The municipal assistance corporation for the city of New York shall not hereafter
enter into any memorandum of agreement with the governor of the state of New York
and the mayor of the city of New York, other than the agreement to be entered into
pursuant to subdivision two-b of section three thousand thirty-three of this title, providing for the disposition of such revenues of such corporation
as may be available from time to time after providing for the payment of principal,
interest, and redemption premium on its outstanding bonds and notes, its operating
expenses and its commitments under existing agreements, and, subject to any other
provision of law, agreements with holders of its bonds or notes, or memoranda of agreement,
and on the approval of the board, all funds generated by future actions of the corporation
shall either be made available to the city of New York as such funds become available
or applied by the corporation to pay principal, interest and redemption premium on
its outstanding obligations.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.