§ 20. Reserve funds and appropriations. (1) The corporation may create\nand establish one or more reserve funds to be known as debt service\nreserve funds and may pay into such reserve funds (a) any moneys\nappropriated and made available by the state for the purposes of such\nfunds, (b) any proceeds of sale of bonds and notes to the extent\nprovided in the resolution of the corporation authorizing the issuance\nthereof, and (c) any other moneys which may be made available to the\ncorporation for the purposes of such funds from any other source or\nsources. The moneys held in or credited to any debt service reserve fund\nestablished under this subdivision, except as hereinafter provided,\nshall be used solely for the payment of the principal of bonds of the\ncorporation secured by such reserve fund, as the same mature, the\npurchase of such bonds of the corporation, the payment of interest on\nsuch bonds of the corporation or the payment of any redemption premium\nrequired to be paid when such bonds are redeemed prior to maturity;\nprovided, however, that moneys in any such fund shall not be withdrawn\ntherefrom at any time in such amount as would reduce the amount of such\nfund to less than the maximum amount of principal and interest maturing\nand becoming due in any succeeding calendar year on the bonds of the\ncorporation then outstanding and secured by such reserve fund, except\nfor the purpose of paying principal and interest on the bonds of the\ncorporation secured by such reserve fund maturing and becoming due and\nfor the payment of which other moneys of the corporation are not\navailable. Any income or interest earned by, or increment to, any such\ndebt service reserve fund due to the investment thereof may be\ntransferred to any other fund or account of the corporation to the\nextent it does not reduce the amount of such debt service reserve fund\nbelow the maximum amount of principal and interest maturing and becoming\ndue in any succeeding calendar year on all bonds of the corporation then\noutstanding and secured by such reserve fund.\n (2) The corporation shall not issue bonds at any time if the maximum\namount of principal and interest maturing and becoming due in a\nsucceeding calendar year on the bonds outstanding and then to be issued\nand secured by a debt service reserve fund will exceed the amount of\nsuch reserve fund at the time of issuance, unless the corporation, at\nthe time of issuance of such bonds, shall deposit in such reserve fund\nfrom the proceeds of the bonds so to be issued, or otherwise, an amount\nwhich together with the amount then in such reserve fund, will be not\nless than the maximum amount of principal and interest maturing and\nbecoming due in any succeeding calendar year on the bonds then to be\nissued and on all other bonds of the corporation then outstanding and\nsecured by such reserve fund.\n (3) To assure the continued operation and solvency of the corporation\nfor the carrying out of the public purposes of this act provision is\nmade in subdivision one of this section for the accumulation in each\ndebt service reserve fund of an amount equal to the maximum amount of\nprincipal and interest maturing and becoming due in any succeeding\ncalendar year on all bonds of the corporation then outstanding and\nsecured by such reserve fund. In order further to assure the maintenance\nof such debt service reserve funds, there shall be annually apportioned\nand paid to the corporation for deposit in each debt service reserve\nfund such sum, if any, as shall be certified by the chairman of the\ncorporation to the governor and state director of the budget as\nnecessary to restore such 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 bonds of the corporation then\noutstanding and secured by such reserve fund. The chairman of the\ncorporation shall annually, on or before December first, make an
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