of the premium or discount at\nwhich such securities were purchased by the number of days remaining to\nmaturity on such securities at the time of such purchase and by\nmultiplying the amount so calculated by the number of days having passed\nsince the date of such purchase; and (a) in the case of securities\npurchased at a premium, by deducting the product thus obtained from the\npurchase price, and (b) in the case of securities purchased at a\ndiscount, by adding the product thus obtained to the purchase price.\n 2. Reserve funds. (a) In addition to the setting aside of such other\nreserves or sinking funds as it shall deem advisable and necessary, and\nthe regulation and disposition thereof, the authority may create and\nestablish one or more capital reserve funds for bonds issued by the\nauthority for the purposes of financing loans, advances and mortgage\nloans to housing companies.\n (b) The authority shall pay into each such fund: (i) any monies\nappropriated and made available by the state only for the purposes of\nsuch fund; (ii) any proceeds of the sale of any bonds issued to the\nextent provided in the resolution of the authority authorizing the\nissuance of such bonds; (iii) any moneys directed to be transferred by\nthe authority to such fund; and (iv) any other moneys made available to\nthe authority only for the purposes of such fund from any other source\nor sources.\n (c) The moneys held in or credited to each such capital reserve fund,\nexcept as hereinafter provided, shall be used solely for the payment of\nthe principal of bonds issued to finance loans, advances and mortgage\nloans to housing companies or of the sinking fund payments with respect\nto such bonds, the purchase or redemption of such bond
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