N.Y.
Public Authorities Law Section 2675-II
State aid revenues
1.
With respect to each issue of outstanding hotel revenue bonds, the chairperson of the authority shall certify at least semi-annually, or in the case of the first such certificate within thirty days after the sale of an issue of hotel revenue bonds, to the comptroller and the director of the budget, with a copy to the mayor, a schedule setting forth the amount of state aid revenue payable to the city pursuant to Public Lands Law § 19-A (State aid)section nineteen-a of the public lands law, if any, necessary for payment of any amounts required to be deposited in any debt service reserve fund with respect to such hotel revenue bonds to make up any deficiency in such fund in accordance with the provisions of the resolution or indenture pursuant for which such hotel revenue bonds were issued (all such payments, “eligible obligations”).2.
The certification may be amended and, in the event of a bond sale, shall be amended no later than thirty days after such sale. The schedule accompanying such certification shall provide for such payment dates as the authority deems appropriate to ensure that sufficient funds will be available to meet its eligible obligations relating to such hotel revenue bonds as they come due.
Source:
Section 2675-II — State aid revenues, https://www.nysenate.gov/legislation/laws/PBA/2675-II (updated Sep. 22, 2014; accessed Oct. 26, 2024).
