A. 1. HDA may create and establish one or more special funds (herein referredto as "capital reserve funds"), and shall pay into each such capitalreserve fund (i) any moneys appropriated and made available by theCommonwealth for the purpose of such fund, (ii) any proceeds of sale of notesor bonds, to the extent provided in the resolution or resolutions of HDAauthorizing the issuance thereof, and (iii) any other moneys which may bemade available to HDA for the purpose of such fund from any other source orsources. All moneys held in any capital reserve fund, except as hereinafterprovided, shall be used, as required, solely for the payment of the principalof bonds secured in whole or in part by such fund or of the sinking fundpayments hereinafter mentioned with respect to such bonds, the purchase orredemption of such bonds, the payment of interest on such bonds or thepayment of any redemption premium required to be paid when such bonds areredeemed prior to maturity; however, if moneys in any such fund at any timeare less than the minimum capital reserve fund requirement established forsuch fund as hereinafter provided, HDA shall not use such moneys for anyoptional purchase or redemption of such bonds. Any income or interest earnedby, or increment to, any capital reserve fund due to the investment thereofmay be transferred by HDA to other funds or accounts of HDA to the extent itdoes not reduce the amount of such capital reserve fund below the minimumcapital reserve fund requirement for such fund;
2. HDA shall not at any time issue bonds, secured in whole or in part by acapital reserve fund, if upon the issuance of such bonds, the amount of suchcapital reserve fund will be less than the minimum capital reserve fundrequirement of such fund, unless HDA, at the time of issuance of such bonds,shall deposit in such fund from the proceeds of the bonds to be issued, orfrom other sources, an amount which, together with the amount then in suchfund, will not be less than the minimum capital reserve fund requirement forsuch fund. For purposes of this section, the term "minimum capital reservefund requirement" shall mean, as of any particular date of computation, anamount of money, as provided in the resolutions of HDA authorizing the bondswith respect to which such fund is established, equal to not more than thegreatest of the respective amounts, for the current or any future fiscal yearof HDA, of annual debt service on the bonds of HDA secured in whole or inpart by such fund, such annual debt service for any fiscal year being theamount of money equal to the aggregate of (i) all interest payable duringsuch fiscal year on all bonds secured in whole or in part by such fundoutstanding on the date of computation, plus (ii) the principal amount of allsuch bonds outstanding on said date of computation which mature during suchfiscal year, plus (iii) all amounts specified in any resolution of theauthority authorizing any of such bonds as payable during such fiscal year asa sinking fund payment with respect to any of such bonds which mature aftersuch fiscal year, all calculated on the assumption that such bonds will aftersaid date of computation cease to be outstanding by reason, but only byreason, of the payment of bonds when due, and the payment when due andapplication in accordance with the resolution authorizing those bonds, of allof such sinking fund payments payable at or after said date of computation;however, in computing the annual debt service for any fiscal year asaforesaid, bonds deemed to have been paid in accordance with the defeasanceprovisions of the resolution or resolutions of HDA authorizing the issuancethereof shall not be included in bonds outstanding on the date of computationaforesaid;
3. In computing the amount of any capital reserve funds for the purpose ofthis section, securities in which all or a portion of such funds shall beinvested shall be valued at par or if purchased at less than par, at theircost to HDA;
4. To assure the continued operation and solvency of HDA for the carrying outof its corporate purposes, provision is made in subdivision 1 of thissubsection for the accumulation in each capital reserve fund of an amountequal to the minimum capital reserve fund requirement for such fund.
B. In order further to assure the maintenance of the foregoing capitalreserve funds, the chairman of HDA shall annually, on or before December 1,make and deliver to the Governor and Director of the Budget his certificatestating the sum, if any, required to restore each such capital reserve fundto the minimum capital reserve fund requirement for such fund. Within fivedays after the beginning of each session of the General Assembly, theGovernor shall submit to the presiding officer of each house printed copiesof a budget including the sum, if any, required to restore each such capitalreserve fund to the minimum capital reserve fund requirement for such fund.All sums appropriated by the legislature for such restoration and paid shallbe deposited by HDA in the applicable capital reserve fund.
C. HDA shall create and establish such other fund or funds as may benecessary or desirable for its corporate purposes.
D. All amounts paid over to HDA by the Commonwealth pursuant to theprovisions of this section shall constitute and be accounted for as advancesby the Commonwealth to HDA and, subject to the rights of the holders of anybonds or notes of HDA theretofore or thereafter issued, shall be repaid tothe Commonwealth without interest from all available operating revenues ofHDA in excess of amounts required for the payment of bonds, notes or otherobligations of HDA, the capital reserve funds and operating expenses.
E. The outstanding principal amount of notes and bonds issued by HDA securedby capital reserve funds pursuant to this section, other than notes and bondsfor which refunding obligations shall have been issued pursuant to §36-55.42, shall not exceed $1.5 billion. For the purpose of this subdivision,the outstanding principal amount of notes or bonds issued by HDA at a priceless than the face amount thereof shall be deemed to be the issue price ofsuch notes or bonds.
(1972, c. 830; 1974, c. 263; 1987, c. 451; 1994, c. 378; 1997, c. 41.)
A. 1. HDA may create and establish one or more special funds (herein referredto as "capital reserve funds"), and shall pay into each such capitalreserve fund (i) any moneys appropriated and made available by theCommonwealth for the purpose of such fund, (ii) any proceeds of sale of notesor bonds, to the extent provided in the resolution or resolutions of HDAauthorizing the issuance thereof, and (iii) any other moneys which may bemade available to HDA for the purpose of such fund from any other source orsources. All moneys held in any capital reserve fund, except as hereinafterprovided, shall be used, as required, solely for the payment of the principalof bonds secured in whole or in part by such fund or of the sinking fundpayments hereinafter mentioned with respect to such bonds, the purchase orredemption of such bonds, the payment of interest on such bonds or thepayment of any redemption premium required to be paid when such bonds areredeemed prior to maturity; however, if moneys in any such fund at any timeare less than the minimum capital reserve fund requirement established forsuch fund as hereinafter provided, HDA shall not use such moneys for anyoptional purchase or redemption of such bonds. Any income or interest earnedby, or increment to, any capital reserve fund due to the investment thereofmay be transferred by HDA to other funds or accounts of HDA to the extent itdoes not reduce the amount of such capital reserve fund below the minimumcapital reserve fund requirement for such fund;
2. HDA shall not at any time issue bonds, secured in whole or in part by acapital reserve fund, if upon the issuance of such bonds, the amount of suchcapital reserve fund will be less than the minimum capital reserve fundrequirement of such fund, unless HDA, at the time of issuance of such bonds,shall deposit in such fund from the proceeds of the bonds to be issued, orfrom other sources, an amount which, together with the amount then in suchfund, will not be less than the minimum capital reserve fund requirement forsuch fund. For purposes of this section, the term "minimum capital reservefund requirement" shall mean, as of any particular date of computation, anamount of money, as provided in the resolutions of HDA authorizing the bondswith respect to which such fund is established, equal to not more than thegreatest of the respective amounts, for the current or any future fiscal yearof HDA, of annual debt service on the bonds of HDA secured in whole or inpart by such fund, such annual debt service for any fiscal year being theamount of money equal to the aggregate of (i) all interest payable duringsuch fiscal year on all bonds secured in whole or in part by such fundoutstanding on the date of computation, plus (ii) the principal amount of allsuch bonds outstanding on said date of computation which mature during suchfiscal year, plus (iii) all amounts specified in any resolution of theauthority authorizing any of such bonds as payable during such fiscal year asa sinking fund payment with respect to any of such bonds which mature aftersuch fiscal year, all calculated on the assumption that such bonds will aftersaid date of computation cease to be outstanding by reason, but only byreason, of the payment of bonds when due, and the payment when due andapplication in accordance with the resolution authorizing those bonds, of allof such sinking fund payments payable at or after said date of computation;however, in computing the annual debt service for any fiscal year asaforesaid, bonds deemed to have been paid in accordance with the defeasanceprovisions of the resolution or resolutions of HDA authorizing the issuancethereof shall not be included in bonds outstanding on the date of computationaforesaid;
3. In computing the amount of any capital reserve funds for the purpose ofthis section, securities in which all or a portion of such funds shall beinvested shall be valued at par or if purchased at less than par, at theircost to HDA;
4. To assure the continued operation and solvency of HDA for the carrying outof its corporate purposes, provision is made in subdivision 1 of thissubsection for the accumulation in each capital reserve fund of an amountequal to the minimum capital reserve fund requirement for such fund.
B. In order further to assure the maintenance of the foregoing capitalreserve funds, the chairman of HDA shall annually, on or before December 1,make and deliver to the Governor and Director of the Budget his certificatestating the sum, if any, required to restore each such capital reserve fundto the minimum capital reserve fund requirement for such fund. Within fivedays after the beginning of each session of the General Assembly, theGovernor shall submit to the presiding officer of each house printed copiesof a budget including the sum, if any, required to restore each such capitalreserve fund to the minimum capital reserve fund requirement for such fund.All sums appropriated by the legislature for such restoration and paid shallbe deposited by HDA in the applicable capital reserve fund.
C. HDA shall create and establish such other fund or funds as may benecessary or desirable for its corporate purposes.
D. All amounts paid over to HDA by the Commonwealth pursuant to theprovisions of this section shall constitute and be accounted for as advancesby the Commonwealth to HDA and, subject to the rights of the holders of anybonds or notes of HDA theretofore or thereafter issued, shall be repaid tothe Commonwealth without interest from all available operating revenues ofHDA in excess of amounts required for the payment of bonds, notes or otherobligations of HDA, the capital reserve funds and operating expenses.
E. The outstanding principal amount of notes and bonds issued by HDA securedby capital reserve funds pursuant to this section, other than notes and bondsfor which refunding obligations shall have been issued pursuant to §36-55.42, shall not exceed $1.5 billion. For the purpose of this subdivision,the outstanding principal amount of notes or bonds issued by HDA at a priceless than the face amount thereof shall be deemed to be the issue price ofsuch notes or bonds.
(1972, c. 830; 1974, c. 263; 1987, c. 451; 1994, c. 378; 1997, c. 41.)
A. 1. HDA may create and establish one or more special funds (herein referredto as "capital reserve funds"), and shall pay into each such capitalreserve fund (i) any moneys appropriated and made available by theCommonwealth for the purpose of such fund, (ii) any proceeds of sale of notesor bonds, to the extent provided in the resolution or resolutions of HDAauthorizing the issuance thereof, and (iii) any other moneys which may bemade available to HDA for the purpose of such fund from any other source orsources. All moneys held in any capital reserve fund, except as hereinafterprovided, shall be used, as required, solely for the payment of the principalof bonds secured in whole or in part by such fund or of the sinking fundpayments hereinafter mentioned with respect to such bonds, the purchase orredemption of such bonds, the payment of interest on such bonds or thepayment of any redemption premium required to be paid when such bonds areredeemed prior to maturity; however, if moneys in any such fund at any timeare less than the minimum capital reserve fund requirement established forsuch fund as hereinafter provided, HDA shall not use such moneys for anyoptional purchase or redemption of such bonds. Any income or interest earnedby, or increment to, any capital reserve fund due to the investment thereofmay be transferred by HDA to other funds or accounts of HDA to the extent itdoes not reduce the amount of such capital reserve fund below the minimumcapital reserve fund requirement for such fund;
2. HDA shall not at any time issue bonds, secured in whole or in part by acapital reserve fund, if upon the issuance of such bonds, the amount of suchcapital reserve fund will be less than the minimum capital reserve fundrequirement of such fund, unless HDA, at the time of issuance of such bonds,shall deposit in such fund from the proceeds of the bonds to be issued, orfrom other sources, an amount which, together with the amount then in suchfund, will not be less than the minimum capital reserve fund requirement forsuch fund. For purposes of this section, the term "minimum capital reservefund requirement" shall mean, as of any particular date of computation, anamount of money, as provided in the resolutions of HDA authorizing the bondswith respect to which such fund is established, equal to not more than thegreatest of the respective amounts, for the current or any future fiscal yearof HDA, of annual debt service on the bonds of HDA secured in whole or inpart by such fund, such annual debt service for any fiscal year being theamount of money equal to the aggregate of (i) all interest payable duringsuch fiscal year on all bonds secured in whole or in part by such fundoutstanding on the date of computation, plus (ii) the principal amount of allsuch bonds outstanding on said date of computation which mature during suchfiscal year, plus (iii) all amounts specified in any resolution of theauthority authorizing any of such bonds as payable during such fiscal year asa sinking fund payment with respect to any of such bonds which mature aftersuch fiscal year, all calculated on the assumption that such bonds will aftersaid date of computation cease to be outstanding by reason, but only byreason, of the payment of bonds when due, and the payment when due andapplication in accordance with the resolution authorizing those bonds, of allof such sinking fund payments payable at or after said date of computation;however, in computing the annual debt service for any fiscal year asaforesaid, bonds deemed to have been paid in accordance with the defeasanceprovisions of the resolution or resolutions of HDA authorizing the issuancethereof shall not be included in bonds outstanding on the date of computationaforesaid;
3. In computing the amount of any capital reserve funds for the purpose ofthis section, securities in which all or a portion of such funds shall beinvested shall be valued at par or if purchased at less than par, at theircost to HDA;
4. To assure the continued operation and solvency of HDA for the carrying outof its corporate purposes, provision is made in subdivision 1 of thissubsection for the accumulation in each capital reserve fund of an amountequal to the minimum capital reserve fund requirement for such fund.
B. In order further to assure the maintenance of the foregoing capitalreserve funds, the chairman of HDA shall annually, on or before December 1,make and deliver to the Governor and Director of the Budget his certificatestating the sum, if any, required to restore each such capital reserve fundto the minimum capital reserve fund requirement for such fund. Within fivedays after the beginning of each session of the General Assembly, theGovernor shall submit to the presiding officer of each house printed copiesof a budget including the sum, if any, required to restore each such capitalreserve fund to the minimum capital reserve fund requirement for such fund.All sums appropriated by the legislature for such restoration and paid shallbe deposited by HDA in the applicable capital reserve fund.
C. HDA shall create and establish such other fund or funds as may benecessary or desirable for its corporate purposes.
D. All amounts paid over to HDA by the Commonwealth pursuant to theprovisions of this section shall constitute and be accounted for as advancesby the Commonwealth to HDA and, subject to the rights of the holders of anybonds or notes of HDA theretofore or thereafter issued, shall be repaid tothe Commonwealth without interest from all available operating revenues ofHDA in excess of amounts required for the payment of bonds, notes or otherobligations of HDA, the capital reserve funds and operating expenses.
E. The outstanding principal amount of notes and bonds issued by HDA securedby capital reserve funds pursuant to this section, other than notes and bondsfor which refunding obligations shall have been issued pursuant to §36-55.42, shall not exceed $1.5 billion. For the purpose of this subdivision,the outstanding principal amount of notes or bonds issued by HDA at a priceless than the face amount thereof shall be deemed to be the issue price ofsuch notes or bonds.
(1972, c. 830; 1974, c. 263; 1987, c. 451; 1994, c. 378; 1997, c. 41.)
