New York Consolidated Laws, Private Housing Finance Law - PVH § 58. Special revenue housing coverage reserve funds

The agency may create and establish one or more special funds to be known as special revenue housing coverage reserve funds and may pay into such reserve funds any monies appropriated and made available by the state for the purpose of such funds and any other monies which may be made available to the agency for the purposes of such funds from any other source or sources.  The monies held in or credited to any such fund, except as hereinafter provided, shall be used solely for the payment of the principal of or interest on the revenue housing bonds of the agency secured by such fund as the same shall become due, whether at maturity or upon call for redemption, and for the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity.  Any income or interest earned by, or increment to any such special revenue housing coverage reserve 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.