N.Y. Public Authorities Law Section 2531

For the purposes of this title:


“City” means the city of New York.


“Director of management and budget” means the director of management and budget of the city of New York.


“Corporation” means the New York city stabilization reserve corporation as created by this title.


“Mayor” means the mayor of the city of New York.


“Comptroller” means the comptroller of the city of New York.


“State” means the state of New York.


“Bonds” and “notes” means revenue bonds and notes respectively, issued by the corporation pursuant to this title.


“Revenues” means all aid, rents, fees, charges, payments and other income and receipts paid or payable to the corporation or a trustee for the account of the corporation, including any payment required to be made to the corporation by this title.


“Operating expenses” means all expenses incurred by the corporation in the administration of the corporation including but not limited to salaries, administrative expenses, insurance premiums, auditing and legal expenses and fees and expenses incurred for professional consultants and fiduciaires.


“Capital reserve fund requirement” means as of any particular date of computation, an amount of money equal to the amount required, for the then current fiscal year of the corporation, to pay interest during such fiscal year on all bonds of the corporation outstanding on said date of computation, the principal amount of all bonds of the corporation outstanding on said date of computation which matures during such fiscal year and the amount of sinking fund payments payable during such fiscal year with respect to any bonds of the corporation outstanding on said date of computation.


“Sinking fund payment” means the amount of money specified in the resolution authorizing bonds as payable into a sinking fund during a particular fiscal year for the retirement of term bonds which mature after such fiscal year, but shall not include any amount payable by reason only of the maturity of the bond.

Source: Section 2531 — Definitions, https://www.­nysenate.­gov/legislation/laws/PBA/2531 (updated Sep. 22, 2014; accessed Jun. 15, 2024).

Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 2531’s source at nysenate​.gov

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