State Codes and Statutes

Statutes > New-york > Pvh > Article-3 > 47

§ 47. Reserve funds and appropriations. 1. (a) The agency shall create  and  establish  a  special  fund  (herein referred to as capital reserve  fund), and shall pay into such  capital  reserve  fund  (1)  any  monies  appropriated  and  made  available by the state for the purposes of such  fund, (2) any proceeds of sale  of  notes  or  bonds  other  than  state  university  construction  notes  or state university construction bonds,  equity notes or equity bonds, non-profit  project  notes  or  non-profit  project  bonds,  hospital and nursing home project notes or hospital and  nursing home project bonds, urban rental project notes or  urban  rental  project bonds, health facilities notes or health facilities bonds, youth  facilities  project  notes  or youth facilities project bonds, community  mental health services and mental retardation services project notes  or  community mental health services and mental retardation services project  bonds,  community  senior  citizens  services project notes or community  senior citizens services project bonds, mental hygiene improvement notes  or mental hygiene improvement bonds and revenue housing bonds, and bonds  and notes for  the  housing  program  to  the  extent  provided  in  the  resolution  of  the agency authorizing the issuance thereof, and (3) any  other moneys which may be made available to the agency for  the  purpose  of  such  fund  from any other source or sources. All moneys held in the  capital reserve fund, except as  hereinafter  provided,  shall  be  used  solely  for  the  payment  of the principal of bonds of the agency other  than state  university  construction  bonds,  equity  bonds,  non-profit  project  bonds,  hospital  and  nursing home project bonds, urban rental  project bonds, health facilities bonds, youth facilities project  bonds,  community mental health services and mental retardation services project  bonds,  community senior citizens services project bonds, mental hygiene  improvement bonds and revenue housing bonds, and bonds and notes for the  housing program as the same mature, required  payments  to  any  sinking  fund  established  in a resolution of the agency for the amortization of  term bonds (hereinafter referred to as  "sinking  fund  payments"),  the  purchase  or  redemption  of  bonds  of  the  agency  other  than  state  university construction bonds, equity bonds, non-profit  project  bonds,  hospital  and  nursing  home  project bonds, urban rental project bonds,  health facilities  bonds,  youth  facilities  project  bonds,  community  mental  health  services  and mental retardation services project bonds,  community  senior  citizens  services  project  bonds,  mental   hygiene  improvement bonds and revenue housing bonds, and bonds and notes for the  housing  program  the payment of interest on such bonds of the agency or  the payment of any redemption premium required  to  be  paid  when  such  bonds  are redeemed prior to maturity; provided, however, that monies in  such fund shall not be withdrawn therefrom at any time in such amount as  would reduce the amount of such fund to less than the maximum amount  of  principal  and  interest  maturing  and  becoming  due  and sinking fund  payments required to be made in any  succeeding  calendar  year  on  all  bonds  of  the  agency  then  outstanding  other  than  state university  construction bonds, equity bonds, non-profit project bonds, hospital and  nursing  home  project  bonds,  urban  rental  project   bonds,   health  facilities  bonds,  youth  facilities  project  bonds,  community mental  health services and mental retardation services project bonds, community  senior citizens services project bonds, mental hygiene improvement bonds  and revenue housing bonds and bonds and notes for the  housing  program,  except for the purpose of paying principal of, interest and sinking fund  payments  becoming due on such bonds of the agency maturing and becoming  due and for the payment of which other moneys  of  the  agency  are  not  available.  For  the  purposes of this subdivision one, in computing the  maximum amount of principal maturing at a  single  future  date  (herein  called  "term  bonds")  in  any  succeeding calendar year, the principalamount of any such term bonds which are subject to mandatory  redemption  prior to such future date by sinking fund payments shall not be included  in  the computation determining the maximum amount of principal maturing  in  said future year. Any income or interest earned by, or increment to,  the  capital  reserve  fund  due  to  the  investment  thereof  may   be  transferred  by  the agency to the general reserve fund or other fund of  the agency to the extent it does not reduce the amount  of  the  capital  reserve fund below the maximum amount of principal and interest maturing  and  becoming  due  and sinking fund payments required to be made in any  succeeding  calendar  year  on  all  such  bonds  of  the  agency   then  outstanding  other  than  state  university  construction  bonds, equity  bonds, non-profit project  bonds,  hospital  and  nursing  home  project  bonds,  urban  rental  project  bonds,  health  facilities  bonds, youth  facilities project bonds, community mental health  services  and  mental  retardation  services  project bonds, community senior citizens services  project bonds, mental hygiene  improvement  bonds  and  revenue  housing  bonds and bonds and notes for the housing program.    (b)  The  agency  shall  not  issue  bonds other than state university  construction bonds, equity bonds, non-profit project bonds, hospital and  nursing  home  project  bonds,  urban  rental  project   bonds,   health  facilities  bonds,  youth  facilities  project  bonds,  community mental  health services and mental retardation services project bonds, community  senior citizens services project bonds, mental hygiene improvement bonds  and revenue housing bonds and bonds and notes for the housing program at  any time secured by the capital reserve fund if the  maximum  amount  of  principal  and  interest  maturing  and  becoming  due  and sinking fund  payments required to be made in a succeeding calendar year on such bonds  then to be issued and on all other bonds of the agency then  outstanding  other than state university construction bonds, equity bonds, non-profit  project  bonds,  hospital  and  nursing home project bonds, urban rental  project bonds, health facilities bonds, youth facilities project  bonds,  community mental health services and mental retardation services project  bonds,  community senior citizens services project bonds, mental hygiene  improvement bonds and revenue housing bonds and bonds and notes for  the  housing  program  will  exceed the amount of the capital reserve fund at  the time of issuance unless the agency, at the time of issuance of  such  bonds,  shall  deposit in such fund from the proceeds of the bonds so to  be issued, or otherwise, an amount which, together with the amount  then  in  such fund, will be not less than the maximum amount of principal and  interest maturing and becoming due and sinking fund payments required to  be made in any succeeding calendar year on such bonds then to be  issued  and  on  all other bonds of the agency then outstanding other than state  university construction bonds, equity bonds, non-profit  project  bonds,  hospital  and  nursing  home  project bonds, urban rental project bonds,  health facilities  bonds,  youth  facilities  project  bonds,  community  mental  health  services  and mental retardation services project bonds,  community  senior  citizens  services  project  bonds,  mental   hygiene  improvement  bonds and revenue housing bonds and bonds and notes for the  housing program.    (c) The agency shall not  issue  bonds  and  notes  other  than  state  university  construction  bonds and state university construction notes,  hospital and nursing home project bonds and hospital  and  nursing  home  project  notes,  health  facilities  bonds  and health facilities notes,  youth facilities project  bonds  and  youth  facilities  project  notes,  community mental health services and mental retardation services project  bonds  and  community  mental  health  services  and  mental retardation  services project notes, community senior citizens services project notes  or community senior citizens services project bonds and  mental  hygieneimprovement  bonds  and  mental  hygiene improvement notes and bonds and  notes for the housing program for any of its corporate  purposes  in  an  aggregate  principal amount exceeding fifteen billion two hundred eighty  million  dollars, excluding bonds and notes issued to refund outstanding  bonds and notes.    (d) To assure the continued operation and solvency of the  agency  for  the  carrying  out  of the public purposes of this article, provision is  made in paragraph (a) of this subdivision for the  accumulation  in  the  capital  reserve  fund  of  an  amount  equal  to  the maximum amount of  principal and interest  maturing  and  becoming  due  and  sinking  fund  payments  required  to  be  made  in any succeeding calendar year on all  bonds of  the  agency  then  outstanding  other  than  state  university  construction bonds, equity bonds, non-profit project bonds, hospital and  nursing   home   project  bonds,  urban  rental  project  bonds,  health  facilities bonds,  youth  facilities  project  bonds,  community  mental  health services and mental retardation services project bonds, community  senior citizens services project bonds, mental hygiene improvement bonds  and  revenue  housing bonds and bonds and notes for the housing program.  In order further to assure such maintenance of the capital reserve fund,  there shall be annually apportioned and paid to the agency  for  deposit  in  the  capital reserve fund such sum, if any, as shall be certified by  the chairman of the agency to the governor and director of the budget as  necessary to restore the capital reserve fund to an amount equal to  the  maximum  amount  of principal and interest maturing and becoming due and  sinking fund payments required to be made  in  any  succeeding  calendar  year  on  the  bonds  of  the  agency  then outstanding other than state  university construction bonds, equity bonds, non-profit  project  bonds,  hospital  and  nursing  home  project bonds, urban rental project bonds,  health facilities  bonds,  youth  facilities  project  bonds,  community  mental  health  services  and mental retardation services project bonds,  community  senior  citizens  services  project  bonds,  mental   hygiene  improvement  bonds and revenue housing bonds and bonds and notes for the  housing program.   The chairman of the  agency  shall  annually,  on  or  before  December first, make and deliver to the governor and director of  the budget his certificate stating  the  amount,  if  any,  required  to  restore  the capital reserve fund to the amount aforesaid and the amount  so stated, if any, shall be apportioned and paid to  the  agency  during  the  then  current  state  fiscal  year.  The  principal amount of bonds  secured  by  the  capital  reserve  fund  to  which  state   funds   are  apportionable  pursuant  to this paragraph shall be limited to the total  amount of bonds and notes outstanding on the effective date of this act,  plus the total amount of bonds and notes contracted after the  effective  date  of  this act to finance projects in progress on the effective date  of this act as determined by  the  New  York  state  public  authorities  control   board   created  pursuant  to  section  fifty  of  the  public  authorities law whose affirmative determination shall be  conclusive  as  to  all  matters  of  law  and  fact  solely  for  the  purposes  of the  limitations contained in this paragraph, but in no event shall the total  amount of bonds so secured by such  a  capital  reserve  fund  or  funds  exceed  three  hundred  thirty-eight  million  dollars,  excluding bonds  issued to refund such outstanding bonds until the date of redemption  of  such  outstanding  bonds.  As outstanding bonds so secured are paid, the  amount so secured shall be reduced accordingly  but  the  redemption  of  such  outstanding  bonds  from the proceeds of refunding bonds shall not  reduce the amount so secured.    (e) In computing the amount  of  the  capital  reserve  fund  for  the  purposes  of  this section, securities in which all or a portion of suchfund shall be invested shall be valued at par or if  purchased  at  less  than par, at their cost to the agency.    2.  The  agency  shall  create  and  establish  a special fund (herein  referred to as general reserve fund) and shall pay into  such  fund  all  fees  and  charges  collected by the agency pursuant to paragraph (a) of  subdivision eleven of section forty-four of this article, or  otherwise,  other  than  fees and charges collected in connection with the making of  mortgage loans (or commitments therefor) to mutual companies, non-profit  companies, urban rental companies or community development corporations,  and any monies which the agency shall transfer from the capital  reserve  fund  pursuant  to the provisions of paragraph (a) of subdivision one of  this section. Such monies and any other monies  paid  into  the  general  reserve  fund  may,  in  the  discretion  of  the  agency but subject to  agreements with bondholders and noteholders, be used by the  agency  (a)  for  the  repayment  of  advances  from the state in accordance with the  provisions of repayment agreements between the agency and  the  director  of  the  budget,  (b) to reimburse the division of housing and community  renewal  the  reasonable  costs  of  the  services  performed   by   the  commissioner  of  housing  and community renewal and division of housing  and community renewal pursuant to section fifty-five  of  this  article,  (c)  to pay all costs, expenses and charges of financing, including fees  and expenses of trustees and paying agents, (d)  for  transfers  to  the  capital  reserve  fund,  (e)  for  the  payment  of the principal of and  interest on bonds or notes  other  than  state  university  construction  bonds  or  state  university  construction notes, equity bonds or equity  notes, non-profit project bonds or non-profit  project  notes,  hospital  and  nursing  home  project  bonds  or hospital and nursing home project  notes, urban rental project bonds or urban rental project notes,  health  facilities  bonds  or  health facilities notes, youth facilities project  bonds  or  youth  facilities  project  notes,  community  mental  health  services  and  mental  retardation  services  project bonds or community  mental health services and mental retardation  services  project  notes,  community  senior  citizens  services  project notes or community senior  citizens services project bonds, mental  hygiene  improvement  bonds  or  mental hygiene improvement notes and revenue housing bonds and bonds and  notes  for  the housing program issued by the agency when the same shall  become due whether at maturity or on call for  redemption  and  for  the  payment  of  any redemption premium required to be paid where such bonds  or notes are redeemed prior to their stated maturities, and to  purchase  bonds  or  notes other than state university construction bonds or state  university construction notes, equity bonds or equity notes,  non-profit  project  bonds  or  non-profit  project notes, hospital and nursing home  project bonds or hospital and nursing home project notes,  urban  rental  project  bonds or urban rental project notes, health facilities bonds or  health  facilities  notes,  youth  facilities  project  bonds  or  youth  facilities  project  notes,  community mental health services and mental  retardation services project bonds or community mental  health  services  and mental retardation services project notes, community senior citizens  services  project  notes  or  community senior citizens services project  bonds, mental hygiene improvement bonds or  mental  hygiene  improvement  notes  and  revenue  housing  bonds  and bonds and notes for the housing  program issued by the agency, or (f) for such other  corporate  purposes  of  the  agency  as  the  agency  in  its discretion shall determine and  provide.    3. (a) The agency shall create and establish a  special  fund  (herein  referred  to  as  equity  reserve  fund), and shall pay into such equity  reserve fund (1) any monies appropriated and made available by the state  for the purposes of such fund, (2) any proceeds of sale of equity  notesor  equity bonds, to the extent provided in the resolution of the agency  authorizing the issuance thereof, and (3) any other monies which may  be  made available to the agency for the purpose of such fund from any other  source or sources. All moneys held in the equity reserve fund, except as  hereinafter  provided,  shall  be  used  solely  for  the payment of the  principal of equity bonds  of  the  agency,  as  the  same  mature,  the  purchase  of  equity  bonds  of  the  agency, the payment of interest on  equity bonds of the agency or the  payment  of  any  redemption  premium  required  to  be  paid  when  such bonds are redeemed prior to maturity;  provided, however, that moneys in  such  fund  shall  not  be  withdrawn  therefrom  at any time in such amount as would reduce the amount of such  fund to less than the maximum amount of principal and interest  maturing  and  becoming due in any succeeding calendar year on all equity bonds of  the agency then outstanding, except for the purpose of paying  principal  and interest on equity bonds of the agency maturing and becoming due and  for  the  payment of which other monies of the agency are not available.  Any income or interest earned by, or increment to,  the  equity  reserve  fund due to the investment thereof may be transferred to the equity loan  fund  or  other  fund of the agency to the extent it does not reduce the  amount of the equity reserve fund below the maximum amount of  principal  and  interest  maturing and becoming due in any succeeding calendar year  on all equity bonds of the agency then outstanding.    (b) The agency shall not issue equity bonds at any time secured by the  equity reserve fund if the maximum  amount  of  principal  and  interest  maturing  and  becoming  due in a succeeding calendar year on the equity  bonds then to be issued and on all other equity bonds of the agency then  outstanding will exceed the amount of the equity  reserve  fund  at  the  time  of  issuance,  unless  the agency, at the time of issuance of such  bonds, shall deposit in such fund from the proceeds of the bonds  so  to  be  issued,  or otherwise, an amount which together with the amount then  in such fund, will be not less than the maximum amount of principal  and  interest  maturing  and  becoming due in any succeeding calendar year on  the equity bonds then to be issued and on all other equity bonds of  the  agency then outstanding.    (c)  The  agency  shall  not issue equity bonds and equity notes in an  aggregate principal amount exceeding fifty  million  dollars,  excluding  equity  bonds  and  notes  issued to refund outstanding equity bonds and  notes.    (d) To assure the continued operation and solvency of the  agency  for  the  carrying  out  of the public purposes of this article, provision is  made in paragraph (a) of this subdivision for the  accumulation  in  the  equity  reserve  fund  of  an  amount  equal  to  the  maximum amount of  principal and interest maturing  and  becoming  due  in  any  succeeding  calendar  year  on  all  equity bonds of the agency then outstanding. In  order further to assure such maintenance of  the  equity  reserve  fund,  there  shall  be annually apportioned and paid to the agency for deposit  in the equity reserve fund such sum, if any, as shall  be  certified  by  the chairman of the agency to the governor and director of the budget as  necessary  to  restore the equity reserve fund to an amount equal to the  maximum amount of principal and interest maturing and  becoming  due  in  any  succeeding  calendar  year  on  the equity bonds of the agency then  outstanding. The chairman of the agency shall  annually,  on  or  before  December  first,  make  and  deliver to the governor and director of the  budget his certificate stating the amount, if any, required  to  restore  the  equity  reserve  fund  to  the  amount  aforesaid and the amount so  stated, if any, shall be apportioned and paid to the agency  during  the  then current state fiscal year. The principal amount of bonds secured by  the  equity reserve fund to which state funds are apportionable pursuantto this paragraph shall be limited to the  total  amount  of  bonds  and  notes  outstanding  on  the  effective  date of this act, plus the total  amount of bonds and notes contracted after the effective  date  of  this  act  to  finance projects in progress on the effective date of this act,  as determined by the New York state  public  authorities  control  board  created  pursuant  to  section fifty of the public authorities law whose  affirmative determination shall be conclusive as to all matters  of  law  and  fact  solely  for the purposes of the limitations contained in this  paragraph, but in no event shall the total amount of bonds so secured by  such a equity  reserve  fund  or  funds  exceed  three  hundred  fifteen  thousand  dollars,  excluding  bonds  issued  to refund such outstanding  bonds until the  date  of  redemption  of  such  outstanding  bonds.  As  outstanding  bonds  so  secured are paid, the amount so secured shall be  reduced accordingly but the redemption of such  outstanding  bonds  from  the proceeds of refunding bonds shall not reduce the amount so secured.    (e)  In  computing  the  amount  of  the  equity  reserve fund for the  purposes of this section, securities in which all or a portion  of  such  fund shall be invested shall be valued at par if purchased at par, or if  purchased at other than par, at amortized value.    4.  The  agency  shall  create  and  establish  a special fund (herein  referred to as equity loan fund) and shall pay into such fund any monies  which the agency shall transfer from the equity reserve fund pursuant to  the provisions of paragraph (a) of subdivision three of this section and  any monies received in payment of principal of  or  interest  on  equity  loans.   Such monies and any other monies paid into the equity loan fund  may, in the discretion of the agency, but subject to agreements with the  holders of equity bonds and equity notes be used by the agency  (a)  for  the  repayment  of  advances  from  the  state  in  accordance  with the  provisions of repayment agreements between the agency and  the  director  of  the  budget, (b) to reimburse the division of housing the reasonable  costs of the services performed  by  the  commissioner  of  housing  and  division  of housing pursuant to section fifty-five of this article, (c)  to pay all costs,  expenses  and  charges  of  financing  equity  loans,  including  fees  and  expenses  of  trustees  and paying agents, (d) for  transfers to the equity  reserve  fund,  (e)  for  the  payment  of  the  principal  of and interest on equity bonds or equity notes issued by the  agency when the same shall become due whether at maturity or on call for  redemption and for the payment of any redemption premium required to  be  paid  where  such  bonds  or  notes  are  redeemed prior to their stated  maturities, and to purchase equity bonds or equity notes issued  by  the  agency,  or  (f)  for such other corporate purposes of the agency as the  agency in its discretion shall determine and provide.    5. (a) The agency may create and  establish  one  or  more  additional  reserve funds to be known as debt service reserve funds and may pay into  such reserve funds (1) any moneys appropriated and made available by the  state  for  the  purposes  of  such  funds,  (2) any proceeds of sale of  non-profit project notes or non-profit  project  bonds,  to  the  extent  provided  in  the  resolution  of  the  agency  authorizing the issuance  thereof, and (3) any other moneys which may be  made  available  to  the  agency  for the purposes of such funds from any other source or sources.  The moneys held  in  or  credited  to  any  debt  service  reserve  fund  established under this subdivision except as hereinafter provided, shall  be  used  solely  for the payment of the principal of non-profit project  bonds of the agency secured by such reserve fund, as  the  same  mature,  required payments to any sinking fund established in a resolution of the  agency  for  the  amortization of term bonds (hereinafter referred to as  "sinking fund payments"), the purchase or redemption of such  non-profit  project  bonds of the agency, the payment of interest on such non-profitproject bonds of the agency or the payment  of  any  redemption  premium  required  to  be  paid  when  such bonds are redeemed prior to maturity;  provided, however, that moneys in any such fund shall not  be  withdrawn  therefrom  at any time in such amount as would reduce the amount of such  fund to less than the maximum amount of principal, interest maturing and  becoming due and sinking fund  payments  required  to  be  made  in  any  succeeding  calendar  year on the non-profit project bonds of the agency  then outstanding and secured  by  such  reserve  fund,  except  for  the  purpose  of  paying  principal  and  interest  and sinking fund payments  becoming due on the non-profit project bonds of the  agency  secured  by  such reserve fund maturing and becoming due and for the payment of which  other  moneys  of the agency are not available. For the purposes of this  subdivision five, in computing the maximum amount of principal  maturing  at  a  single future date (herein called "term bonds") in any succeeding  calendar year, the principal amount of any such  term  bonds  which  are  subject  to  mandatory  redemption  prior to such future date by sinking  fund payments shall not be included in the computation  determining  the  maximum  amount of principal maturing in said future year. Any income or  interest earned by, or increment to, any such debt service reserve  fund  due  to  the  investment thereof may be transferred to any other fund or  account of the agency to the extent it does not  reduce  the  amount  of  such debt service reserve fund below the maximum amount of principal and  interest maturing and becoming due and sinking fund payments required to  be  made in any succeeding calendar year on all non-profit project bonds  of the agency then outstanding and secured by such reserve fund.    (b) The agency shall not issue non-profit project bonds at any time if  the maximum amount of principal and interest maturing and  becoming  due  and  sinking  fund payments required to be made in a succeeding calendar  year on the non-profit project bonds outstanding and then to  be  issued  and  secured  by  a  debt service reserve fund will exceed the amount of  such reserve account at the time of issuance, unless the agency, at  the  time  of issuance of such bonds, shall deposit in such reserve fund from  the proceeds of the bonds so to be issued, or otherwise, an amount which  together with the amount then in such reserve fund,  will  be  not  less  than  the maximum amount of principal and interest maturing and becoming  due and sinking fund payments required to  be  made  in  any  succeeding  calendar  year  on the non-profit project bonds then to be issued and on  all other non-profit project bonds of the agency  then  outstanding  and  secured by such reserve fund.    (c)  To  assure the continued operation and solvency of the agency for  the carrying out of the public purposes of  this  article  provision  is  made  in  paragraph (a) of this subdivision for the accumulation in each  debt service reserve fund of an amount equal to the  maximum  amount  of  principal  and  interest  maturing  and  becoming  due  and sinking fund  payments required to be made in any  succeeding  calendar  year  on  all  non-profit  project  bonds of the agency then outstanding and secured by  such reserve fund. In order further to assure the  maintenance  of  such  debt service reserve funds, there shall be annually apportioned and paid  to the agency for deposit in each debt service reserve fund such sum, if  any, as shall be certified by the chairman of the agency to the governor  and  director of the budget as necessary to restore such reserve fund to  an amount equal to the maximum amount of principal and interest maturing  and becoming due and sinking fund payments required to be  made  in  any  succeeding  calendar  year on the non-profit project bonds of the agency  then outstanding and secured by such reserve fund. The chairman  of  the  agency  shall annually, on or before December first, make and deliver to  the governor and director of the budget his certificate stating the sum,  if any, required to restore each such debt service reserve fund  to  theamount  aforesaid,  and  the  sum or sums so certified, if any, shall be  apportioned and paid to the agency during the then current state  fiscal  year.  The  principal  amount of bonds secured by a debt service reserve  fund  or  funds  to which state funds are apportionable pursuant to this  paragraph shall be limited to  the  total  amount  of  bonds  and  notes  outstanding  on the effective date of this act, plus the total amount of  bonds and notes contracted after the  effective  date  of  this  act  to  finance  projects  in  progress  on  the  effective  date of this act as  determined by the  New  York  state  public  authorities  control  board  created  pursuant  to  section fifty of the public authorities law whose  affirmative determination shall be conclusive as to all matters  of  law  and  fact  solely  for  the purpose of the limitations contained in this  paragraph, but in no event shall the total amount of bonds so secured by  such  a  debt  service  reserve  fund  or  funds  exceed  seven  hundred  ninety-three  million  dollars,  excluding  bonds  issued to refund such  outstanding bonds until the  date  of  redemption  of  such  outstanding  bonds.  As  outstanding bonds so secured are paid, the amount so secured  shall be reduced accordingly but  the  redemption  of  such  outstanding  bonds  from  the proceeds of refunding bonds shall not reduce the amount  so secured.    (d) In computing any debt service reserve fund  for  the  purposes  of  this  section, securities in which all or a portion of such reserve fund  shall be invested shall be valued at par, or if purchased at  less  than  par, at their cost to the agency.    6.  (a) The agency may create and establish a special fund to be known  as hospital and nursing home capital reserve fund and may pay into  such  reserve  funds  (1)  any  monies  appropriated and made available by the  state for the purposes of such  funds,  (2)  any  proceeds  of  sale  of  hospital  and  nursing  home  project notes or hospital and nursing home  project bonds, to the extent provided in the resolution  of  the  agency  authorizing  the issuance thereof, and (3) any other monies which may be  made available to the agency for the purposes of such accounts from  any  other  source  or sources. The monies held in or credited to the capital  reserve fund established under this subdivision  except  as  hereinafter  provided,  shall  be  used  solely  for  the payment of the principal of  hospital and nursing home project bonds of the agency  secured  by  such  reserve  fund, as the same mature, required payments to any sinking fund  established in a resolution of the agency for the amortization  of  term  bonds  (hereinafter referred to as "sinking fund payments") the purchase  or redemption of such hospital and nursing home  project  bonds  of  the  agency,  the  payment  of  interest  on  such  hospital and nursing home  project bonds of the agency, or the payment of  any  redemption  premium  required  to  be  paid  when  such bonds are redeemed prior to maturity;  provided, however, that monies in any such fund shall not  be  withdrawn  therefrom  at any time in such amount as would reduce the amount of such  fund to less than the maximum amount of principal and interest  maturing  and  becoming  due  and sinking fund payments required to be made in any  succeeding calendar year on the hospital and nursing home project  bonds  of  the agency then outstanding and secured by such reserve fund, except  for the purpose of paying principal, interest on  hospital  and  nursing  home  project  bonds of the agency secured by such reserve fund maturing  and becoming due and sinking fund payments  becoming  due  and  for  the  payment  of  which other monies of the agency are not available. For the  purposes of this subdivision six, in computing  the  maximum  amount  of  principal  maturing at a single future date (herein called "term bonds")  in any succeeding calendar year, the principal amount of any  such  term  bonds  which  are  subject  to mandatory redemption prior to such future  date by sinking fund payments shall not be included in  the  computationdetermining  the  maximum  amount  of  principal maturing in said future  year. Any income or interest  earned  by,  or  increment  to,  any  such  hospital  and  nursing  home  capital reserve fund due to the investment  thereof  may  be  transferred  to  the hospital and nursing home general  reserve fund or other fund of the agency, to  the  extent  it  does  not  reduce the amount of such hospital and nursing home capital reserve fund  below the maximum amount of principal and interest maturing and becoming  due  and  sinking  fund  payments  required to be made in any succeeding  calendar year on all hospital and nursing  home  project  bonds  of  the  agency then outstanding and secured by such reserve fund.    (b) The agency shall not issue hospital and nursing home project bonds  and  notes  in  an aggregate principal amount exceeding one billion nine  hundred fifty  million  dollars  excluding  hospital  and  nursing  home  project  bonds  and  hospital  and  nursing home project notes issued to  refund outstanding hospital and nursing home project bonds and  hospital  and  nursing home project notes, nor shall it issue hospital and nursing  home project bonds at any time secured by the hospital and nursing  home  capital  reserve  fund  if  the maximum amount of principal and interest  maturing and becoming due and sinking fund payments required to be  made  in  a  succeeding calendar year on the hospital and nursing home project  bonds outstanding and then to be issued and secured by the hospital  and  nursing home capital reserve fund will exceed the amount of such reserve  fund at the time of issuance, unless the agency, at the time of issuance  of  such  bonds, shall deposit in such reserve fund from the proceeds of  the bonds so to be issued, or otherwise, an amount which  together  with  the  amount then in such reserve fund, will be not less than the maximum  amount of principal and interest maturing and becoming due  and  sinking  fund payments required to be made in any succeeding calendar year on the  hospital  and  nursing  home  project bonds then to be issued and on all  other hospital and  nursing  home  project  bonds  of  the  agency  then  outstanding and secured by such reserve fund.    (c)  To  assure the continued operation and solvency of the agency for  the carrying out of the public purposes of  this  article  provision  is  made  in  paragraph  (a) of this subdivision for the accumulation in the  hospital and nursing home capital reserve fund of an amount equal to the  maximum amount of principal and interest maturing and becoming  due  and  sinking  fund payments to be made in any succeeding calendar year on all  hospital and nursing home project bonds of the agency  then  outstanding  and  secured  by  such  reserve  fund.  In  order  further to assure the  maintenance of such hospital and  nursing  home  capital  reserve  fund,  there  shall  be annually apportioned and paid to the agency for deposit  in such hospital and nursing home capital reserve fund such sum, if any,  as shall be certified by the chairman of the agency to the governor  and  director  of  the budget as necessary to restore such reserve fund to an  amount equal to the maximum amount of principal  and  interest  maturing  and  becoming  due  and sinking fund payments required to be made in any  succeeding calendar year on the hospital and nursing home project  bonds  of  the  agency  then  outstanding and secured by such reserve fund. The  chairman of the agency shall annually, on or before December first, make  and deliver to the governor and director of the budget  his  certificate  stating  the sums, if any, required to restore such hospital and nursing  home capital reserve fund to the  amount  aforesaid,  and  the  sums  so  certified,  if  any,  shall be apportioned and paid to the agency during  the then current state  fiscal  year.  The  principal  amount  of  bonds  secured  by  the hospital and nursing home capital reserve fund to which  state funds are  apportionable  pursuant  to  this  paragraph  shall  be  limited  to  the  total  amount  of  bonds  and notes outstanding on the  effective date of this act, plus the total amount  of  bonds  and  notescontracted  after  the effective date of this act to finance projects on  progress on the effective date of this act as determined by the New York  state public authorities control board created pursuant to section fifty  of  the  public authorities law whose affirmative determination shall be  conclusive as to all matters of law and fact solely for the purposes  of  the  limitations  contained in this paragraph, but in no event shall the  total amount of bonds so secured by such a capital reserve fund or funds  exceed nine hundred sixteen million dollars, excluding bonds  issued  to  refund  such  outstanding  bonds  until  the  date of redemption of such  outstanding bonds. As outstanding bonds so secured are paid, the  amount  so  secured  shall  be  reduced  accordingly  but the redemption of such  outstanding bonds from the proceeds of refunding bonds shall not  reduce  the amount so secured.    (d)  In  computing  any hospital and nursing home capital reserve fund  for the purposes of this section, securities in which all or  a  portion  of  such  reserve  fund  shall be invested shall be valued at par, or if  purchased at less than par, at their cost to the agency.    7. The agency shall  create  and  establish  one  or  more  additional  special  funds  (herein referred to as hospital and nursing home general  reserve funds) and shall, to the extent provided in the applicable  bond  resolution  of  the  agency  authorizing  the  issuance  of hospital and  nursing home project bonds, pay into any such fund the fees and  charges  collected  by the agency pursuant to paragraph (b) of subdivision eleven  of section forty-four of this article and any monies  which  the  agency  shall  transfer  from the hospital and nursing home capital reserve fund  pursuant to the provisions of paragraph (a) of subdivision six  of  this  section.  Such  monies  and  any  other  monies paid into a hospital and  nursing home general reserve fund may, in the discretion of the  agency,  but  subject  to agreements with bondholders and noteholders, be used by  the agency  (a)  for  the  repayment  of  advances  from  the  state  in  accordance  with  the  provisions  of  repayment  agreements between the  agency and the director of the budget, (b) to reimburse  the  department  of  health  the  reasonable  costs  of  the  services  performed  by the  commissioner  of  health  and  the  department  of  health  pursuant  to  subdivision  three of section fifty-five of this article, (c) to pay all  costs, expenses and charges of financing, including fees and expenses of  trustees and paying agents,  (d)  for  transfers  to  the  hospital  and  nursing  home capital reserve fund, (e) for the payment of principal and  interest on hospital and nursing home project bonds and notes issued  by  the agency when the same shall become due whether at maturity or on call  for redemption and for the payment of any redemption premium required to  be paid where such hospital and nursing home project bonds and notes are  redeemed  prior  to their stated maturities and to purchase hospital and  nursing home project bonds or notes issued by the  agency,  or  (f)  for  such  other  corporate  purposes  of  the  agency  as  the agency in its  discretion shall determine and provide.    8. (a) The agency may create and  establish  one  or  more  additional  reserve funds to be known as health facilities reserve funds and may pay  into  such  reserve funds (1) any monies appropriated and made available  by the state for the purposes of such funds, (2) any proceeds of sale of  health facilities notes  or  health  facilities  bonds,  to  the  extent  provided  in  the  resolution  of  the  agency  authorizing the issuance  thereof, and (3) any other monies which may be  made  available  to  the  agency  for the purposes of such funds from any other source or sources.  The monies held in or credited to any  health  facilities  reserve  fund  established  under  this  subdivision,  except  as hereinafter provided,  shall be used  solely  for  the  payment  of  the  principal  of  health  facilities bonds of the agency secured by such reserve fund, as the samemature,   required  payments  to  any  sinking  fund  established  in  a  resolution of the agency for the amortization of term bonds (hereinafter  referred to as "sinking fund payments") the purchase  or  redemption  of  such  health  facilities bonds of the agency, the payment of interest on  such health facilities bonds of  the  agency,  or  the  payment  of  any  redemption  premium  required  to  be  paid when such bonds are redeemed  prior to maturity; provided, however, that monies in any such fund shall  not be withdrawn therefrom at any time in such amount  as  would  reduce  the amount of such fund to less than the maximum amount of principal and  interest maturing and becoming due and sinking fund payments required to  be  made  in any succeeding calendar year on the health facilities bonds  of the agency then outstanding and secured by such reserve fund,  except  for  the purpose of paying principal, interest and sinking fund payments  becoming due on the health facilities bonds of  the  agency  secured  by  such reserve fund maturing and becoming due and for the payment of which  other  monies  of the agency are not available. For the purposes of this  subdivision eight, in computing the maximum amount of principal maturing  at a single future date (herein called "term bonds") in  any  succeeding  calendar  year,  the  principal  amount of any such term bonds which are  subject to mandatory redemption prior to such  future  date  by  sinking  fund  payments  shall not be included in the computation determining the  maximum amount of principal maturing in said future year. Any income  or  interest  earned by, or increment to, any such health facilities reserve  fund due to the investment thereof may be transferred to any other  fund  or  account of the agency to the extent it does not reduce the amount of  such  health  facilities  reserve  fund  below  the  maximum  amount  of  principal  and  interest  maturing  and  becoming  due  and sinking fund  payments required to be made in any  succeeding  calendar  year  on  all  health  facilities  bonds  of the agency then outstanding and secured by  such reserve fund.    (b) The agency shall not issue health facilities bonds at any time  if  the  maximum  amount of principal and interest maturing and becoming due  and sinking fund payments required to be made in a  succeeding  calendar  year  on  the  health facilities bonds outstanding and then to be issued  and secured by any health facilities reserve fund will exceed the amount  of such reserve account at the time of issuance, unless the  agency,  at  the  time  of issuance of such bonds, shall deposit in such reserve fund  from the proceeds of the bonds so to be issued, or otherwise, an  amount  which  together  with  the  amount then in such reserve fund will be not  less than the maximum amount of  principal  and  interest  maturing  and  becoming  due  and  sinking  fund  payments  required  to be made in any  succeeding calendar year on the  health  facilities  bonds  then  to  be  issued  and  on  all  other  health  facilities bonds of the agency then  outstanding and secured by such reserve fund.    (c) To assure the continued operation and solvency of the  agency  for  the  carrying  out  of the public purposes of this article, provision is  made in paragraph (a) of this subdivision for the accumulation  in  each  health  facilities reserve fund of an amount equal to the maximum amount  of principal and interest maturing and becoming  due  and  sinking  fund  payments  required  to  be  made  in any succeeding calendar year on all  health facilities bonds of the agency then outstanding  and  secured  by  such  reserve  fund.  In order further to assure the maintenance of such  health facilities reserve funds, there shall be annually apportioned and  paid to the agency for deposit in each health  facilities  reserve  fund  such sum, if any, as shall be certified by the chairman of the agency to  the  governor  and  director  of the budget as necessary to restore such  reserve fund to an amount equal to the maximum amount of  principal  and  interest maturing and becoming due and sinking fund payments required tobe  made  in any succeeding calendar year on the health facilities bonds  of the agency then outstanding and secured by  such  reserve  fund.  The  chairman of the agency shall annually, on or before December first, make  and  deliver  to the governor and director of the budget his certificate  stating  the  sums,  if  any,  required  to  restore  each  such  health  facilities  reserve  fund  to  the  amount  aforesaid,  and  the sums so  certified, if any, shall be apportioned and paid to  the  agency  during  the  then  current  state  fiscal  year.  The  principal amount of bonds  secured by a health facilities reserve fund  or  funds  to  which  state  funds  are  apportionable pursuant to this paragraph shall be limited to  the total amount of bonds and notes outstanding on the effective date of  this act, plus the total amount of bonds and notes contracted after  the  effective  date  of  this  act  to  finance  projects in progress on the  effective date of this act as determined by the New  York  state  public  authorities  control  board  created  pursuant  to  section fifty of the  public  authorities  law  whose  affirmative  determination   shall   be  conclusive  as to all matters of law and fact solely for the purposes of  the limitations contained in this paragraph, but in no event  shall  the  total  amount of bonds so secured by such a reserve fund or funds exceed  six hundred seventy-five million  dollars,  excluding  bonds  issued  to  refund  such  outstanding  bonds  until  the  date of redemption of such  outstanding bonds. As outstanding bonds so secured are paid, the  amount  so  secured  shall  be  reduced  accordingly  but the redemption of such  outstanding bonds from the proceeds of refunding bonds shall not  reduce  the amounts so secured.    (d)  In  computing any health facilities reserve fund for the purposes  of this section, securities in which all or a portion  of  such  reserve  fund  shall  be invested shall be valued at par, or if purchased at less  than par, at their cost to the agency.    9. (a) The agency may create and  establish  one  or  more  additional  reserve funds to be known as urban rental debt service reserve funds and  may  pay  into  such  reserve funds (1) any monies appropriated and made  available by the state for the purposes of such funds, (2) any  proceeds  of  sale of urban rental project notes or urban rental project bonds, to  the extent provided in the resolution  of  the  agency  authorizing  the  issuance  thereof,  and (3) any other monies which may be made available  to the agency for the purposes of such funds from any  other  source  or  sources. The monies held in or credited to any urban rental debt service  reserve  fund  established  under this subdivision except as hereinafter  provided, shall be used solely for the payment of the principal of urban  rental project bonds of the agency secured by such reserve fund, as  the  same  mature,  required  payments  to  any sinking fund established in a  resolution of the agency for the amortization of term bonds (hereinafter  referred to as "sinking fund payments"), the purchase or  redemption  of  such  urban  rental project bonds of the agency, the payment of interest  on such urban rental project bonds of the agency, or the payment of  any  redemption  premium  required  to  be  paid when such bonds are redeemed  prior to maturity; provided, however, that monies in any such fund shall  not be withdrawn therefrom at any time in such amount  as  would  reduce  the amount of such fund to less than the maximum amount of principal and  interest maturing and becoming due and sinking fund payments required to  be  made  in  any  succeeding  calendar year on the urban rental project  bonds of the agency then outstanding and secured by such  reserve  fund,  except  for  the  purpose of paying principal, interest and sinking fund  payments becoming due on the urban rental project bonds  of  the  agency  secured  by  such  reserve  fund  maturing  and becoming due and for the  payment of which other monies of the agency are not available.  For  the  purposes  of  this  subdivision nine, in computing the maximum amount ofprincipal maturing at a single future date (herein called "term  bonds")  in  any  succeeding calendar year, the principal amount of any such term  bonds which are subject to mandatory redemption  prior  to  such  future  date  by  sinking fund payments shall not be included in the computation  determining the maximum amount of  principal  maturing  in  said  future  year.  Any income or interest earned by, or increment to, any such urban  rental debt service reserve fund due to the investment  thereof  may  be  transferred  to any other fund or account of the agency to the extent it  does not reduce the amount of such urban  rental  debt  service  reserve  fund  below  the  maximum  amount of principal and interest maturing and  becoming due and sinking fund  payments  required  to  be  made  in  any  succeeding calendar year on all urban rental project bonds of the agency  then outstanding and secured by such reserve fund.    (b)  The agency shall not issue urban rental project bonds at any time  if the maximum amount of principal and interest  maturing  and  becoming  due  and  sinking  fund  payments  required to be made in any succeeding  calendar year on the urban rental project bonds outstanding and then  to  be  issued and secured by an urban rental debt service reserve fund will  exceed the amount of such reserve  account  at  the  time  of  issuance,  unless  the agency, at the time of issuance of such bonds, shall deposit  in such reserve fund from the proceeds of the bonds so to be issued,  or  otherwise, an amount which together with the amount then in such reserve  fund, will be not less than the maximum amount of principal and interest  maturing  and becoming due and sinking fund payments required to be made  in any succeeding calendar year on the urban rental project  bonds  then  to  be  issued and on all other urban rental project bonds of the agency  then outstanding and secured by such reserve fund.    (c) To assure the continued operation and solvency of the  agency  for  the  carrying  out  of  the public purposes of this article provision is  made in paragraph (a) of this subdivision for the accumulation  in  each  urban rental debt service reserve fund of an amount equal to the maximum  amount  of  principal and interest maturing and becoming due and sinking  fund payments required to be made in any succeeding calendar year on all  urban rental project bonds of the agency then outstanding and secured by  such reserve fund. In order further to assure the  maintenance  of  such  urban  rental  debt  service  reserve  funds,  there  shall  be annually  apportioned and paid to the agency for deposit in each urban rental debt  service reserve fund such sum, if any, as  shall  be  certified  by  the  chairman  of  the  agency  to the governor and director of the budget as  necessary to restore such reserve fund to an amount equal to the maximum  amount of principal and interest maturing and becoming due  and  sinking  fund payments required to be made in any succeeding calendar year on the  urban rental project bonds of the agency then outstanding and secured by  such  reserve  fund.  The  chairman  of the agency shall annually, on or  before December first, make and deliver to the governor and director  of  the budget his certificate stating the sums, if any, required to restore  each  such  urban  rental  debt  service  reserve  fund  to  the  amount  aforesaid, and the sums so certified, if any, shall be  apportioned  and  paid  to  the  agency  during  the  then  current state fiscal year. The  principal amount of bonds  secured  by  an  urban  rental  debt  service  reserve fund or funds to which state funds are apportionable pursuant to  this  paragraph  shall be limited to the total amount of bonds and notes  outstanding on the effective date of this act, plus the total amount  of  bonds  and  notes  contracted  after  the  effective date of this act to  finance projects in progress on  the  effective  date  of  this  act  as  determined  by  the  New  York  state  public  authorities control board  created pursuant to section fifty of the public  authorities  law  whose  affirmative  determination  shall be conclusive as to all matters of lawand fact solely for the purposes of the limitations  contained  in  this  paragraph, but in no event shall the total amount of bonds so secured by  such  a debt service reserve fund or funds exceed six hundred forty-five  million dollars, excluding bonds issued to refund such outstanding bonds  until  the  date of redemption of such outstanding bonds. As outstanding  bonds so secured are paid,  the  amount  so  secured  shall  be  reduced  accordingly  but  the  redemption  of  such  outstanding  bonds from the  proceeds of refunding bonds shall not reduce the amount so secured.    (d) In computing any urban rental debt service reserve  fund  for  the  purposes  of  this section, securities in which all or a portion of such  reserve fund shall be invested shall be valued at par  if  purchased  at  par, or if purchased at other than par, at amortized value.    10. (a) The agency may create and establish a special fund to be known  as  youth  facilities capital reserve fund and may pay into such reserve  funds (1) any monies appropriated and made available by  the  state  for  the purposes of such funds, (2) any proceeds of sale of youth facilities  project  notes or youth facilities project bonds, to the extent provided  in the resolution of the agency authorizing the  issuance  thereof,  and  (3)  any  other monies which may be made available to the agency for the  purposes of such accounts from any other source or sources.  The  monies  held  in  or credited to the capital reserve fund established under this  subdivision except as hereinafter provided, shall be used solely for the  payment of principal of youth facilities project  bonds  of  the  agency  secured  by  such reserve fund, as the same mature, the purchase of such  youth facilities project bonds of the agency, the payment of interest on  youth facilities project bonds of the agency,  or  the  payment  of  any  redemption  premium  required  to  be  paid when such bonds are redeemed  prior to maturity; provided, however, that monies in any such fund shall  not be withdrawn therefrom at any time in such amount  as  would  reduce  the amount of such fund to less than the maximum amount of principal and  interest  maturing  and  becoming due in any succeeding calendar year on  the youth facilities project bonds of the agency  then  outstanding  and  secured by such reserve fund, except for the purpose of paying principal  and  interest on youth facilities project bonds of the agency secured by  such reserve fund maturing and becoming due and for the payment of which  other monies of the agency are not available.  Any  income  or  interest  earned  by,  or  increment to, any such youth facilities capital reserve  fund due to the investment thereof  may  be  transferred  to  the  youth  facilities  general  reserve  fund  or  other fund of the agency, to the  extent it does not reduce the amount of such  youth  facilities  capital  reserve fund below the maximum amount of principal and interest maturing  and becoming due in any succeeding calendar year on all youth facilities  project bonds of the agency then outstanding and secured by such reserve  fund.    (b)  The  agency  shall  not  issue youth facilities project bonds and  notes in an aggregate principal amount  exceeding  one  hundred  million  dollars  excluding  youth  facilities project bonds and youth facilities  project notes issued to  refund  outstanding  youth  facilities  project  bonds  and  youth  facilities  project  notes,  nor shall it issue youth  facilities project bonds at any time secured  by  the  youth  facilities  capital  reserve  fund  if  the maximum amount of principal and interest  maturing and becoming due in a succeeding calendar  year  on  the  youth  facilities  project  bonds outstanding and then to be issued and secured  by the youth facilities capital reserve fund will exceed the  amount  of  such  reserve  fund  at  the time of issuance, unless the agency, at the  time of issuance of such bonds, shall deposit in such reserve fund  from  the proceeds of the bonds so to be issued, or otherwise, an amount which  together  with  the  amount  then in such reserve fund, will be not lessthan the maximum amount of principal and interest maturing and  becoming  due  in  any  succeeding  calendar  year on the youth facilities project  bonds then to be issued and on all other youth facilities project  bonds  of the agency then outstanding and secured by such reserve fund.    (c)  To  assure the continued operation and solvency of the agency for  the carrying out of the public purposes of  this  article  provision  is  made  in  paragraph  (a) of this subdivision for the accumulation in the  youth facilities capital reserve fund of an amount equal to the  maximum  amount  of  principal  and  interest  maturing  and  becoming due in any  succeeding calendar year on all youth facilities project  bonds  of  the  agency  then  outstanding  and  secured  by  such reserve fund. In order  further to assure the  maintenance  of  such  youth  facilities  capital  reserve fund, there shall be annually apportioned and paid to the agency  for  deposit  in such youth facilities capital reserve fund such sum, if  any, as shall be certified by the chairman of the agency to the governor  and director of the budget as necessary to restore such reserve fund  to  an amount equal to the maximum amount of principal and interest maturing  and becoming due in any succeeding calendar year on the youth facilities  project bonds of the agency then outstanding and secured by such reserve  fund.   The chairman of the agency shall annually, on or before December  first, make and deliver to the governor and director of the  budget  his  certificate  stating  the  sums,  if any, required to restore such youth  facilities capital reserve fund to the amount aforesaid, and the sums so  certified, if any, shall be apportioned and paid to  the  agency  during  the  then  current  state  fiscal  year.  The  principal amount of bonds  secured by the youth facilities capital  reserve  fund  to  which  state  funds  are  apportionable pursuant to this paragraph shall be limited to  the total amount of bonds and notes outstanding on the effective date of  this act, plus the total amount of bonds and notes contracted after  the  effective  date  of  this  act  to  finance  projects in progress on the  effective date of this act as determined by the New  York  state  public  authorities  control  board  created  pursuant  to  section fifty of the  public  authorities  law  whose  affirmative  determination   shall   be  conclusive  as to all matters of law and fact solely for the purposes of  the limitations contained in this paragraph, but in no event  shall  the  total  amount  of bonds so secured by such a capital reserve fund exceed  twenty-four million dollars,  excluding  bonds  issued  to  refund  such  outstanding  bonds  until  the  date  of  redemption of such outstanding  bonds. As outstanding bonds so secured are paid, the amount  so  secured  shall  be  reduced  accordingly  but  the redemption of such outstanding  bonds from the proceeds of refunding bonds shall not reduce  the  amount  so secured.    (d)  In  computing  any  youth facilities capital reserve fund for the  purpose of this section, securities in which all or a  portion  of  such  reserve  fund  shall  be invested shall be valued at par if purchased at  par, or if purchased at other than par, at amortized value.    11. The agency shall create  and  establish  a  special  fund  (herein  referred  to as the youth facilities general reserve fund) and shall pay  into such fund all fees and charges collected by the agency pursuant  to  paragraph  (c)  of  subdivision  eleven  of  section  forty-four of this  article and any monies which the agency shall transfer  from  the  youth  facilities  capital reserve fund pursuant to the provisions of paragraph  (a) of subdivision ten of this section. Such monies and any other monies  paid into  the  youth  facilities  general  reserve  fund  may,  in  the  discretion of the agency, but subject to agreements with bondholders and  noteholders,  be  used  by  the agency (a) for the repayment of advances  from the state in accordance with the provisions of repayment agreements  between the agency and the director of the budget, (b) to reimburse  thedepartment  of  social  services  the  reasonable  costs of the services  performed by the commissioner of social services and the  department  of  social  services  pursuant  to subdivision four of section fifty-five of  this  article,  (c) to pay all costs, expenses and charges of financing,  including fees and expenses of  trustees  and  paying  agents,  (d)  for  transfers  to  the  youth  facilities  capital reserve fund, (e) for the  payment of principal of and interest on youth facilities  project  bonds  and notes issued by the agency when the same shall become due whether at  maturity or on call for redemption and for the payment of any redemption  premium  required  to  be paid where such youth facilities project bonds  and notes are redeemed prior to their stated maturities and to  purchase  youth facilities project bonds or notes issued by the agency, or (f) for  such  other  corporate  purposes  of  the  agency  as  the agency in its  discretion shall determine and provide.    12. (a) The agency may create and establish a special fund to be known  as community mental health  services  and  mental  retardation  services  capital  reserve fund and may pay into such reserve funds (1) any monies  appropriated and made available by the state for the  purposes  of  such  funds,  (2) any proceeds of sale of community mental health services and  mental retardation services project notes  or  community  mental  health  services  and  mental  retardation services project bonds, to the extent  provided in the  resolution  of  the  agency  authorizing  the  issuance  thereof,  and  (3)  any  other monies which may be made available to the  agency for the purposes of  such  accounts  from  any  other  source  or  sources.  The  monies  held  in  or credited to the capital reserve fund  established under this subdivision except as hereinafter provided, shall  be used solely for the payment of principal of community  mental  health  services  and  mental  retardation  services project bonds of the agency  secured by such reserve fund, as the same mature, the purchase  of  such  community mental health services and mental retardation services project  bonds  of  the  agency, the payment of interest on such community mental  health services and mental retardation services  project  bonds  of  the  agency,  or  the  payment  of any red	
	
	
	
	

State Codes and Statutes

Statutes > New-york > Pvh > Article-3 > 47

§ 47. Reserve funds and appropriations. 1. (a) The agency shall create  and  establish  a  special  fund  (herein referred to as capital reserve  fund), and shall pay into such  capital  reserve  fund  (1)  any  monies  appropriated  and  made  available by the state for the purposes of such  fund, (2) any proceeds of sale  of  notes  or  bonds  other  than  state  university  construction  notes  or state university construction bonds,  equity notes or equity bonds, non-profit  project  notes  or  non-profit  project  bonds,  hospital and nursing home project notes or hospital and  nursing home project bonds, urban rental project notes or  urban  rental  project bonds, health facilities notes or health facilities bonds, youth  facilities  project  notes  or youth facilities project bonds, community  mental health services and mental retardation services project notes  or  community mental health services and mental retardation services project  bonds,  community  senior  citizens  services project notes or community  senior citizens services project bonds, mental hygiene improvement notes  or mental hygiene improvement bonds and revenue housing bonds, and bonds  and notes for  the  housing  program  to  the  extent  provided  in  the  resolution  of  the agency authorizing the issuance thereof, and (3) any  other moneys which may be made available to the agency for  the  purpose  of  such  fund  from any other source or sources. All moneys held in the  capital reserve fund, except as  hereinafter  provided,  shall  be  used  solely  for  the  payment  of the principal of bonds of the agency other  than state  university  construction  bonds,  equity  bonds,  non-profit  project  bonds,  hospital  and  nursing home project bonds, urban rental  project bonds, health facilities bonds, youth facilities project  bonds,  community mental health services and mental retardation services project  bonds,  community senior citizens services project bonds, mental hygiene  improvement bonds and revenue housing bonds, and bonds and notes for the  housing program as the same mature, required  payments  to  any  sinking  fund  established  in a resolution of the agency for the amortization of  term bonds (hereinafter referred to as  "sinking  fund  payments"),  the  purchase  or  redemption  of  bonds  of  the  agency  other  than  state  university construction bonds, equity bonds, non-profit  project  bonds,  hospital  and  nursing  home  project bonds, urban rental project bonds,  health facilities  bonds,  youth  facilities  project  bonds,  community  mental  health  services  and mental retardation services project bonds,  community  senior  citizens  services  project  bonds,  mental   hygiene  improvement bonds and revenue housing bonds, and bonds and notes for the  housing  program  the payment of interest on such bonds of the agency or  the payment of any redemption premium required  to  be  paid  when  such  bonds  are redeemed prior to maturity; provided, however, that monies in  such fund shall not be withdrawn therefrom at any time in such amount as  would reduce the amount of such fund to less than the maximum amount  of  principal  and  interest  maturing  and  becoming  due  and sinking fund  payments required to be made in any  succeeding  calendar  year  on  all  bonds  of  the  agency  then  outstanding  other  than  state university  construction bonds, equity bonds, non-profit project bonds, hospital and  nursing  home  project  bonds,  urban  rental  project   bonds,   health  facilities  bonds,  youth  facilities  project  bonds,  community mental  health services and mental retardation services project bonds, community  senior citizens services project bonds, mental hygiene improvement bonds  and revenue housing bonds and bonds and notes for the  housing  program,  except for the purpose of paying principal of, interest and sinking fund  payments  becoming due on such bonds of the agency maturing and becoming  due and for the payment of which other moneys  of  the  agency  are  not  available.  For  the  purposes of this subdivision one, in computing the  maximum amount of principal maturing at a  single  future  date  (herein  called  "term  bonds")  in  any  succeeding calendar year, the principalamount of any such term bonds which are subject to mandatory  redemption  prior to such future date by sinking fund payments shall not be included  in  the computation determining the maximum amount of principal maturing  in  said future year. Any income or interest earned by, or increment to,  the  capital  reserve  fund  due  to  the  investment  thereof  may   be  transferred  by  the agency to the general reserve fund or other fund of  the agency to the extent it does not reduce the amount  of  the  capital  reserve fund below the maximum amount of principal and interest maturing  and  becoming  due  and sinking fund payments required to be made in any  succeeding  calendar  year  on  all  such  bonds  of  the  agency   then  outstanding  other  than  state  university  construction  bonds, equity  bonds, non-profit project  bonds,  hospital  and  nursing  home  project  bonds,  urban  rental  project  bonds,  health  facilities  bonds, youth  facilities project bonds, community mental health  services  and  mental  retardation  services  project bonds, community senior citizens services  project bonds, mental hygiene  improvement  bonds  and  revenue  housing  bonds and bonds and notes for the housing program.    (b)  The  agency  shall  not  issue  bonds other than state university  construction bonds, equity bonds, non-profit project bonds, hospital and  nursing  home  project  bonds,  urban  rental  project   bonds,   health  facilities  bonds,  youth  facilities  project  bonds,  community mental  health services and mental retardation services project bonds, community  senior citizens services project bonds, mental hygiene improvement bonds  and revenue housing bonds and bonds and notes for the housing program at  any time secured by the capital reserve fund if the  maximum  amount  of  principal  and  interest  maturing  and  becoming  due  and sinking fund  payments required to be made in a succeeding calendar year on such bonds  then to be issued and on all other bonds of the agency then  outstanding  other than state university construction bonds, equity bonds, non-profit  project  bonds,  hospital  and  nursing home project bonds, urban rental  project bonds, health facilities bonds, youth facilities project  bonds,  community mental health services and mental retardation services project  bonds,  community senior citizens services project bonds, mental hygiene  improvement bonds and revenue housing bonds and bonds and notes for  the  housing  program  will  exceed the amount of the capital reserve fund at  the time of issuance unless the agency, at the time of issuance of  such  bonds,  shall  deposit in such fund from the proceeds of the bonds so to  be issued, or otherwise, an amount which, together with the amount  then  in  such fund, will be not less than the maximum amount of principal and  interest maturing and becoming due and sinking fund payments required to  be made in any succeeding calendar year on such bonds then to be  issued  and  on  all other bonds of the agency then outstanding other than state  university construction bonds, equity bonds, non-profit  project  bonds,  hospital  and  nursing  home  project bonds, urban rental project bonds,  health facilities  bonds,  youth  facilities  project  bonds,  community  mental  health  services  and mental retardation services project bonds,  community  senior  citizens  services  project  bonds,  mental   hygiene  improvement  bonds and revenue housing bonds and bonds and notes for the  housing program.    (c) The agency shall not  issue  bonds  and  notes  other  than  state  university  construction  bonds and state university construction notes,  hospital and nursing home project bonds and hospital  and  nursing  home  project  notes,  health  facilities  bonds  and health facilities notes,  youth facilities project  bonds  and  youth  facilities  project  notes,  community mental health services and mental retardation services project  bonds  and  community  mental  health  services  and  mental retardation  services project notes, community senior citizens services project notes  or community senior citizens services project bonds and  mental  hygieneimprovement  bonds  and  mental  hygiene improvement notes and bonds and  notes for the housing program for any of its corporate  purposes  in  an  aggregate  principal amount exceeding fifteen billion two hundred eighty  million  dollars, excluding bonds and notes issued to refund outstanding  bonds and notes.    (d) To assure the continued operation and solvency of the  agency  for  the  carrying  out  of the public purposes of this article, provision is  made in paragraph (a) of this subdivision for the  accumulation  in  the  capital  reserve  fund  of  an  amount  equal  to  the maximum amount of  principal and interest  maturing  and  becoming  due  and  sinking  fund  payments  required  to  be  made  in any succeeding calendar year on all  bonds of  the  agency  then  outstanding  other  than  state  university  construction bonds, equity bonds, non-profit project bonds, hospital and  nursing   home   project  bonds,  urban  rental  project  bonds,  health  facilities bonds,  youth  facilities  project  bonds,  community  mental  health services and mental retardation services project bonds, community  senior citizens services project bonds, mental hygiene improvement bonds  and  revenue  housing bonds and bonds and notes for the housing program.  In order further to assure such maintenance of the capital reserve fund,  there shall be annually apportioned and paid to the agency  for  deposit  in  the  capital reserve fund such sum, if any, as shall be certified by  the chairman of the agency to the governor and director of the budget as  necessary to restore the capital reserve fund to an amount equal to  the  maximum  amount  of principal and interest maturing and becoming due and  sinking fund payments required to be made  in  any  succeeding  calendar  year  on  the  bonds  of  the  agency  then outstanding other than state  university construction bonds, equity bonds, non-profit  project  bonds,  hospital  and  nursing  home  project bonds, urban rental project bonds,  health facilities  bonds,  youth  facilities  project  bonds,  community  mental  health  services  and mental retardation services project bonds,  community  senior  citizens  services  project  bonds,  mental   hygiene  improvement  bonds and revenue housing bonds and bonds and notes for the  housing program.   The chairman of the  agency  shall  annually,  on  or  before  December first, make and deliver to the governor and director of  the budget his certificate stating  the  amount,  if  any,  required  to  restore  the capital reserve fund to the amount aforesaid and the amount  so stated, if any, shall be apportioned and paid to  the  agency  during  the  then  current  state  fiscal  year.  The  principal amount of bonds  secured  by  the  capital  reserve  fund  to  which  state   funds   are  apportionable  pursuant  to this paragraph shall be limited to the total  amount of bonds and notes outstanding on the effective date of this act,  plus the total amount of bonds and notes contracted after the  effective  date  of  this act to finance projects in progress on the effective date  of this act as determined by  the  New  York  state  public  authorities  control   board   created  pursuant  to  section  fifty  of  the  public  authorities law whose affirmative determination shall be  conclusive  as  to  all  matters  of  law  and  fact  solely  for  the  purposes  of the  limitations contained in this paragraph, but in no event shall the total  amount of bonds so secured by such  a  capital  reserve  fund  or  funds  exceed  three  hundred  thirty-eight  million  dollars,  excluding bonds  issued to refund such outstanding bonds until the date of redemption  of  such  outstanding  bonds.  As outstanding bonds so secured are paid, the  amount so secured shall be reduced accordingly  but  the  redemption  of  such  outstanding  bonds  from the proceeds of refunding bonds shall not  reduce the amount so secured.    (e) In computing the amount  of  the  capital  reserve  fund  for  the  purposes  of  this section, securities in which all or a portion of suchfund shall be invested shall be valued at par or if  purchased  at  less  than par, at their cost to the agency.    2.  The  agency  shall  create  and  establish  a special fund (herein  referred to as general reserve fund) and shall pay into  such  fund  all  fees  and  charges  collected by the agency pursuant to paragraph (a) of  subdivision eleven of section forty-four of this article, or  otherwise,  other  than  fees and charges collected in connection with the making of  mortgage loans (or commitments therefor) to mutual companies, non-profit  companies, urban rental companies or community development corporations,  and any monies which the agency shall transfer from the capital  reserve  fund  pursuant  to the provisions of paragraph (a) of subdivision one of  this section. Such monies and any other monies  paid  into  the  general  reserve  fund  may,  in  the  discretion  of  the  agency but subject to  agreements with bondholders and noteholders, be used by the  agency  (a)  for  the  repayment  of  advances  from the state in accordance with the  provisions of repayment agreements between the agency and  the  director  of  the  budget,  (b) to reimburse the division of housing and community  renewal  the  reasonable  costs  of  the  services  performed   by   the  commissioner  of  housing  and community renewal and division of housing  and community renewal pursuant to section fifty-five  of  this  article,  (c)  to pay all costs, expenses and charges of financing, including fees  and expenses of trustees and paying agents, (d)  for  transfers  to  the  capital  reserve  fund,  (e)  for  the  payment  of the principal of and  interest on bonds or notes  other  than  state  university  construction  bonds  or  state  university  construction notes, equity bonds or equity  notes, non-profit project bonds or non-profit  project  notes,  hospital  and  nursing  home  project  bonds  or hospital and nursing home project  notes, urban rental project bonds or urban rental project notes,  health  facilities  bonds  or  health facilities notes, youth facilities project  bonds  or  youth  facilities  project  notes,  community  mental  health  services  and  mental  retardation  services  project bonds or community  mental health services and mental retardation  services  project  notes,  community  senior  citizens  services  project notes or community senior  citizens services project bonds, mental  hygiene  improvement  bonds  or  mental hygiene improvement notes and revenue housing bonds and bonds and  notes  for  the housing program issued by the agency when the same shall  become due whether at maturity or on call for  redemption  and  for  the  payment  of  any redemption premium required to be paid where such bonds  or notes are redeemed prior to their stated maturities, and to  purchase  bonds  or  notes other than state university construction bonds or state  university construction notes, equity bonds or equity notes,  non-profit  project  bonds  or  non-profit  project notes, hospital and nursing home  project bonds or hospital and nursing home project notes,  urban  rental  project  bonds or urban rental project notes, health facilities bonds or  health  facilities  notes,  youth  facilities  project  bonds  or  youth  facilities  project  notes,  community mental health services and mental  retardation services project bonds or community mental  health  services  and mental retardation services project notes, community senior citizens  services  project  notes  or  community senior citizens services project  bonds, mental hygiene improvement bonds or  mental  hygiene  improvement  notes  and  revenue  housing  bonds  and bonds and notes for the housing  program issued by the agency, or (f) for such other  corporate  purposes  of  the  agency  as  the  agency  in  its discretion shall determine and  provide.    3. (a) The agency shall create and establish a  special  fund  (herein  referred  to  as  equity  reserve  fund), and shall pay into such equity  reserve fund (1) any monies appropriated and made available by the state  for the purposes of such fund, (2) any proceeds of sale of equity  notesor  equity bonds, to the extent provided in the resolution of the agency  authorizing the issuance thereof, and (3) any other monies which may  be  made available to the agency for the purpose of such fund from any other  source or sources. All moneys held in the equity reserve fund, except as  hereinafter  provided,  shall  be  used  solely  for  the payment of the  principal of equity bonds  of  the  agency,  as  the  same  mature,  the  purchase  of  equity  bonds  of  the  agency, the payment of interest on  equity bonds of the agency or the  payment  of  any  redemption  premium  required  to  be  paid  when  such bonds are redeemed prior to maturity;  provided, however, that moneys in  such  fund  shall  not  be  withdrawn  therefrom  at any time in such amount as would reduce the amount of such  fund to less than the maximum amount of principal and interest  maturing  and  becoming due in any succeeding calendar year on all equity bonds of  the agency then outstanding, except for the purpose of paying  principal  and interest on equity bonds of the agency maturing and becoming due and  for  the  payment of which other monies of the agency are not available.  Any income or interest earned by, or increment to,  the  equity  reserve  fund due to the investment thereof may be transferred to the equity loan  fund  or  other  fund of the agency to the extent it does not reduce the  amount of the equity reserve fund below the maximum amount of  principal  and  interest  maturing and becoming due in any succeeding calendar year  on all equity bonds of the agency then outstanding.    (b) The agency shall not issue equity bonds at any time secured by the  equity reserve fund if the maximum  amount  of  principal  and  interest  maturing  and  becoming  due in a succeeding calendar year on the equity  bonds then to be issued and on all other equity bonds of the agency then  outstanding will exceed the amount of the equity  reserve  fund  at  the  time  of  issuance,  unless  the agency, at the time of issuance of such  bonds, shall deposit in such fund from the proceeds of the bonds  so  to  be  issued,  or otherwise, an amount which together with the amount then  in such fund, will be not less than the maximum amount of principal  and  interest  maturing  and  becoming due in any succeeding calendar year on  the equity bonds then to be issued and on all other equity bonds of  the  agency then outstanding.    (c)  The  agency  shall  not issue equity bonds and equity notes in an  aggregate principal amount exceeding fifty  million  dollars,  excluding  equity  bonds  and  notes  issued to refund outstanding equity bonds and  notes.    (d) To assure the continued operation and solvency of the  agency  for  the  carrying  out  of the public purposes of this article, provision is  made in paragraph (a) of this subdivision for the  accumulation  in  the  equity  reserve  fund  of  an  amount  equal  to  the  maximum amount of  principal and interest maturing  and  becoming  due  in  any  succeeding  calendar  year  on  all  equity bonds of the agency then outstanding. In  order further to assure such maintenance of  the  equity  reserve  fund,  there  shall  be annually apportioned and paid to the agency for deposit  in the equity reserve fund such sum, if any, as shall  be  certified  by  the chairman of the agency to the governor and director of the budget as  necessary  to  restore the equity reserve fund to an amount equal to the  maximum amount of principal and interest maturing and  becoming  due  in  any  succeeding  calendar  year  on  the equity bonds of the agency then  outstanding. The chairman of the agency shall  annually,  on  or  before  December  first,  make  and  deliver to the governor and director of the  budget his certificate stating the amount, if any, required  to  restore  the  equity  reserve  fund  to  the  amount  aforesaid and the amount so  stated, if any, shall be apportioned and paid to the agency  during  the  then current state fiscal year. The principal amount of bonds secured by  the  equity reserve fund to which state funds are apportionable pursuantto this paragraph shall be limited to the  total  amount  of  bonds  and  notes  outstanding  on  the  effective  date of this act, plus the total  amount of bonds and notes contracted after the effective  date  of  this  act  to  finance projects in progress on the effective date of this act,  as determined by the New York state  public  authorities  control  board  created  pursuant  to  section fifty of the public authorities law whose  affirmative determination shall be conclusive as to all matters  of  law  and  fact  solely  for the purposes of the limitations contained in this  paragraph, but in no event shall the total amount of bonds so secured by  such a equity  reserve  fund  or  funds  exceed  three  hundred  fifteen  thousand  dollars,  excluding  bonds  issued  to refund such outstanding  bonds until the  date  of  redemption  of  such  outstanding  bonds.  As  outstanding  bonds  so  secured are paid, the amount so secured shall be  reduced accordingly but the redemption of such  outstanding  bonds  from  the proceeds of refunding bonds shall not reduce the amount so secured.    (e)  In  computing  the  amount  of  the  equity  reserve fund for the  purposes of this section, securities in which all or a portion  of  such  fund shall be invested shall be valued at par if purchased at par, or if  purchased at other than par, at amortized value.    4.  The  agency  shall  create  and  establish  a special fund (herein  referred to as equity loan fund) and shall pay into such fund any monies  which the agency shall transfer from the equity reserve fund pursuant to  the provisions of paragraph (a) of subdivision three of this section and  any monies received in payment of principal of  or  interest  on  equity  loans.   Such monies and any other monies paid into the equity loan fund  may, in the discretion of the agency, but subject to agreements with the  holders of equity bonds and equity notes be used by the agency  (a)  for  the  repayment  of  advances  from  the  state  in  accordance  with the  provisions of repayment agreements between the agency and  the  director  of  the  budget, (b) to reimburse the division of housing the reasonable  costs of the services performed  by  the  commissioner  of  housing  and  division  of housing pursuant to section fifty-five of this article, (c)  to pay all costs,  expenses  and  charges  of  financing  equity  loans,  including  fees  and  expenses  of  trustees  and paying agents, (d) for  transfers to the equity  reserve  fund,  (e)  for  the  payment  of  the  principal  of and interest on equity bonds or equity notes issued by the  agency when the same shall become due whether at maturity or on call for  redemption and for the payment of any redemption premium required to  be  paid  where  such  bonds  or  notes  are  redeemed prior to their stated  maturities, and to purchase equity bonds or equity notes issued  by  the  agency,  or  (f)  for such other corporate purposes of the agency as the  agency in its discretion shall determine and provide.    5. (a) The agency may create and  establish  one  or  more  additional  reserve funds to be known as debt service reserve funds and may pay into  such reserve funds (1) any moneys appropriated and made available by the  state  for  the  purposes  of  such  funds,  (2) any proceeds of sale of  non-profit project notes or non-profit  project  bonds,  to  the  extent  provided  in  the  resolution  of  the  agency  authorizing the issuance  thereof, and (3) any other moneys which may be  made  available  to  the  agency  for the purposes of such funds from any other source or sources.  The moneys held  in  or  credited  to  any  debt  service  reserve  fund  established under this subdivision except as hereinafter provided, shall  be  used  solely  for the payment of the principal of non-profit project  bonds of the agency secured by such reserve fund, as  the  same  mature,  required payments to any sinking fund established in a resolution of the  agency  for  the  amortization of term bonds (hereinafter referred to as  "sinking fund payments"), the purchase or redemption of such  non-profit  project  bonds of the agency, the payment of interest on such non-profitproject bonds of the agency or the payment  of  any  redemption  premium  required  to  be  paid  when  such bonds are redeemed prior to maturity;  provided, however, that moneys in any such fund shall not  be  withdrawn  therefrom  at any time in such amount as would reduce the amount of such  fund to less than the maximum amount of principal, interest maturing and  becoming due and sinking fund  payments  required  to  be  made  in  any  succeeding  calendar  year on the non-profit project bonds of the agency  then outstanding and secured  by  such  reserve  fund,  except  for  the  purpose  of  paying  principal  and  interest  and sinking fund payments  becoming due on the non-profit project bonds of the  agency  secured  by  such reserve fund maturing and becoming due and for the payment of which  other  moneys  of the agency are not available. For the purposes of this  subdivision five, in computing the maximum amount of principal  maturing  at  a  single future date (herein called "term bonds") in any succeeding  calendar year, the principal amount of any such  term  bonds  which  are  subject  to  mandatory  redemption  prior to such future date by sinking  fund payments shall not be included in the computation  determining  the  maximum  amount of principal maturing in said future year. Any income or  interest earned by, or increment to, any such debt service reserve  fund  due  to  the  investment thereof may be transferred to any other fund or  account of the agency to the extent it does not  reduce  the  amount  of  such debt service reserve fund below the maximum amount of principal and  interest maturing and becoming due and sinking fund payments required to  be  made in any succeeding calendar year on all non-profit project bonds  of the agency then outstanding and secured by such reserve fund.    (b) The agency shall not issue non-profit project bonds at any time if  the maximum amount of principal and interest maturing and  becoming  due  and  sinking  fund payments required to be made in a succeeding calendar  year on the non-profit project bonds outstanding and then to  be  issued  and  secured  by  a  debt service reserve fund will exceed the amount of  such reserve account at the time of issuance, unless the agency, at  the  time  of issuance of such bonds, shall deposit in such reserve fund from  the proceeds of the bonds so to be issued, or otherwise, an amount which  together with the amount then in such reserve fund,  will  be  not  less  than  the maximum amount of principal and interest maturing and becoming  due and sinking fund payments required to  be  made  in  any  succeeding  calendar  year  on the non-profit project bonds then to be issued and on  all other non-profit project bonds of the agency  then  outstanding  and  secured by such reserve fund.    (c)  To  assure the continued operation and solvency of the agency for  the carrying out of the public purposes of  this  article  provision  is  made  in  paragraph (a) of this subdivision for the accumulation in each  debt service reserve fund of an amount equal to the  maximum  amount  of  principal  and  interest  maturing  and  becoming  due  and sinking fund  payments required to be made in any  succeeding  calendar  year  on  all  non-profit  project  bonds of the agency then outstanding and secured by  such reserve fund. In order further to assure the  maintenance  of  such  debt service reserve funds, there shall be annually apportioned and paid  to the agency for deposit in each debt service reserve fund such sum, if  any, as shall be certified by the chairman of the agency to the governor  and  director of the budget as necessary to restore such reserve fund to  an amount equal to the maximum amount of principal and interest maturing  and becoming due and sinking fund payments required to be  made  in  any  succeeding  calendar  year on the non-profit project bonds of the agency  then outstanding and secured by such reserve fund. The chairman  of  the  agency  shall annually, on or before December first, make and deliver to  the governor and director of the budget his certificate stating the sum,  if any, required to restore each such debt service reserve fund  to  theamount  aforesaid,  and  the  sum or sums so certified, if any, shall be  apportioned and paid to the agency during the then current state  fiscal  year.  The  principal  amount of bonds secured by a debt service reserve  fund  or  funds  to which state funds are apportionable pursuant to this  paragraph shall be limited to  the  total  amount  of  bonds  and  notes  outstanding  on the effective date of this act, plus the total amount of  bonds and notes contracted after the  effective  date  of  this  act  to  finance  projects  in  progress  on  the  effective  date of this act as  determined by the  New  York  state  public  authorities  control  board  created  pursuant  to  section fifty of the public authorities law whose  affirmative determination shall be conclusive as to all matters  of  law  and  fact  solely  for  the purpose of the limitations contained in this  paragraph, but in no event shall the total amount of bonds so secured by  such  a  debt  service  reserve  fund  or  funds  exceed  seven  hundred  ninety-three  million  dollars,  excluding  bonds  issued to refund such  outstanding bonds until the  date  of  redemption  of  such  outstanding  bonds.  As  outstanding bonds so secured are paid, the amount so secured  shall be reduced accordingly but  the  redemption  of  such  outstanding  bonds  from  the proceeds of refunding bonds shall not reduce the amount  so secured.    (d) In computing any debt service reserve fund  for  the  purposes  of  this  section, securities in which all or a portion of such reserve fund  shall be invested shall be valued at par, or if purchased at  less  than  par, at their cost to the agency.    6.  (a) The agency may create and establish a special fund to be known  as hospital and nursing home capital reserve fund and may pay into  such  reserve  funds  (1)  any  monies  appropriated and made available by the  state for the purposes of such  funds,  (2)  any  proceeds  of  sale  of  hospital  and  nursing  home  project notes or hospital and nursing home  project bonds, to the extent provided in the resolution  of  the  agency  authorizing  the issuance thereof, and (3) any other monies which may be  made available to the agency for the purposes of such accounts from  any  other  source  or sources. The monies held in or credited to the capital  reserve fund established under this subdivision  except  as  hereinafter  provided,  shall  be  used  solely  for  the payment of the principal of  hospital and nursing home project bonds of the agency  secured  by  such  reserve  fund, as the same mature, required payments to any sinking fund  established in a resolution of the agency for the amortization  of  term  bonds  (hereinafter referred to as "sinking fund payments") the purchase  or redemption of such hospital and nursing home  project  bonds  of  the  agency,  the  payment  of  interest  on  such  hospital and nursing home  project bonds of the agency, or the payment of  any  redemption  premium  required  to  be  paid  when  such bonds are redeemed prior to maturity;  provided, however, that monies in any such fund shall not  be  withdrawn  therefrom  at any time in such amount as would reduce the amount of such  fund to less than the maximum amount of principal and interest  maturing  and  becoming  due  and sinking fund payments required to be made in any  succeeding calendar year on the hospital and nursing home project  bonds  of  the agency then outstanding and secured by such reserve fund, except  for the purpose of paying principal, interest on  hospital  and  nursing  home  project  bonds of the agency secured by such reserve fund maturing  and becoming due and sinking fund payments  becoming  due  and  for  the  payment  of  which other monies of the agency are not available. For the  purposes of this subdivision six, in computing  the  maximum  amount  of  principal  maturing at a single future date (herein called "term bonds")  in any succeeding calendar year, the principal amount of any  such  term  bonds  which  are  subject  to mandatory redemption prior to such future  date by sinking fund payments shall not be included in  the  computationdetermining  the  maximum  amount  of  principal maturing in said future  year. Any income or interest  earned  by,  or  increment  to,  any  such  hospital  and  nursing  home  capital reserve fund due to the investment  thereof  may  be  transferred  to  the hospital and nursing home general  reserve fund or other fund of the agency, to  the  extent  it  does  not  reduce the amount of such hospital and nursing home capital reserve fund  below the maximum amount of principal and interest maturing and becoming  due  and  sinking  fund  payments  required to be made in any succeeding  calendar year on all hospital and nursing  home  project  bonds  of  the  agency then outstanding and secured by such reserve fund.    (b) The agency shall not issue hospital and nursing home project bonds  and  notes  in  an aggregate principal amount exceeding one billion nine  hundred fifty  million  dollars  excluding  hospital  and  nursing  home  project  bonds  and  hospital  and  nursing home project notes issued to  refund outstanding hospital and nursing home project bonds and  hospital  and  nursing home project notes, nor shall it issue hospital and nursing  home project bonds at any time secured by the hospital and nursing  home  capital  reserve  fund  if  the maximum amount of principal and interest  maturing and becoming due and sinking fund payments required to be  made  in  a  succeeding calendar year on the hospital and nursing home project  bonds outstanding and then to be issued and secured by the hospital  and  nursing home capital reserve fund will exceed the amount of such reserve  fund at the time of issuance, unless the agency, at the time of issuance  of  such  bonds, shall deposit in such reserve fund from the proceeds of  the bonds so to be issued, or otherwise, an amount which  together  with  the  amount then in such reserve fund, will be not less than the maximum  amount of principal and interest maturing and becoming due  and  sinking  fund payments required to be made in any succeeding calendar year on the  hospital  and  nursing  home  project bonds then to be issued and on all  other hospital and  nursing  home  project  bonds  of  the  agency  then  outstanding and secured by such reserve fund.    (c)  To  assure the continued operation and solvency of the agency for  the carrying out of the public purposes of  this  article  provision  is  made  in  paragraph  (a) of this subdivision for the accumulation in the  hospital and nursing home capital reserve fund of an amount equal to the  maximum amount of principal and interest maturing and becoming  due  and  sinking  fund payments to be made in any succeeding calendar year on all  hospital and nursing home project bonds of the agency  then  outstanding  and  secured  by  such  reserve  fund.  In  order  further to assure the  maintenance of such hospital and  nursing  home  capital  reserve  fund,  there  shall  be annually apportioned and paid to the agency for deposit  in such hospital and nursing home capital reserve fund such sum, if any,  as shall be certified by the chairman of the agency to the governor  and  director  of  the budget as necessary to restore such reserve fund to an  amount equal to the maximum amount of principal  and  interest  maturing  and  becoming  due  and sinking fund payments required to be made in any  succeeding calendar year on the hospital and nursing home project  bonds  of  the  agency  then  outstanding and secured by such reserve fund. The  chairman of the agency shall annually, on or before December first, make  and deliver to the governor and director of the budget  his  certificate  stating  the sums, if any, required to restore such hospital and nursing  home capital reserve fund to the  amount  aforesaid,  and  the  sums  so  certified,  if  any,  shall be apportioned and paid to the agency during  the then current state  fiscal  year.  The  principal  amount  of  bonds  secured  by  the hospital and nursing home capital reserve fund to which  state funds are  apportionable  pursuant  to  this  paragraph  shall  be  limited  to  the  total  amount  of  bonds  and notes outstanding on the  effective date of this act, plus the total amount  of  bonds  and  notescontracted  after  the effective date of this act to finance projects on  progress on the effective date of this act as determined by the New York  state public authorities control board created pursuant to section fifty  of  the  public authorities law whose affirmative determination shall be  conclusive as to all matters of law and fact solely for the purposes  of  the  limitations  contained in this paragraph, but in no event shall the  total amount of bonds so secured by such a capital reserve fund or funds  exceed nine hundred sixteen million dollars, excluding bonds  issued  to  refund  such  outstanding  bonds  until  the  date of redemption of such  outstanding bonds. As outstanding bonds so secured are paid, the  amount  so  secured  shall  be  reduced  accordingly  but the redemption of such  outstanding bonds from the proceeds of refunding bonds shall not  reduce  the amount so secured.    (d)  In  computing  any hospital and nursing home capital reserve fund  for the purposes of this section, securities in which all or  a  portion  of  such  reserve  fund  shall be invested shall be valued at par, or if  purchased at less than par, at their cost to the agency.    7. The agency shall  create  and  establish  one  or  more  additional  special  funds  (herein referred to as hospital and nursing home general  reserve funds) and shall, to the extent provided in the applicable  bond  resolution  of  the  agency  authorizing  the  issuance  of hospital and  nursing home project bonds, pay into any such fund the fees and  charges  collected  by the agency pursuant to paragraph (b) of subdivision eleven  of section forty-four of this article and any monies  which  the  agency  shall  transfer  from the hospital and nursing home capital reserve fund  pursuant to the provisions of paragraph (a) of subdivision six  of  this  section.  Such  monies  and  any  other  monies paid into a hospital and  nursing home general reserve fund may, in the discretion of the  agency,  but  subject  to agreements with bondholders and noteholders, be used by  the agency  (a)  for  the  repayment  of  advances  from  the  state  in  accordance  with  the  provisions  of  repayment  agreements between the  agency and the director of the budget, (b) to reimburse  the  department  of  health  the  reasonable  costs  of  the  services  performed  by the  commissioner  of  health  and  the  department  of  health  pursuant  to  subdivision  three of section fifty-five of this article, (c) to pay all  costs, expenses and charges of financing, including fees and expenses of  trustees and paying agents,  (d)  for  transfers  to  the  hospital  and  nursing  home capital reserve fund, (e) for the payment of principal and  interest on hospital and nursing home project bonds and notes issued  by  the agency when the same shall become due whether at maturity or on call  for redemption and for the payment of any redemption premium required to  be paid where such hospital and nursing home project bonds and notes are  redeemed  prior  to their stated maturities and to purchase hospital and  nursing home project bonds or notes issued by the  agency,  or  (f)  for  such  other  corporate  purposes  of  the  agency  as  the agency in its  discretion shall determine and provide.    8. (a) The agency may create and  establish  one  or  more  additional  reserve funds to be known as health facilities reserve funds and may pay  into  such  reserve funds (1) any monies appropriated and made available  by the state for the purposes of such funds, (2) any proceeds of sale of  health facilities notes  or  health  facilities  bonds,  to  the  extent  provided  in  the  resolution  of  the  agency  authorizing the issuance  thereof, and (3) any other monies which may be  made  available  to  the  agency  for the purposes of such funds from any other source or sources.  The monies held in or credited to any  health  facilities  reserve  fund  established  under  this  subdivision,  except  as hereinafter provided,  shall be used  solely  for  the  payment  of  the  principal  of  health  facilities bonds of the agency secured by such reserve fund, as the samemature,   required  payments  to  any  sinking  fund  established  in  a  resolution of the agency for the amortization of term bonds (hereinafter  referred to as "sinking fund payments") the purchase  or  redemption  of  such  health  facilities bonds of the agency, the payment of interest on  such health facilities bonds of  the  agency,  or  the  payment  of  any  redemption  premium  required  to  be  paid when such bonds are redeemed  prior to maturity; provided, however, that monies in any such fund shall  not be withdrawn therefrom at any time in such amount  as  would  reduce  the amount of such fund to less than the maximum amount of principal and  interest maturing and becoming due and sinking fund payments required to  be  made  in any succeeding calendar year on the health facilities bonds  of the agency then outstanding and secured by such reserve fund,  except  for  the purpose of paying principal, interest and sinking fund payments  becoming due on the health facilities bonds of  the  agency  secured  by  such reserve fund maturing and becoming due and for the payment of which  other  monies  of the agency are not available. For the purposes of this  subdivision eight, in computing the maximum amount of principal maturing  at a single future date (herein called "term bonds") in  any  succeeding  calendar  year,  the  principal  amount of any such term bonds which are  subject to mandatory redemption prior to such  future  date  by  sinking  fund  payments  shall not be included in the computation determining the  maximum amount of principal maturing in said future year. Any income  or  interest  earned by, or increment to, any such health facilities reserve  fund due to the investment thereof may be transferred to any other  fund  or  account of the agency to the extent it does not reduce the amount of  such  health  facilities  reserve  fund  below  the  maximum  amount  of  principal  and  interest  maturing  and  becoming  due  and sinking fund  payments required to be made in any  succeeding  calendar  year  on  all  health  facilities  bonds  of the agency then outstanding and secured by  such reserve fund.    (b) The agency shall not issue health facilities bonds at any time  if  the  maximum  amount of principal and interest maturing and becoming due  and sinking fund payments required to be made in a  succeeding  calendar  year  on  the  health facilities bonds outstanding and then to be issued  and secured by any health facilities reserve fund will exceed the amount  of such reserve account at the time of issuance, unless the  agency,  at  the  time  of issuance of such bonds, shall deposit in such reserve fund  from the proceeds of the bonds so to be issued, or otherwise, an  amount  which  together  with  the  amount then in such reserve fund will be not  less than the maximum amount of  principal  and  interest  maturing  and  becoming  due  and  sinking  fund  payments  required  to be made in any  succeeding calendar year on the  health  facilities  bonds  then  to  be  issued  and  on  all  other  health  facilities bonds of the agency then  outstanding and secured by such reserve fund.    (c) To assure the continued operation and solvency of the  agency  for  the  carrying  out  of the public purposes of this article, provision is  made in paragraph (a) of this subdivision for the accumulation  in  each  health  facilities reserve fund of an amount equal to the maximum amount  of principal and interest maturing and becoming  due  and  sinking  fund  payments  required  to  be  made  in any succeeding calendar year on all  health facilities bonds of the agency then outstanding  and  secured  by  such  reserve  fund.  In order further to assure the maintenance of such  health facilities reserve funds, there shall be annually apportioned and  paid to the agency for deposit in each health  facilities  reserve  fund  such sum, if any, as shall be certified by the chairman of the agency to  the  governor  and  director  of the budget as necessary to restore such  reserve fund to an amount equal to the maximum amount of  principal  and  interest maturing and becoming due and sinking fund payments required tobe  made  in any succeeding calendar year on the health facilities bonds  of the agency then outstanding and secured by  such  reserve  fund.  The  chairman of the agency shall annually, on or before December first, make  and  deliver  to the governor and director of the budget his certificate  stating  the  sums,  if  any,  required  to  restore  each  such  health  facilities  reserve  fund  to  the  amount  aforesaid,  and  the sums so  certified, if any, shall be apportioned and paid to  the  agency  during  the  then  current  state  fiscal  year.  The  principal amount of bonds  secured by a health facilities reserve fund  or  funds  to  which  state  funds  are  apportionable pursuant to this paragraph shall be limited to  the total amount of bonds and notes outstanding on the effective date of  this act, plus the total amount of bonds and notes contracted after  the  effective  date  of  this  act  to  finance  projects in progress on the  effective date of this act as determined by the New  York  state  public  authorities  control  board  created  pursuant  to  section fifty of the  public  authorities  law  whose  affirmative  determination   shall   be  conclusive  as to all matters of law and fact solely for the purposes of  the limitations contained in this paragraph, but in no event  shall  the  total  amount of bonds so secured by such a reserve fund or funds exceed  six hundred seventy-five million  dollars,  excluding  bonds  issued  to  refund  such  outstanding  bonds  until  the  date of redemption of such  outstanding bonds. As outstanding bonds so secured are paid, the  amount  so  secured  shall  be  reduced  accordingly  but the redemption of such  outstanding bonds from the proceeds of refunding bonds shall not  reduce  the amounts so secured.    (d)  In  computing any health facilities reserve fund for the purposes  of this section, securities in which all or a portion  of  such  reserve  fund  shall  be invested shall be valued at par, or if purchased at less  than par, at their cost to the agency.    9. (a) The agency may create and  establish  one  or  more  additional  reserve funds to be known as urban rental debt service reserve funds and  may  pay  into  such  reserve funds (1) any monies appropriated and made  available by the state for the purposes of such funds, (2) any  proceeds  of  sale of urban rental project notes or urban rental project bonds, to  the extent provided in the resolution  of  the  agency  authorizing  the  issuance  thereof,  and (3) any other monies which may be made available  to the agency for the purposes of such funds from any  other  source  or  sources. The monies held in or credited to any urban rental debt service  reserve  fund  established  under this subdivision except as hereinafter  provided, shall be used solely for the payment of the principal of urban  rental project bonds of the agency secured by such reserve fund, as  the  same  mature,  required  payments  to  any sinking fund established in a  resolution of the agency for the amortization of term bonds (hereinafter  referred to as "sinking fund payments"), the purchase or  redemption  of  such  urban  rental project bonds of the agency, the payment of interest  on such urban rental project bonds of the agency, or the payment of  any  redemption  premium  required  to  be  paid when such bonds are redeemed  prior to maturity; provided, however, that monies in any such fund shall  not be withdrawn therefrom at any time in such amount  as  would  reduce  the amount of such fund to less than the maximum amount of principal and  interest maturing and becoming due and sinking fund payments required to  be  made  in  any  succeeding  calendar year on the urban rental project  bonds of the agency then outstanding and secured by such  reserve  fund,  except  for  the  purpose of paying principal, interest and sinking fund  payments becoming due on the urban rental project bonds  of  the  agency  secured  by  such  reserve  fund  maturing  and becoming due and for the  payment of which other monies of the agency are not available.  For  the  purposes  of  this  subdivision nine, in computing the maximum amount ofprincipal maturing at a single future date (herein called "term  bonds")  in  any  succeeding calendar year, the principal amount of any such term  bonds which are subject to mandatory redemption  prior  to  such  future  date  by  sinking fund payments shall not be included in the computation  determining the maximum amount of  principal  maturing  in  said  future  year.  Any income or interest earned by, or increment to, any such urban  rental debt service reserve fund due to the investment  thereof  may  be  transferred  to any other fund or account of the agency to the extent it  does not reduce the amount of such urban  rental  debt  service  reserve  fund  below  the  maximum  amount of principal and interest maturing and  becoming due and sinking fund  payments  required  to  be  made  in  any  succeeding calendar year on all urban rental project bonds of the agency  then outstanding and secured by such reserve fund.    (b)  The agency shall not issue urban rental project bonds at any time  if the maximum amount of principal and interest  maturing  and  becoming  due  and  sinking  fund  payments  required to be made in any succeeding  calendar year on the urban rental project bonds outstanding and then  to  be  issued and secured by an urban rental debt service reserve fund will  exceed the amount of such reserve  account  at  the  time  of  issuance,  unless  the agency, at the time of issuance of such bonds, shall deposit  in such reserve fund from the proceeds of the bonds so to be issued,  or  otherwise, an amount which together with the amount then in such reserve  fund, will be not less than the maximum amount of principal and interest  maturing  and becoming due and sinking fund payments required to be made  in any succeeding calendar year on the urban rental project  bonds  then  to  be  issued and on all other urban rental project bonds of the agency  then outstanding and secured by such reserve fund.    (c) To assure the continued operation and solvency of the  agency  for  the  carrying  out  of  the public purposes of this article provision is  made in paragraph (a) of this subdivision for the accumulation  in  each  urban rental debt service reserve fund of an amount equal to the maximum  amount  of  principal and interest maturing and becoming due and sinking  fund payments required to be made in any succeeding calendar year on all  urban rental project bonds of the agency then outstanding and secured by  such reserve fund. In order further to assure the  maintenance  of  such  urban  rental  debt  service  reserve  funds,  there  shall  be annually  apportioned and paid to the agency for deposit in each urban rental debt  service reserve fund such sum, if any, as  shall  be  certified  by  the  chairman  of  the  agency  to the governor and director of the budget as  necessary to restore such reserve fund to an amount equal to the maximum  amount of principal and interest maturing and becoming due  and  sinking  fund payments required to be made in any succeeding calendar year on the  urban rental project bonds of the agency then outstanding and secured by  such  reserve  fund.  The  chairman  of the agency shall annually, on or  before December first, make and deliver to the governor and director  of  the budget his certificate stating the sums, if any, required to restore  each  such  urban  rental  debt  service  reserve  fund  to  the  amount  aforesaid, and the sums so certified, if any, shall be  apportioned  and  paid  to  the  agency  during  the  then  current state fiscal year. The  principal amount of bonds  secured  by  an  urban  rental  debt  service  reserve fund or funds to which state funds are apportionable pursuant to  this  paragraph  shall be limited to the total amount of bonds and notes  outstanding on the effective date of this act, plus the total amount  of  bonds  and  notes  contracted  after  the  effective date of this act to  finance projects in progress on  the  effective  date  of  this  act  as  determined  by  the  New  York  state  public  authorities control board  created pursuant to section fifty of the public  authorities  law  whose  affirmative  determination  shall be conclusive as to all matters of lawand fact solely for the purposes of the limitations  contained  in  this  paragraph, but in no event shall the total amount of bonds so secured by  such  a debt service reserve fund or funds exceed six hundred forty-five  million dollars, excluding bonds issued to refund such outstanding bonds  until  the  date of redemption of such outstanding bonds. As outstanding  bonds so secured are paid,  the  amount  so  secured  shall  be  reduced  accordingly  but  the  redemption  of  such  outstanding  bonds from the  proceeds of refunding bonds shall not reduce the amount so secured.    (d) In computing any urban rental debt service reserve  fund  for  the  purposes  of  this section, securities in which all or a portion of such  reserve fund shall be invested shall be valued at par  if  purchased  at  par, or if purchased at other than par, at amortized value.    10. (a) The agency may create and establish a special fund to be known  as  youth  facilities capital reserve fund and may pay into such reserve  funds (1) any monies appropriated and made available by  the  state  for  the purposes of such funds, (2) any proceeds of sale of youth facilities  project  notes or youth facilities project bonds, to the extent provided  in the resolution of the agency authorizing the  issuance  thereof,  and  (3)  any  other monies which may be made available to the agency for the  purposes of such accounts from any other source or sources.  The  monies  held  in  or credited to the capital reserve fund established under this  subdivision except as hereinafter provided, shall be used solely for the  payment of principal of youth facilities project  bonds  of  the  agency  secured  by  such reserve fund, as the same mature, the purchase of such  youth facilities project bonds of the agency, the payment of interest on  youth facilities project bonds of the agency,  or  the  payment  of  any  redemption  premium  required  to  be  paid when such bonds are redeemed  prior to maturity; provided, however, that monies in any such fund shall  not be withdrawn therefrom at any time in such amount  as  would  reduce  the amount of such fund to less than the maximum amount of principal and  interest  maturing  and  becoming due in any succeeding calendar year on  the youth facilities project bonds of the agency  then  outstanding  and  secured by such reserve fund, except for the purpose of paying principal  and  interest on youth facilities project bonds of the agency secured by  such reserve fund maturing and becoming due and for the payment of which  other monies of the agency are not available.  Any  income  or  interest  earned  by,  or  increment to, any such youth facilities capital reserve  fund due to the investment thereof  may  be  transferred  to  the  youth  facilities  general  reserve  fund  or  other fund of the agency, to the  extent it does not reduce the amount of such  youth  facilities  capital  reserve fund below the maximum amount of principal and interest maturing  and becoming due in any succeeding calendar year on all youth facilities  project bonds of the agency then outstanding and secured by such reserve  fund.    (b)  The  agency  shall  not  issue youth facilities project bonds and  notes in an aggregate principal amount  exceeding  one  hundred  million  dollars  excluding  youth  facilities project bonds and youth facilities  project notes issued to  refund  outstanding  youth  facilities  project  bonds  and  youth  facilities  project  notes,  nor shall it issue youth  facilities project bonds at any time secured  by  the  youth  facilities  capital  reserve  fund  if  the maximum amount of principal and interest  maturing and becoming due in a succeeding calendar  year  on  the  youth  facilities  project  bonds outstanding and then to be issued and secured  by the youth facilities capital reserve fund will exceed the  amount  of  such  reserve  fund  at  the time of issuance, unless the agency, at the  time of issuance of such bonds, shall deposit in such reserve fund  from  the proceeds of the bonds so to be issued, or otherwise, an amount which  together  with  the  amount  then in such reserve fund, will be not lessthan the maximum amount of principal and interest maturing and  becoming  due  in  any  succeeding  calendar  year on the youth facilities project  bonds then to be issued and on all other youth facilities project  bonds  of the agency then outstanding and secured by such reserve fund.    (c)  To  assure the continued operation and solvency of the agency for  the carrying out of the public purposes of  this  article  provision  is  made  in  paragraph  (a) of this subdivision for the accumulation in the  youth facilities capital reserve fund of an amount equal to the  maximum  amount  of  principal  and  interest  maturing  and  becoming due in any  succeeding calendar year on all youth facilities project  bonds  of  the  agency  then  outstanding  and  secured  by  such reserve fund. In order  further to assure the  maintenance  of  such  youth  facilities  capital  reserve fund, there shall be annually apportioned and paid to the agency  for  deposit  in such youth facilities capital reserve fund such sum, if  any, as shall be certified by the chairman of the agency to the governor  and director of the budget as necessary to restore such reserve fund  to  an amount equal to the maximum amount of principal and interest maturing  and becoming due in any succeeding calendar year on the youth facilities  project bonds of the agency then outstanding and secured by such reserve  fund.   The chairman of the agency shall annually, on or before December  first, make and deliver to the governor and director of the  budget  his  certificate  stating  the  sums,  if any, required to restore such youth  facilities capital reserve fund to the amount aforesaid, and the sums so  certified, if any, shall be apportioned and paid to  the  agency  during  the  then  current  state  fiscal  year.  The  principal amount of bonds  secured by the youth facilities capital  reserve  fund  to  which  state  funds  are  apportionable pursuant to this paragraph shall be limited to  the total amount of bonds and notes outstanding on the effective date of  this act, plus the total amount of bonds and notes contracted after  the  effective  date  of  this  act  to  finance  projects in progress on the  effective date of this act as determined by the New  York  state  public  authorities  control  board  created  pursuant  to  section fifty of the  public  authorities  law  whose  affirmative  determination   shall   be  conclusive  as to all matters of law and fact solely for the purposes of  the limitations contained in this paragraph, but in no event  shall  the  total  amount  of bonds so secured by such a capital reserve fund exceed  twenty-four million dollars,  excluding  bonds  issued  to  refund  such  outstanding  bonds  until  the  date  of  redemption of such outstanding  bonds. As outstanding bonds so secured are paid, the amount  so  secured  shall  be  reduced  accordingly  but  the redemption of such outstanding  bonds from the proceeds of refunding bonds shall not reduce  the  amount  so secured.    (d)  In  computing  any  youth facilities capital reserve fund for the  purpose of this section, securities in which all or a  portion  of  such  reserve  fund  shall  be invested shall be valued at par if purchased at  par, or if purchased at other than par, at amortized value.    11. The agency shall create  and  establish  a  special  fund  (herein  referred  to as the youth facilities general reserve fund) and shall pay  into such fund all fees and charges collected by the agency pursuant  to  paragraph  (c)  of  subdivision  eleven  of  section  forty-four of this  article and any monies which the agency shall transfer  from  the  youth  facilities  capital reserve fund pursuant to the provisions of paragraph  (a) of subdivision ten of this section. Such monies and any other monies  paid into  the  youth  facilities  general  reserve  fund  may,  in  the  discretion of the agency, but subject to agreements with bondholders and  noteholders,  be  used  by  the agency (a) for the repayment of advances  from the state in accordance with the provisions of repayment agreements  between the agency and the director of the budget, (b) to reimburse  thedepartment  of  social  services  the  reasonable  costs of the services  performed by the commissioner of social services and the  department  of  social  services  pursuant  to subdivision four of section fifty-five of  this  article,  (c) to pay all costs, expenses and charges of financing,  including fees and expenses of  trustees  and  paying  agents,  (d)  for  transfers  to  the  youth  facilities  capital reserve fund, (e) for the  payment of principal of and interest on youth facilities  project  bonds  and notes issued by the agency when the same shall become due whether at  maturity or on call for redemption and for the payment of any redemption  premium  required  to  be paid where such youth facilities project bonds  and notes are redeemed prior to their stated maturities and to  purchase  youth facilities project bonds or notes issued by the agency, or (f) for  such  other  corporate  purposes  of  the  agency  as  the agency in its  discretion shall determine and provide.    12. (a) The agency may create and establish a special fund to be known  as community mental health  services  and  mental  retardation  services  capital  reserve fund and may pay into such reserve funds (1) any monies  appropriated and made available by the state for the  purposes  of  such  funds,  (2) any proceeds of sale of community mental health services and  mental retardation services project notes  or  community  mental  health  services  and  mental  retardation services project bonds, to the extent  provided in the  resolution  of  the  agency  authorizing  the  issuance  thereof,  and  (3)  any  other monies which may be made available to the  agency for the purposes of  such  accounts  from  any  other  source  or  sources.  The  monies  held  in  or credited to the capital reserve fund  established under this subdivision except as hereinafter provided, shall  be used solely for the payment of principal of community  mental  health  services  and  mental  retardation  services project bonds of the agency  secured by such reserve fund, as the same mature, the purchase  of  such  community mental health services and mental retardation services project  bonds  of  the  agency, the payment of interest on such community mental  health services and mental retardation services  project  bonds  of  the  agency,  or  the  payment  of any red	
	











































		
		
	

	
	
	

			

			
		

		

State Codes and Statutes

State Codes and Statutes

Statutes > New-york > Pvh > Article-3 > 47

§ 47. Reserve funds and appropriations. 1. (a) The agency shall create  and  establish  a  special  fund  (herein referred to as capital reserve  fund), and shall pay into such  capital  reserve  fund  (1)  any  monies  appropriated  and  made  available by the state for the purposes of such  fund, (2) any proceeds of sale  of  notes  or  bonds  other  than  state  university  construction  notes  or state university construction bonds,  equity notes or equity bonds, non-profit  project  notes  or  non-profit  project  bonds,  hospital and nursing home project notes or hospital and  nursing home project bonds, urban rental project notes or  urban  rental  project bonds, health facilities notes or health facilities bonds, youth  facilities  project  notes  or youth facilities project bonds, community  mental health services and mental retardation services project notes  or  community mental health services and mental retardation services project  bonds,  community  senior  citizens  services project notes or community  senior citizens services project bonds, mental hygiene improvement notes  or mental hygiene improvement bonds and revenue housing bonds, and bonds  and notes for  the  housing  program  to  the  extent  provided  in  the  resolution  of  the agency authorizing the issuance thereof, and (3) any  other moneys which may be made available to the agency for  the  purpose  of  such  fund  from any other source or sources. All moneys held in the  capital reserve fund, except as  hereinafter  provided,  shall  be  used  solely  for  the  payment  of the principal of bonds of the agency other  than state  university  construction  bonds,  equity  bonds,  non-profit  project  bonds,  hospital  and  nursing home project bonds, urban rental  project bonds, health facilities bonds, youth facilities project  bonds,  community mental health services and mental retardation services project  bonds,  community senior citizens services project bonds, mental hygiene  improvement bonds and revenue housing bonds, and bonds and notes for the  housing program as the same mature, required  payments  to  any  sinking  fund  established  in a resolution of the agency for the amortization of  term bonds (hereinafter referred to as  "sinking  fund  payments"),  the  purchase  or  redemption  of  bonds  of  the  agency  other  than  state  university construction bonds, equity bonds, non-profit  project  bonds,  hospital  and  nursing  home  project bonds, urban rental project bonds,  health facilities  bonds,  youth  facilities  project  bonds,  community  mental  health  services  and mental retardation services project bonds,  community  senior  citizens  services  project  bonds,  mental   hygiene  improvement bonds and revenue housing bonds, and bonds and notes for the  housing  program  the payment of interest on such bonds of the agency or  the payment of any redemption premium required  to  be  paid  when  such  bonds  are redeemed prior to maturity; provided, however, that monies in  such fund shall not be withdrawn therefrom at any time in such amount as  would reduce the amount of such fund to less than the maximum amount  of  principal  and  interest  maturing  and  becoming  due  and sinking fund  payments required to be made in any  succeeding  calendar  year  on  all  bonds  of  the  agency  then  outstanding  other  than  state university  construction bonds, equity bonds, non-profit project bonds, hospital and  nursing  home  project  bonds,  urban  rental  project   bonds,   health  facilities  bonds,  youth  facilities  project  bonds,  community mental  health services and mental retardation services project bonds, community  senior citizens services project bonds, mental hygiene improvement bonds  and revenue housing bonds and bonds and notes for the  housing  program,  except for the purpose of paying principal of, interest and sinking fund  payments  becoming due on such bonds of the agency maturing and becoming  due and for the payment of which other moneys  of  the  agency  are  not  available.  For  the  purposes of this subdivision one, in computing the  maximum amount of principal maturing at a  single  future  date  (herein  called  "term  bonds")  in  any  succeeding calendar year, the principalamount of any such term bonds which are subject to mandatory  redemption  prior to such future date by sinking fund payments shall not be included  in  the computation determining the maximum amount of principal maturing  in  said future year. Any income or interest earned by, or increment to,  the  capital  reserve  fund  due  to  the  investment  thereof  may   be  transferred  by  the agency to the general reserve fund or other fund of  the agency to the extent it does not reduce the amount  of  the  capital  reserve fund below the maximum amount of principal and interest maturing  and  becoming  due  and sinking fund payments required to be made in any  succeeding  calendar  year  on  all  such  bonds  of  the  agency   then  outstanding  other  than  state  university  construction  bonds, equity  bonds, non-profit project  bonds,  hospital  and  nursing  home  project  bonds,  urban  rental  project  bonds,  health  facilities  bonds, youth  facilities project bonds, community mental health  services  and  mental  retardation  services  project bonds, community senior citizens services  project bonds, mental hygiene  improvement  bonds  and  revenue  housing  bonds and bonds and notes for the housing program.    (b)  The  agency  shall  not  issue  bonds other than state university  construction bonds, equity bonds, non-profit project bonds, hospital and  nursing  home  project  bonds,  urban  rental  project   bonds,   health  facilities  bonds,  youth  facilities  project  bonds,  community mental  health services and mental retardation services project bonds, community  senior citizens services project bonds, mental hygiene improvement bonds  and revenue housing bonds and bonds and notes for the housing program at  any time secured by the capital reserve fund if the  maximum  amount  of  principal  and  interest  maturing  and  becoming  due  and sinking fund  payments required to be made in a succeeding calendar year on such bonds  then to be issued and on all other bonds of the agency then  outstanding  other than state university construction bonds, equity bonds, non-profit  project  bonds,  hospital  and  nursing home project bonds, urban rental  project bonds, health facilities bonds, youth facilities project  bonds,  community mental health services and mental retardation services project  bonds,  community senior citizens services project bonds, mental hygiene  improvement bonds and revenue housing bonds and bonds and notes for  the  housing  program  will  exceed the amount of the capital reserve fund at  the time of issuance unless the agency, at the time of issuance of  such  bonds,  shall  deposit in such fund from the proceeds of the bonds so to  be issued, or otherwise, an amount which, together with the amount  then  in  such fund, will be not less than the maximum amount of principal and  interest maturing and becoming due and sinking fund payments required to  be made in any succeeding calendar year on such bonds then to be  issued  and  on  all other bonds of the agency then outstanding other than state  university construction bonds, equity bonds, non-profit  project  bonds,  hospital  and  nursing  home  project bonds, urban rental project bonds,  health facilities  bonds,  youth  facilities  project  bonds,  community  mental  health  services  and mental retardation services project bonds,  community  senior  citizens  services  project  bonds,  mental   hygiene  improvement  bonds and revenue housing bonds and bonds and notes for the  housing program.    (c) The agency shall not  issue  bonds  and  notes  other  than  state  university  construction  bonds and state university construction notes,  hospital and nursing home project bonds and hospital  and  nursing  home  project  notes,  health  facilities  bonds  and health facilities notes,  youth facilities project  bonds  and  youth  facilities  project  notes,  community mental health services and mental retardation services project  bonds  and  community  mental  health  services  and  mental retardation  services project notes, community senior citizens services project notes  or community senior citizens services project bonds and  mental  hygieneimprovement  bonds  and  mental  hygiene improvement notes and bonds and  notes for the housing program for any of its corporate  purposes  in  an  aggregate  principal amount exceeding fifteen billion two hundred eighty  million  dollars, excluding bonds and notes issued to refund outstanding  bonds and notes.    (d) To assure the continued operation and solvency of the  agency  for  the  carrying  out  of the public purposes of this article, provision is  made in paragraph (a) of this subdivision for the  accumulation  in  the  capital  reserve  fund  of  an  amount  equal  to  the maximum amount of  principal and interest  maturing  and  becoming  due  and  sinking  fund  payments  required  to  be  made  in any succeeding calendar year on all  bonds of  the  agency  then  outstanding  other  than  state  university  construction bonds, equity bonds, non-profit project bonds, hospital and  nursing   home   project  bonds,  urban  rental  project  bonds,  health  facilities bonds,  youth  facilities  project  bonds,  community  mental  health services and mental retardation services project bonds, community  senior citizens services project bonds, mental hygiene improvement bonds  and  revenue  housing bonds and bonds and notes for the housing program.  In order further to assure such maintenance of the capital reserve fund,  there shall be annually apportioned and paid to the agency  for  deposit  in  the  capital reserve fund such sum, if any, as shall be certified by  the chairman of the agency to the governor and director of the budget as  necessary to restore the capital reserve fund to an amount equal to  the  maximum  amount  of principal and interest maturing and becoming due and  sinking fund payments required to be made  in  any  succeeding  calendar  year  on  the  bonds  of  the  agency  then outstanding other than state  university construction bonds, equity bonds, non-profit  project  bonds,  hospital  and  nursing  home  project bonds, urban rental project bonds,  health facilities  bonds,  youth  facilities  project  bonds,  community  mental  health  services  and mental retardation services project bonds,  community  senior  citizens  services  project  bonds,  mental   hygiene  improvement  bonds and revenue housing bonds and bonds and notes for the  housing program.   The chairman of the  agency  shall  annually,  on  or  before  December first, make and deliver to the governor and director of  the budget his certificate stating  the  amount,  if  any,  required  to  restore  the capital reserve fund to the amount aforesaid and the amount  so stated, if any, shall be apportioned and paid to  the  agency  during  the  then  current  state  fiscal  year.  The  principal amount of bonds  secured  by  the  capital  reserve  fund  to  which  state   funds   are  apportionable  pursuant  to this paragraph shall be limited to the total  amount of bonds and notes outstanding on the effective date of this act,  plus the total amount of bonds and notes contracted after the  effective  date  of  this act to finance projects in progress on the effective date  of this act as determined by  the  New  York  state  public  authorities  control   board   created  pursuant  to  section  fifty  of  the  public  authorities law whose affirmative determination shall be  conclusive  as  to  all  matters  of  law  and  fact  solely  for  the  purposes  of the  limitations contained in this paragraph, but in no event shall the total  amount of bonds so secured by such  a  capital  reserve  fund  or  funds  exceed  three  hundred  thirty-eight  million  dollars,  excluding bonds  issued to refund such outstanding bonds until the date of redemption  of  such  outstanding  bonds.  As outstanding bonds so secured are paid, the  amount so secured shall be reduced accordingly  but  the  redemption  of  such  outstanding  bonds  from the proceeds of refunding bonds shall not  reduce the amount so secured.    (e) In computing the amount  of  the  capital  reserve  fund  for  the  purposes  of  this section, securities in which all or a portion of suchfund shall be invested shall be valued at par or if  purchased  at  less  than par, at their cost to the agency.    2.  The  agency  shall  create  and  establish  a special fund (herein  referred to as general reserve fund) and shall pay into  such  fund  all  fees  and  charges  collected by the agency pursuant to paragraph (a) of  subdivision eleven of section forty-four of this article, or  otherwise,  other  than  fees and charges collected in connection with the making of  mortgage loans (or commitments therefor) to mutual companies, non-profit  companies, urban rental companies or community development corporations,  and any monies which the agency shall transfer from the capital  reserve  fund  pursuant  to the provisions of paragraph (a) of subdivision one of  this section. Such monies and any other monies  paid  into  the  general  reserve  fund  may,  in  the  discretion  of  the  agency but subject to  agreements with bondholders and noteholders, be used by the  agency  (a)  for  the  repayment  of  advances  from the state in accordance with the  provisions of repayment agreements between the agency and  the  director  of  the  budget,  (b) to reimburse the division of housing and community  renewal  the  reasonable  costs  of  the  services  performed   by   the  commissioner  of  housing  and community renewal and division of housing  and community renewal pursuant to section fifty-five  of  this  article,  (c)  to pay all costs, expenses and charges of financing, including fees  and expenses of trustees and paying agents, (d)  for  transfers  to  the  capital  reserve  fund,  (e)  for  the  payment  of the principal of and  interest on bonds or notes  other  than  state  university  construction  bonds  or  state  university  construction notes, equity bonds or equity  notes, non-profit project bonds or non-profit  project  notes,  hospital  and  nursing  home  project  bonds  or hospital and nursing home project  notes, urban rental project bonds or urban rental project notes,  health  facilities  bonds  or  health facilities notes, youth facilities project  bonds  or  youth  facilities  project  notes,  community  mental  health  services  and  mental  retardation  services  project bonds or community  mental health services and mental retardation  services  project  notes,  community  senior  citizens  services  project notes or community senior  citizens services project bonds, mental  hygiene  improvement  bonds  or  mental hygiene improvement notes and revenue housing bonds and bonds and  notes  for  the housing program issued by the agency when the same shall  become due whether at maturity or on call for  redemption  and  for  the  payment  of  any redemption premium required to be paid where such bonds  or notes are redeemed prior to their stated maturities, and to  purchase  bonds  or  notes other than state university construction bonds or state  university construction notes, equity bonds or equity notes,  non-profit  project  bonds  or  non-profit  project notes, hospital and nursing home  project bonds or hospital and nursing home project notes,  urban  rental  project  bonds or urban rental project notes, health facilities bonds or  health  facilities  notes,  youth  facilities  project  bonds  or  youth  facilities  project  notes,  community mental health services and mental  retardation services project bonds or community mental  health  services  and mental retardation services project notes, community senior citizens  services  project  notes  or  community senior citizens services project  bonds, mental hygiene improvement bonds or  mental  hygiene  improvement  notes  and  revenue  housing  bonds  and bonds and notes for the housing  program issued by the agency, or (f) for such other  corporate  purposes  of  the  agency  as  the  agency  in  its discretion shall determine and  provide.    3. (a) The agency shall create and establish a  special  fund  (herein  referred  to  as  equity  reserve  fund), and shall pay into such equity  reserve fund (1) any monies appropriated and made available by the state  for the purposes of such fund, (2) any proceeds of sale of equity  notesor  equity bonds, to the extent provided in the resolution of the agency  authorizing the issuance thereof, and (3) any other monies which may  be  made available to the agency for the purpose of such fund from any other  source or sources. All moneys held in the equity reserve fund, except as  hereinafter  provided,  shall  be  used  solely  for  the payment of the  principal of equity bonds  of  the  agency,  as  the  same  mature,  the  purchase  of  equity  bonds  of  the  agency, the payment of interest on  equity bonds of the agency or the  payment  of  any  redemption  premium  required  to  be  paid  when  such bonds are redeemed prior to maturity;  provided, however, that moneys in  such  fund  shall  not  be  withdrawn  therefrom  at any time in such amount as would reduce the amount of such  fund to less than the maximum amount of principal and interest  maturing  and  becoming due in any succeeding calendar year on all equity bonds of  the agency then outstanding, except for the purpose of paying  principal  and interest on equity bonds of the agency maturing and becoming due and  for  the  payment of which other monies of the agency are not available.  Any income or interest earned by, or increment to,  the  equity  reserve  fund due to the investment thereof may be transferred to the equity loan  fund  or  other  fund of the agency to the extent it does not reduce the  amount of the equity reserve fund below the maximum amount of  principal  and  interest  maturing and becoming due in any succeeding calendar year  on all equity bonds of the agency then outstanding.    (b) The agency shall not issue equity bonds at any time secured by the  equity reserve fund if the maximum  amount  of  principal  and  interest  maturing  and  becoming  due in a succeeding calendar year on the equity  bonds then to be issued and on all other equity bonds of the agency then  outstanding will exceed the amount of the equity  reserve  fund  at  the  time  of  issuance,  unless  the agency, at the time of issuance of such  bonds, shall deposit in such fund from the proceeds of the bonds  so  to  be  issued,  or otherwise, an amount which together with the amount then  in such fund, will be not less than the maximum amount of principal  and  interest  maturing  and  becoming due in any succeeding calendar year on  the equity bonds then to be issued and on all other equity bonds of  the  agency then outstanding.    (c)  The  agency  shall  not issue equity bonds and equity notes in an  aggregate principal amount exceeding fifty  million  dollars,  excluding  equity  bonds  and  notes  issued to refund outstanding equity bonds and  notes.    (d) To assure the continued operation and solvency of the  agency  for  the  carrying  out  of the public purposes of this article, provision is  made in paragraph (a) of this subdivision for the  accumulation  in  the  equity  reserve  fund  of  an  amount  equal  to  the  maximum amount of  principal and interest maturing  and  becoming  due  in  any  succeeding  calendar  year  on  all  equity bonds of the agency then outstanding. In  order further to assure such maintenance of  the  equity  reserve  fund,  there  shall  be annually apportioned and paid to the agency for deposit  in the equity reserve fund such sum, if any, as shall  be  certified  by  the chairman of the agency to the governor and director of the budget as  necessary  to  restore the equity reserve fund to an amount equal to the  maximum amount of principal and interest maturing and  becoming  due  in  any  succeeding  calendar  year  on  the equity bonds of the agency then  outstanding. The chairman of the agency shall  annually,  on  or  before  December  first,  make  and  deliver to the governor and director of the  budget his certificate stating the amount, if any, required  to  restore  the  equity  reserve  fund  to  the  amount  aforesaid and the amount so  stated, if any, shall be apportioned and paid to the agency  during  the  then current state fiscal year. The principal amount of bonds secured by  the  equity reserve fund to which state funds are apportionable pursuantto this paragraph shall be limited to the  total  amount  of  bonds  and  notes  outstanding  on  the  effective  date of this act, plus the total  amount of bonds and notes contracted after the effective  date  of  this  act  to  finance projects in progress on the effective date of this act,  as determined by the New York state  public  authorities  control  board  created  pursuant  to  section fifty of the public authorities law whose  affirmative determination shall be conclusive as to all matters  of  law  and  fact  solely  for the purposes of the limitations contained in this  paragraph, but in no event shall the total amount of bonds so secured by  such a equity  reserve  fund  or  funds  exceed  three  hundred  fifteen  thousand  dollars,  excluding  bonds  issued  to refund such outstanding  bonds until the  date  of  redemption  of  such  outstanding  bonds.  As  outstanding  bonds  so  secured are paid, the amount so secured shall be  reduced accordingly but the redemption of such  outstanding  bonds  from  the proceeds of refunding bonds shall not reduce the amount so secured.    (e)  In  computing  the  amount  of  the  equity  reserve fund for the  purposes of this section, securities in which all or a portion  of  such  fund shall be invested shall be valued at par if purchased at par, or if  purchased at other than par, at amortized value.    4.  The  agency  shall  create  and  establish  a special fund (herein  referred to as equity loan fund) and shall pay into such fund any monies  which the agency shall transfer from the equity reserve fund pursuant to  the provisions of paragraph (a) of subdivision three of this section and  any monies received in payment of principal of  or  interest  on  equity  loans.   Such monies and any other monies paid into the equity loan fund  may, in the discretion of the agency, but subject to agreements with the  holders of equity bonds and equity notes be used by the agency  (a)  for  the  repayment  of  advances  from  the  state  in  accordance  with the  provisions of repayment agreements between the agency and  the  director  of  the  budget, (b) to reimburse the division of housing the reasonable  costs of the services performed  by  the  commissioner  of  housing  and  division  of housing pursuant to section fifty-five of this article, (c)  to pay all costs,  expenses  and  charges  of  financing  equity  loans,  including  fees  and  expenses  of  trustees  and paying agents, (d) for  transfers to the equity  reserve  fund,  (e)  for  the  payment  of  the  principal  of and interest on equity bonds or equity notes issued by the  agency when the same shall become due whether at maturity or on call for  redemption and for the payment of any redemption premium required to  be  paid  where  such  bonds  or  notes  are  redeemed prior to their stated  maturities, and to purchase equity bonds or equity notes issued  by  the  agency,  or  (f)  for such other corporate purposes of the agency as the  agency in its discretion shall determine and provide.    5. (a) The agency may create and  establish  one  or  more  additional  reserve funds to be known as debt service reserve funds and may pay into  such reserve funds (1) any moneys appropriated and made available by the  state  for  the  purposes  of  such  funds,  (2) any proceeds of sale of  non-profit project notes or non-profit  project  bonds,  to  the  extent  provided  in  the  resolution  of  the  agency  authorizing the issuance  thereof, and (3) any other moneys which may be  made  available  to  the  agency  for the purposes of such funds from any other source or sources.  The moneys held  in  or  credited  to  any  debt  service  reserve  fund  established under this subdivision except as hereinafter provided, shall  be  used  solely  for the payment of the principal of non-profit project  bonds of the agency secured by such reserve fund, as  the  same  mature,  required payments to any sinking fund established in a resolution of the  agency  for  the  amortization of term bonds (hereinafter referred to as  "sinking fund payments"), the purchase or redemption of such  non-profit  project  bonds of the agency, the payment of interest on such non-profitproject bonds of the agency or the payment  of  any  redemption  premium  required  to  be  paid  when  such bonds are redeemed prior to maturity;  provided, however, that moneys in any such fund shall not  be  withdrawn  therefrom  at any time in such amount as would reduce the amount of such  fund to less than the maximum amount of principal, interest maturing and  becoming due and sinking fund  payments  required  to  be  made  in  any  succeeding  calendar  year on the non-profit project bonds of the agency  then outstanding and secured  by  such  reserve  fund,  except  for  the  purpose  of  paying  principal  and  interest  and sinking fund payments  becoming due on the non-profit project bonds of the  agency  secured  by  such reserve fund maturing and becoming due and for the payment of which  other  moneys  of the agency are not available. For the purposes of this  subdivision five, in computing the maximum amount of principal  maturing  at  a  single future date (herein called "term bonds") in any succeeding  calendar year, the principal amount of any such  term  bonds  which  are  subject  to  mandatory  redemption  prior to such future date by sinking  fund payments shall not be included in the computation  determining  the  maximum  amount of principal maturing in said future year. Any income or  interest earned by, or increment to, any such debt service reserve  fund  due  to  the  investment thereof may be transferred to any other fund or  account of the agency to the extent it does not  reduce  the  amount  of  such debt service reserve fund below the maximum amount of principal and  interest maturing and becoming due and sinking fund payments required to  be  made in any succeeding calendar year on all non-profit project bonds  of the agency then outstanding and secured by such reserve fund.    (b) The agency shall not issue non-profit project bonds at any time if  the maximum amount of principal and interest maturing and  becoming  due  and  sinking  fund payments required to be made in a succeeding calendar  year on the non-profit project bonds outstanding and then to  be  issued  and  secured  by  a  debt service reserve fund will exceed the amount of  such reserve account at the time of issuance, unless the agency, at  the  time  of issuance of such bonds, shall deposit in such reserve fund from  the proceeds of the bonds so to be issued, or otherwise, an amount which  together with the amount then in such reserve fund,  will  be  not  less  than  the maximum amount of principal and interest maturing and becoming  due and sinking fund payments required to  be  made  in  any  succeeding  calendar  year  on the non-profit project bonds then to be issued and on  all other non-profit project bonds of the agency  then  outstanding  and  secured by such reserve fund.    (c)  To  assure the continued operation and solvency of the agency for  the carrying out of the public purposes of  this  article  provision  is  made  in  paragraph (a) of this subdivision for the accumulation in each  debt service reserve fund of an amount equal to the  maximum  amount  of  principal  and  interest  maturing  and  becoming  due  and sinking fund  payments required to be made in any  succeeding  calendar  year  on  all  non-profit  project  bonds of the agency then outstanding and secured by  such reserve fund. In order further to assure the  maintenance  of  such  debt service reserve funds, there shall be annually apportioned and paid  to the agency for deposit in each debt service reserve fund such sum, if  any, as shall be certified by the chairman of the agency to the governor  and  director of the budget as necessary to restore such reserve fund to  an amount equal to the maximum amount of principal and interest maturing  and becoming due and sinking fund payments required to be  made  in  any  succeeding  calendar  year on the non-profit project bonds of the agency  then outstanding and secured by such reserve fund. The chairman  of  the  agency  shall annually, on or before December first, make and deliver to  the governor and director of the budget his certificate stating the sum,  if any, required to restore each such debt service reserve fund  to  theamount  aforesaid,  and  the  sum or sums so certified, if any, shall be  apportioned and paid to the agency during the then current state  fiscal  year.  The  principal  amount of bonds secured by a debt service reserve  fund  or  funds  to which state funds are apportionable pursuant to this  paragraph shall be limited to  the  total  amount  of  bonds  and  notes  outstanding  on the effective date of this act, plus the total amount of  bonds and notes contracted after the  effective  date  of  this  act  to  finance  projects  in  progress  on  the  effective  date of this act as  determined by the  New  York  state  public  authorities  control  board  created  pursuant  to  section fifty of the public authorities law whose  affirmative determination shall be conclusive as to all matters  of  law  and  fact  solely  for  the purpose of the limitations contained in this  paragraph, but in no event shall the total amount of bonds so secured by  such  a  debt  service  reserve  fund  or  funds  exceed  seven  hundred  ninety-three  million  dollars,  excluding  bonds  issued to refund such  outstanding bonds until the  date  of  redemption  of  such  outstanding  bonds.  As  outstanding bonds so secured are paid, the amount so secured  shall be reduced accordingly but  the  redemption  of  such  outstanding  bonds  from  the proceeds of refunding bonds shall not reduce the amount  so secured.    (d) In computing any debt service reserve fund  for  the  purposes  of  this  section, securities in which all or a portion of such reserve fund  shall be invested shall be valued at par, or if purchased at  less  than  par, at their cost to the agency.    6.  (a) The agency may create and establish a special fund to be known  as hospital and nursing home capital reserve fund and may pay into  such  reserve  funds  (1)  any  monies  appropriated and made available by the  state for the purposes of such  funds,  (2)  any  proceeds  of  sale  of  hospital  and  nursing  home  project notes or hospital and nursing home  project bonds, to the extent provided in the resolution  of  the  agency  authorizing  the issuance thereof, and (3) any other monies which may be  made available to the agency for the purposes of such accounts from  any  other  source  or sources. The monies held in or credited to the capital  reserve fund established under this subdivision  except  as  hereinafter  provided,  shall  be  used  solely  for  the payment of the principal of  hospital and nursing home project bonds of the agency  secured  by  such  reserve  fund, as the same mature, required payments to any sinking fund  established in a resolution of the agency for the amortization  of  term  bonds  (hereinafter referred to as "sinking fund payments") the purchase  or redemption of such hospital and nursing home  project  bonds  of  the  agency,  the  payment  of  interest  on  such  hospital and nursing home  project bonds of the agency, or the payment of  any  redemption  premium  required  to  be  paid  when  such bonds are redeemed prior to maturity;  provided, however, that monies in any such fund shall not  be  withdrawn  therefrom  at any time in such amount as would reduce the amount of such  fund to less than the maximum amount of principal and interest  maturing  and  becoming  due  and sinking fund payments required to be made in any  succeeding calendar year on the hospital and nursing home project  bonds  of  the agency then outstanding and secured by such reserve fund, except  for the purpose of paying principal, interest on  hospital  and  nursing  home  project  bonds of the agency secured by such reserve fund maturing  and becoming due and sinking fund payments  becoming  due  and  for  the  payment  of  which other monies of the agency are not available. For the  purposes of this subdivision six, in computing  the  maximum  amount  of  principal  maturing at a single future date (herein called "term bonds")  in any succeeding calendar year, the principal amount of any  such  term  bonds  which  are  subject  to mandatory redemption prior to such future  date by sinking fund payments shall not be included in  the  computationdetermining  the  maximum  amount  of  principal maturing in said future  year. Any income or interest  earned  by,  or  increment  to,  any  such  hospital  and  nursing  home  capital reserve fund due to the investment  thereof  may  be  transferred  to  the hospital and nursing home general  reserve fund or other fund of the agency, to  the  extent  it  does  not  reduce the amount of such hospital and nursing home capital reserve fund  below the maximum amount of principal and interest maturing and becoming  due  and  sinking  fund  payments  required to be made in any succeeding  calendar year on all hospital and nursing  home  project  bonds  of  the  agency then outstanding and secured by such reserve fund.    (b) The agency shall not issue hospital and nursing home project bonds  and  notes  in  an aggregate principal amount exceeding one billion nine  hundred fifty  million  dollars  excluding  hospital  and  nursing  home  project  bonds  and  hospital  and  nursing home project notes issued to  refund outstanding hospital and nursing home project bonds and  hospital  and  nursing home project notes, nor shall it issue hospital and nursing  home project bonds at any time secured by the hospital and nursing  home  capital  reserve  fund  if  the maximum amount of principal and interest  maturing and becoming due and sinking fund payments required to be  made  in  a  succeeding calendar year on the hospital and nursing home project  bonds outstanding and then to be issued and secured by the hospital  and  nursing home capital reserve fund will exceed the amount of such reserve  fund at the time of issuance, unless the agency, at the time of issuance  of  such  bonds, shall deposit in such reserve fund from the proceeds of  the bonds so to be issued, or otherwise, an amount which  together  with  the  amount then in such reserve fund, will be not less than the maximum  amount of principal and interest maturing and becoming due  and  sinking  fund payments required to be made in any succeeding calendar year on the  hospital  and  nursing  home  project bonds then to be issued and on all  other hospital and  nursing  home  project  bonds  of  the  agency  then  outstanding and secured by such reserve fund.    (c)  To  assure the continued operation and solvency of the agency for  the carrying out of the public purposes of  this  article  provision  is  made  in  paragraph  (a) of this subdivision for the accumulation in the  hospital and nursing home capital reserve fund of an amount equal to the  maximum amount of principal and interest maturing and becoming  due  and  sinking  fund payments to be made in any succeeding calendar year on all  hospital and nursing home project bonds of the agency  then  outstanding  and  secured  by  such  reserve  fund.  In  order  further to assure the  maintenance of such hospital and  nursing  home  capital  reserve  fund,  there  shall  be annually apportioned and paid to the agency for deposit  in such hospital and nursing home capital reserve fund such sum, if any,  as shall be certified by the chairman of the agency to the governor  and  director  of  the budget as necessary to restore such reserve fund to an  amount equal to the maximum amount of principal  and  interest  maturing  and  becoming  due  and sinking fund payments required to be made in any  succeeding calendar year on the hospital and nursing home project  bonds  of  the  agency  then  outstanding and secured by such reserve fund. The  chairman of the agency shall annually, on or before December first, make  and deliver to the governor and director of the budget  his  certificate  stating  the sums, if any, required to restore such hospital and nursing  home capital reserve fund to the  amount  aforesaid,  and  the  sums  so  certified,  if  any,  shall be apportioned and paid to the agency during  the then current state  fiscal  year.  The  principal  amount  of  bonds  secured  by  the hospital and nursing home capital reserve fund to which  state funds are  apportionable  pursuant  to  this  paragraph  shall  be  limited  to  the  total  amount  of  bonds  and notes outstanding on the  effective date of this act, plus the total amount  of  bonds  and  notescontracted  after  the effective date of this act to finance projects on  progress on the effective date of this act as determined by the New York  state public authorities control board created pursuant to section fifty  of  the  public authorities law whose affirmative determination shall be  conclusive as to all matters of law and fact solely for the purposes  of  the  limitations  contained in this paragraph, but in no event shall the  total amount of bonds so secured by such a capital reserve fund or funds  exceed nine hundred sixteen million dollars, excluding bonds  issued  to  refund  such  outstanding  bonds  until  the  date of redemption of such  outstanding bonds. As outstanding bonds so secured are paid, the  amount  so  secured  shall  be  reduced  accordingly  but the redemption of such  outstanding bonds from the proceeds of refunding bonds shall not  reduce  the amount so secured.    (d)  In  computing  any hospital and nursing home capital reserve fund  for the purposes of this section, securities in which all or  a  portion  of  such  reserve  fund  shall be invested shall be valued at par, or if  purchased at less than par, at their cost to the agency.    7. The agency shall  create  and  establish  one  or  more  additional  special  funds  (herein referred to as hospital and nursing home general  reserve funds) and shall, to the extent provided in the applicable  bond  resolution  of  the  agency  authorizing  the  issuance  of hospital and  nursing home project bonds, pay into any such fund the fees and  charges  collected  by the agency pursuant to paragraph (b) of subdivision eleven  of section forty-four of this article and any monies  which  the  agency  shall  transfer  from the hospital and nursing home capital reserve fund  pursuant to the provisions of paragraph (a) of subdivision six  of  this  section.  Such  monies  and  any  other  monies paid into a hospital and  nursing home general reserve fund may, in the discretion of the  agency,  but  subject  to agreements with bondholders and noteholders, be used by  the agency  (a)  for  the  repayment  of  advances  from  the  state  in  accordance  with  the  provisions  of  repayment  agreements between the  agency and the director of the budget, (b) to reimburse  the  department  of  health  the  reasonable  costs  of  the  services  performed  by the  commissioner  of  health  and  the  department  of  health  pursuant  to  subdivision  three of section fifty-five of this article, (c) to pay all  costs, expenses and charges of financing, including fees and expenses of  trustees and paying agents,  (d)  for  transfers  to  the  hospital  and  nursing  home capital reserve fund, (e) for the payment of principal and  interest on hospital and nursing home project bonds and notes issued  by  the agency when the same shall become due whether at maturity or on call  for redemption and for the payment of any redemption premium required to  be paid where such hospital and nursing home project bonds and notes are  redeemed  prior  to their stated maturities and to purchase hospital and  nursing home project bonds or notes issued by the  agency,  or  (f)  for  such  other  corporate  purposes  of  the  agency  as  the agency in its  discretion shall determine and provide.    8. (a) The agency may create and  establish  one  or  more  additional  reserve funds to be known as health facilities reserve funds and may pay  into  such  reserve funds (1) any monies appropriated and made available  by the state for the purposes of such funds, (2) any proceeds of sale of  health facilities notes  or  health  facilities  bonds,  to  the  extent  provided  in  the  resolution  of  the  agency  authorizing the issuance  thereof, and (3) any other monies which may be  made  available  to  the  agency  for the purposes of such funds from any other source or sources.  The monies held in or credited to any  health  facilities  reserve  fund  established  under  this  subdivision,  except  as hereinafter provided,  shall be used  solely  for  the  payment  of  the  principal  of  health  facilities bonds of the agency secured by such reserve fund, as the samemature,   required  payments  to  any  sinking  fund  established  in  a  resolution of the agency for the amortization of term bonds (hereinafter  referred to as "sinking fund payments") the purchase  or  redemption  of  such  health  facilities bonds of the agency, the payment of interest on  such health facilities bonds of  the  agency,  or  the  payment  of  any  redemption  premium  required  to  be  paid when such bonds are redeemed  prior to maturity; provided, however, that monies in any such fund shall  not be withdrawn therefrom at any time in such amount  as  would  reduce  the amount of such fund to less than the maximum amount of principal and  interest maturing and becoming due and sinking fund payments required to  be  made  in any succeeding calendar year on the health facilities bonds  of the agency then outstanding and secured by such reserve fund,  except  for  the purpose of paying principal, interest and sinking fund payments  becoming due on the health facilities bonds of  the  agency  secured  by  such reserve fund maturing and becoming due and for the payment of which  other  monies  of the agency are not available. For the purposes of this  subdivision eight, in computing the maximum amount of principal maturing  at a single future date (herein called "term bonds") in  any  succeeding  calendar  year,  the  principal  amount of any such term bonds which are  subject to mandatory redemption prior to such  future  date  by  sinking  fund  payments  shall not be included in the computation determining the  maximum amount of principal maturing in said future year. Any income  or  interest  earned by, or increment to, any such health facilities reserve  fund due to the investment thereof may be transferred to any other  fund  or  account of the agency to the extent it does not reduce the amount of  such  health  facilities  reserve  fund  below  the  maximum  amount  of  principal  and  interest  maturing  and  becoming  due  and sinking fund  payments required to be made in any  succeeding  calendar  year  on  all  health  facilities  bonds  of the agency then outstanding and secured by  such reserve fund.    (b) The agency shall not issue health facilities bonds at any time  if  the  maximum  amount of principal and interest maturing and becoming due  and sinking fund payments required to be made in a  succeeding  calendar  year  on  the  health facilities bonds outstanding and then to be issued  and secured by any health facilities reserve fund will exceed the amount  of such reserve account at the time of issuance, unless the  agency,  at  the  time  of issuance of such bonds, shall deposit in such reserve fund  from the proceeds of the bonds so to be issued, or otherwise, an  amount  which  together  with  the  amount then in such reserve fund will be not  less than the maximum amount of  principal  and  interest  maturing  and  becoming  due  and  sinking  fund  payments  required  to be made in any  succeeding calendar year on the  health  facilities  bonds  then  to  be  issued  and  on  all  other  health  facilities bonds of the agency then  outstanding and secured by such reserve fund.    (c) To assure the continued operation and solvency of the  agency  for  the  carrying  out  of the public purposes of this article, provision is  made in paragraph (a) of this subdivision for the accumulation  in  each  health  facilities reserve fund of an amount equal to the maximum amount  of principal and interest maturing and becoming  due  and  sinking  fund  payments  required  to  be  made  in any succeeding calendar year on all  health facilities bonds of the agency then outstanding  and  secured  by  such  reserve  fund.  In order further to assure the maintenance of such  health facilities reserve funds, there shall be annually apportioned and  paid to the agency for deposit in each health  facilities  reserve  fund  such sum, if any, as shall be certified by the chairman of the agency to  the  governor  and  director  of the budget as necessary to restore such  reserve fund to an amount equal to the maximum amount of  principal  and  interest maturing and becoming due and sinking fund payments required tobe  made  in any succeeding calendar year on the health facilities bonds  of the agency then outstanding and secured by  such  reserve  fund.  The  chairman of the agency shall annually, on or before December first, make  and  deliver  to the governor and director of the budget his certificate  stating  the  sums,  if  any,  required  to  restore  each  such  health  facilities  reserve  fund  to  the  amount  aforesaid,  and  the sums so  certified, if any, shall be apportioned and paid to  the  agency  during  the  then  current  state  fiscal  year.  The  principal amount of bonds  secured by a health facilities reserve fund  or  funds  to  which  state  funds  are  apportionable pursuant to this paragraph shall be limited to  the total amount of bonds and notes outstanding on the effective date of  this act, plus the total amount of bonds and notes contracted after  the  effective  date  of  this  act  to  finance  projects in progress on the  effective date of this act as determined by the New  York  state  public  authorities  control  board  created  pursuant  to  section fifty of the  public  authorities  law  whose  affirmative  determination   shall   be  conclusive  as to all matters of law and fact solely for the purposes of  the limitations contained in this paragraph, but in no event  shall  the  total  amount of bonds so secured by such a reserve fund or funds exceed  six hundred seventy-five million  dollars,  excluding  bonds  issued  to  refund  such  outstanding  bonds  until  the  date of redemption of such  outstanding bonds. As outstanding bonds so secured are paid, the  amount  so  secured  shall  be  reduced  accordingly  but the redemption of such  outstanding bonds from the proceeds of refunding bonds shall not  reduce  the amounts so secured.    (d)  In  computing any health facilities reserve fund for the purposes  of this section, securities in which all or a portion  of  such  reserve  fund  shall  be invested shall be valued at par, or if purchased at less  than par, at their cost to the agency.    9. (a) The agency may create and  establish  one  or  more  additional  reserve funds to be known as urban rental debt service reserve funds and  may  pay  into  such  reserve funds (1) any monies appropriated and made  available by the state for the purposes of such funds, (2) any  proceeds  of  sale of urban rental project notes or urban rental project bonds, to  the extent provided in the resolution  of  the  agency  authorizing  the  issuance  thereof,  and (3) any other monies which may be made available  to the agency for the purposes of such funds from any  other  source  or  sources. The monies held in or credited to any urban rental debt service  reserve  fund  established  under this subdivision except as hereinafter  provided, shall be used solely for the payment of the principal of urban  rental project bonds of the agency secured by such reserve fund, as  the  same  mature,  required  payments  to  any sinking fund established in a  resolution of the agency for the amortization of term bonds (hereinafter  referred to as "sinking fund payments"), the purchase or  redemption  of  such  urban  rental project bonds of the agency, the payment of interest  on such urban rental project bonds of the agency, or the payment of  any  redemption  premium  required  to  be  paid when such bonds are redeemed  prior to maturity; provided, however, that monies in any such fund shall  not be withdrawn therefrom at any time in such amount  as  would  reduce  the amount of such fund to less than the maximum amount of principal and  interest maturing and becoming due and sinking fund payments required to  be  made  in  any  succeeding  calendar year on the urban rental project  bonds of the agency then outstanding and secured by such  reserve  fund,  except  for  the  purpose of paying principal, interest and sinking fund  payments becoming due on the urban rental project bonds  of  the  agency  secured  by  such  reserve  fund  maturing  and becoming due and for the  payment of which other monies of the agency are not available.  For  the  purposes  of  this  subdivision nine, in computing the maximum amount ofprincipal maturing at a single future date (herein called "term  bonds")  in  any  succeeding calendar year, the principal amount of any such term  bonds which are subject to mandatory redemption  prior  to  such  future  date  by  sinking fund payments shall not be included in the computation  determining the maximum amount of  principal  maturing  in  said  future  year.  Any income or interest earned by, or increment to, any such urban  rental debt service reserve fund due to the investment  thereof  may  be  transferred  to any other fund or account of the agency to the extent it  does not reduce the amount of such urban  rental  debt  service  reserve  fund  below  the  maximum  amount of principal and interest maturing and  becoming due and sinking fund  payments  required  to  be  made  in  any  succeeding calendar year on all urban rental project bonds of the agency  then outstanding and secured by such reserve fund.    (b)  The agency shall not issue urban rental project bonds at any time  if the maximum amount of principal and interest  maturing  and  becoming  due  and  sinking  fund  payments  required to be made in any succeeding  calendar year on the urban rental project bonds outstanding and then  to  be  issued and secured by an urban rental debt service reserve fund will  exceed the amount of such reserve  account  at  the  time  of  issuance,  unless  the agency, at the time of issuance of such bonds, shall deposit  in such reserve fund from the proceeds of the bonds so to be issued,  or  otherwise, an amount which together with the amount then in such reserve  fund, will be not less than the maximum amount of principal and interest  maturing  and becoming due and sinking fund payments required to be made  in any succeeding calendar year on the urban rental project  bonds  then  to  be  issued and on all other urban rental project bonds of the agency  then outstanding and secured by such reserve fund.    (c) To assure the continued operation and solvency of the  agency  for  the  carrying  out  of  the public purposes of this article provision is  made in paragraph (a) of this subdivision for the accumulation  in  each  urban rental debt service reserve fund of an amount equal to the maximum  amount  of  principal and interest maturing and becoming due and sinking  fund payments required to be made in any succeeding calendar year on all  urban rental project bonds of the agency then outstanding and secured by  such reserve fund. In order further to assure the  maintenance  of  such  urban  rental  debt  service  reserve  funds,  there  shall  be annually  apportioned and paid to the agency for deposit in each urban rental debt  service reserve fund such sum, if any, as  shall  be  certified  by  the  chairman  of  the  agency  to the governor and director of the budget as  necessary to restore such reserve fund to an amount equal to the maximum  amount of principal and interest maturing and becoming due  and  sinking  fund payments required to be made in any succeeding calendar year on the  urban rental project bonds of the agency then outstanding and secured by  such  reserve  fund.  The  chairman  of the agency shall annually, on or  before December first, make and deliver to the governor and director  of  the budget his certificate stating the sums, if any, required to restore  each  such  urban  rental  debt  service  reserve  fund  to  the  amount  aforesaid, and the sums so certified, if any, shall be  apportioned  and  paid  to  the  agency  during  the  then  current state fiscal year. The  principal amount of bonds  secured  by  an  urban  rental  debt  service  reserve fund or funds to which state funds are apportionable pursuant to  this  paragraph  shall be limited to the total amount of bonds and notes  outstanding on the effective date of this act, plus the total amount  of  bonds  and  notes  contracted  after  the  effective date of this act to  finance projects in progress on  the  effective  date  of  this  act  as  determined  by  the  New  York  state  public  authorities control board  created pursuant to section fifty of the public  authorities  law  whose  affirmative  determination  shall be conclusive as to all matters of lawand fact solely for the purposes of the limitations  contained  in  this  paragraph, but in no event shall the total amount of bonds so secured by  such  a debt service reserve fund or funds exceed six hundred forty-five  million dollars, excluding bonds issued to refund such outstanding bonds  until  the  date of redemption of such outstanding bonds. As outstanding  bonds so secured are paid,  the  amount  so  secured  shall  be  reduced  accordingly  but  the  redemption  of  such  outstanding  bonds from the  proceeds of refunding bonds shall not reduce the amount so secured.    (d) In computing any urban rental debt service reserve  fund  for  the  purposes  of  this section, securities in which all or a portion of such  reserve fund shall be invested shall be valued at par  if  purchased  at  par, or if purchased at other than par, at amortized value.    10. (a) The agency may create and establish a special fund to be known  as  youth  facilities capital reserve fund and may pay into such reserve  funds (1) any monies appropriated and made available by  the  state  for  the purposes of such funds, (2) any proceeds of sale of youth facilities  project  notes or youth facilities project bonds, to the extent provided  in the resolution of the agency authorizing the  issuance  thereof,  and  (3)  any  other monies which may be made available to the agency for the  purposes of such accounts from any other source or sources.  The  monies  held  in  or credited to the capital reserve fund established under this  subdivision except as hereinafter provided, shall be used solely for the  payment of principal of youth facilities project  bonds  of  the  agency  secured  by  such reserve fund, as the same mature, the purchase of such  youth facilities project bonds of the agency, the payment of interest on  youth facilities project bonds of the agency,  or  the  payment  of  any  redemption  premium  required  to  be  paid when such bonds are redeemed  prior to maturity; provided, however, that monies in any such fund shall  not be withdrawn therefrom at any time in such amount  as  would  reduce  the amount of such fund to less than the maximum amount of principal and  interest  maturing  and  becoming due in any succeeding calendar year on  the youth facilities project bonds of the agency  then  outstanding  and  secured by such reserve fund, except for the purpose of paying principal  and  interest on youth facilities project bonds of the agency secured by  such reserve fund maturing and becoming due and for the payment of which  other monies of the agency are not available.  Any  income  or  interest  earned  by,  or  increment to, any such youth facilities capital reserve  fund due to the investment thereof  may  be  transferred  to  the  youth  facilities  general  reserve  fund  or  other fund of the agency, to the  extent it does not reduce the amount of such  youth  facilities  capital  reserve fund below the maximum amount of principal and interest maturing  and becoming due in any succeeding calendar year on all youth facilities  project bonds of the agency then outstanding and secured by such reserve  fund.    (b)  The  agency  shall  not  issue youth facilities project bonds and  notes in an aggregate principal amount  exceeding  one  hundred  million  dollars  excluding  youth  facilities project bonds and youth facilities  project notes issued to  refund  outstanding  youth  facilities  project  bonds  and  youth  facilities  project  notes,  nor shall it issue youth  facilities project bonds at any time secured  by  the  youth  facilities  capital  reserve  fund  if  the maximum amount of principal and interest  maturing and becoming due in a succeeding calendar  year  on  the  youth  facilities  project  bonds outstanding and then to be issued and secured  by the youth facilities capital reserve fund will exceed the  amount  of  such  reserve  fund  at  the time of issuance, unless the agency, at the  time of issuance of such bonds, shall deposit in such reserve fund  from  the proceeds of the bonds so to be issued, or otherwise, an amount which  together  with  the  amount  then in such reserve fund, will be not lessthan the maximum amount of principal and interest maturing and  becoming  due  in  any  succeeding  calendar  year on the youth facilities project  bonds then to be issued and on all other youth facilities project  bonds  of the agency then outstanding and secured by such reserve fund.    (c)  To  assure the continued operation and solvency of the agency for  the carrying out of the public purposes of  this  article  provision  is  made  in  paragraph  (a) of this subdivision for the accumulation in the  youth facilities capital reserve fund of an amount equal to the  maximum  amount  of  principal  and  interest  maturing  and  becoming due in any  succeeding calendar year on all youth facilities project  bonds  of  the  agency  then  outstanding  and  secured  by  such reserve fund. In order  further to assure the  maintenance  of  such  youth  facilities  capital  reserve fund, there shall be annually apportioned and paid to the agency  for  deposit  in such youth facilities capital reserve fund such sum, if  any, as shall be certified by the chairman of the agency to the governor  and director of the budget as necessary to restore such reserve fund  to  an amount equal to the maximum amount of principal and interest maturing  and becoming due in any succeeding calendar year on the youth facilities  project bonds of the agency then outstanding and secured by such reserve  fund.   The chairman of the agency shall annually, on or before December  first, make and deliver to the governor and director of the  budget  his  certificate  stating  the  sums,  if any, required to restore such youth  facilities capital reserve fund to the amount aforesaid, and the sums so  certified, if any, shall be apportioned and paid to  the  agency  during  the  then  current  state  fiscal  year.  The  principal amount of bonds  secured by the youth facilities capital  reserve  fund  to  which  state  funds  are  apportionable pursuant to this paragraph shall be limited to  the total amount of bonds and notes outstanding on the effective date of  this act, plus the total amount of bonds and notes contracted after  the  effective  date  of  this  act  to  finance  projects in progress on the  effective date of this act as determined by the New  York  state  public  authorities  control  board  created  pursuant  to  section fifty of the  public  authorities  law  whose  affirmative  determination   shall   be  conclusive  as to all matters of law and fact solely for the purposes of  the limitations contained in this paragraph, but in no event  shall  the  total  amount  of bonds so secured by such a capital reserve fund exceed  twenty-four million dollars,  excluding  bonds  issued  to  refund  such  outstanding  bonds  until  the  date  of  redemption of such outstanding  bonds. As outstanding bonds so secured are paid, the amount  so  secured  shall  be  reduced  accordingly  but  the redemption of such outstanding  bonds from the proceeds of refunding bonds shall not reduce  the  amount  so secured.    (d)  In  computing  any  youth facilities capital reserve fund for the  purpose of this section, securities in which all or a  portion  of  such  reserve  fund  shall  be invested shall be valued at par if purchased at  par, or if purchased at other than par, at amortized value.    11. The agency shall create  and  establish  a  special  fund  (herein  referred  to as the youth facilities general reserve fund) and shall pay  into such fund all fees and charges collected by the agency pursuant  to  paragraph  (c)  of  subdivision  eleven  of  section  forty-four of this  article and any monies which the agency shall transfer  from  the  youth  facilities  capital reserve fund pursuant to the provisions of paragraph  (a) of subdivision ten of this section. Such monies and any other monies  paid into  the  youth  facilities  general  reserve  fund  may,  in  the  discretion of the agency, but subject to agreements with bondholders and  noteholders,  be  used  by  the agency (a) for the repayment of advances  from the state in accordance with the provisions of repayment agreements  between the agency and the director of the budget, (b) to reimburse  thedepartment  of  social  services  the  reasonable  costs of the services  performed by the commissioner of social services and the  department  of  social  services  pursuant  to subdivision four of section fifty-five of  this  article,  (c) to pay all costs, expenses and charges of financing,  including fees and expenses of  trustees  and  paying  agents,  (d)  for  transfers  to  the  youth  facilities  capital reserve fund, (e) for the  payment of principal of and interest on youth facilities  project  bonds  and notes issued by the agency when the same shall become due whether at  maturity or on call for redemption and for the payment of any redemption  premium  required  to  be paid where such youth facilities project bonds  and notes are redeemed prior to their stated maturities and to  purchase  youth facilities project bonds or notes issued by the agency, or (f) for  such  other  corporate  purposes  of  the  agency  as  the agency in its  discretion shall determine and provide.    12. (a) The agency may create and establish a special fund to be known  as community mental health  services  and  mental  retardation  services  capital  reserve fund and may pay into such reserve funds (1) any monies  appropriated and made available by the state for the  purposes  of  such  funds,  (2) any proceeds of sale of community mental health services and  mental retardation services project notes  or  community  mental  health  services  and  mental  retardation services project bonds, to the extent  provided in the  resolution  of  the  agency  authorizing  the  issuance  thereof,  and  (3)  any  other monies which may be made available to the  agency for the purposes of  such  accounts  from  any  other  source  or  sources.  The  monies  held  in  or credited to the capital reserve fund  established under this subdivision except as hereinafter provided, shall  be used solely for the payment of principal of community  mental  health  services  and  mental  retardation  services project bonds of the agency  secured by such reserve fund, as the same mature, the purchase  of  such  community mental health services and mental retardation services project  bonds  of  the  agency, the payment of interest on such community mental  health services and mental retardation services  project  bonds  of  the  agency,  or  the  payment  of any red