N.Y. Private Housing Finance Law Section 59
Bond reserve insurance fund


The agency shall create and establish a special fund, to be known as the bond reserve insurance fund and shall pay into such fund all monies appropriated and made available by the state for the purposes of such fund and any other monies which may be made available to the agency for the purposes of such fund from any other source or sources. All monies held in the bond reserve insurance fund shall be used by the agency to meet the agency’s obligation to repay principal and interest on its outstanding bonds, solely to the extent all other revenues of the agency available for such purposes are not sufficient to meet such obligations of the agency. Any income or interest earned by, or increment to the bond reserve insurance fund may be used for authorized purposes including, but not limited to, the addition of such income or interest earned, or increment to the monies held in such fund for the purposes herein provided, or the repayment of appropriation expenditures made to the credit of such fund.

Source: Section 59 — Bond reserve insurance fund, https://www.­nysenate.­gov/legislation/laws/PVH/59 (updated Sep. 22, 2014; accessed Jun. 15, 2024).

40
Short title
41
Statement of legislative findings and purposes
42
Definitions
43
New York state housing finance agency
44
Powers of the agency
44‑A
Low rent dwelling accommodations
44‑B
Mortgage modifications, evidence of pre-existing indebtedness
44‑C
Federally-aided mortgage loans
45
Transfer of officers and employees
45‑A
Housing trust fund corporation
45‑B
Affordable housing corporation
45‑C
Homeless housing and assistance corporation
46
Notes and bonds of the agency
47
Reserve funds and appropriations
47‑A
State university construction bonds and notes
47‑B
Mental hygiene improvement bonds and notes
47‑C
Special provisions related to certain bonds and notes
47‑D
Health facilities bonds and notes
47‑E
Housing program bonds and notes
48
Agreement with the state
49
State’s right to require redemption of bonds
50
Remedies of noteholders and bondholders
51
Monies of the agency
51‑A
Federal rental assistance program administrative fees
52
Notes and bonds as legal investment
53
Exemption from taxation of property and income
54
Exemption from taxation of notes and bonds
55
Assistance by state officers, departments, boards and commissions
56
Reports
56‑A
Indemnification of members, officers and employees
57
Insured mortgage reserve fund
58
Special revenue housing coverage reserve funds
59
Bond reserve insurance fund
59‑A
Housing trust fund account
59‑B
Affordable housing development account
59‑C
Insured housing initiatives fund
59‑D
Turnkey/enhanced housing account
59‑E
Infrastructure development fund
59‑G
Permanent housing for homeless families fund
59‑H
Manufactured home cooperative fund
59‑I
Homeless housing and assistance account
60
Housing project repair fund
61
Inconsistent provisions in other laws superseded
61‑A
Actions
62
Article not affected if in part unconstitutional

Accessed:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 59’s source at nysenate​.gov

Link Style