New York Arts and Cultural Affairs Law

Sec. § 20.21
Reserve Fund

A trust may create and establish a reserve fund to secure the bonds of a trust and may pay into such reserve fund any monies which may be made available to the trust for the purposes of such fund from any source, including without limitation tax-equivalency payments. The monies held in or credited to any such reserve fund shall be used only in accordance with the proceedings under which the bonds shall be issued or as provided by special law.
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Last accessed
Dec. 13, 2016

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