N.Y. Public Authorities Law 3041 – Funds of the corporation
* § 3041. Funds of the corporation. The municipal assistance corporation for the city of New York shall not hereafter enter into any memorandum of agreement with the governor of the state of New York and the mayor of the city of New York, other than the agreement to be entered into pursuant to subdivision two-b of section three thousand thirty-three of this title, providing for the disposition of such revenues of such corporation as may be available from time to time after providing for the payment of principal, interest, and redemption premium on its outstanding bonds and notes, its operating expenses and its commitments under existing agreements, and, subject to any other provision of law, agreements with holders of its bonds or notes, or memoranda of agreement, and on the approval of the board, all funds generated by future actions of the corporation shall either be made available to the city of New York as such funds become available or applied by the corporation to pay principal, interest and redemption premium on its outstanding obligations.
Terms Used In N.Y. Public Authorities Law 3041
- City: means the city of New York. See N.Y. Public Authorities Law 3032
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the corporate governmental agency created by section three thousand thirty-three of this chapter. See N.Y. Public Authorities Law 3032
- Governor: means the governor of the state of New York. See N.Y. Public Authorities Law 3003
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mayor: means the mayor of the city of New York. See N.Y. Public Authorities Law 3032
- notes: means bonds and notes, respectively, issued by a municipal assistance corporation pursuant to this article. See N.Y. Public Authorities Law 3003
- Obligations: means bonds and notes. See N.Y. Public Authorities Law 3003
- Revenues: means all federal or state aid, rents, fees, charges, payments and other income and receipts paid or payable to a municipal assistance corporation or for the account of a municipal assistance corporation, including any payment permitted or required to be made to such a corporation by this article. See N.Y. Public Authorities Law 3003
- State: means the state of New York. See N.Y. Public Authorities Law 3003
* NB The corporation shall continue for a term ending the later of July 1, 2008 or one year after its liabilities have been fully paid and discharged per § 3033 sub 1.