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STATE OPERATIONS

URBAN DEVELOPMENT CORPORATION--Cont.

а

or

fiscal year commencing April first, nineteen hundred

eighty-five, and any such amount shall not be repaid. (vi) For purposes of this appropriation "fiscal year"

shall be coterminous with the state fiscal year without

any diminution of time whatsoever. Prior to any transfer to the general and administrative

account of the corporation or to the general and administrative account of the mortgage loan enforcement and administration corporation for the fiscal year commenco ing April first, nineteen hundred eighty-five, each corporation shall prepare, submit for approval and comply with

а financial plan for obligations incurred and expenditures made during such fiscal year. The financial plan of the corporation shall apportion nine million six hundred twenty-six thousand nine hundred dollars ($9,626,900) among the major purposes or programs within the general and administrative account which shall include

separate schedule apportioning the amount to be transferred from the debt service account. The financial plan of the mortgage loan enforo cement and administration corporation shall apportion up to five million six hundred thousand dollars ($5,600,000) among the major purposes programs of such subsidiary corporation. Each corporation, on or before June first, nineteen hundred eighty-five shall submit such financial plan to the director of the budget for approval. No transfer to the general and administrative account of the corporation shall occur prior to the approval of the financial plan of the

the corporation and unless in compliance with the plan. No transfer to the general and administrative account of the mortgage loan enforcement and administration corporation shall occur prior to the approval of the financial plan of such subsidiary corporation and unless in compliance with the plan. Amendments may be submitted by each corporation on their respective financial plan,

financial plan, for approval by the director of the budget. The director of the budget shall file such approvals and any amendments thereto with the department of audit and control and copies thereof with the senate finance committee and the assembly ways and

means committee. Notwithstanding the above, the corporation or such subsid

iary corporation may submit to the director of the budget for approval, a request specifying the expenditures or obligations which require the emergency transfer of a portion of the total amounts specified herein. The director of the budget shall approve the request upon finding that no other funds are available, including interchange transfers from the debt service account or interchange transfers from the interest income account, and that specific expenditures or obligations exist which require such an emergency transfer. No such

STATE OPERATIONS

URBAN DEVELOPMENT CORPORATION--Cont.

or

a

or

occur

emergency transfer shall occur on or after July first,

nineteen hundred eighty-five. Interchange made to the debt service account shall not be

repaid if such payment would reduce any debt service debt service reserve requirements below

any amount required pursuant to covenant, contract or other agreements with bondholders and noteholders. No payments or deposits shall be made from any debt service reserve fund established pursuant to the provisions of section twenty of the New York state urban development corporation act to any account of the corporation other than the debt service account; and such payment deposit shall only

if deemed necessary to meet the payments specified in the debt service account described herein. Provided further, (i) that such investment shall be made pursuant to the provisions of subdivision twenty-two

of

section five of such act; (ii) that such investment shall be made in a fashion which shall enable the corporation to timely meet its obligations; (iii) that such investment shall be specified in each account in respect to amount contributed, and that upon termination of such investment each account shall be

reimbursed. Such accounts and subaccounts shall be included in

detailed quarterly reports of the corporation commencing with the quarterly report for the period immediately preceding April first, nineteen hundred eighty-five which set forth the status of all such accounts, including for each account and subaccount the amount in such accounts at the beginning of such quarter (from and including the entire period of the first day of the operative calendar year), the payments to such accounts, the payments from such accounts and the amount in such accounts at the close of such quarter (to and including the entire period of the last day of the operative calendar year). Such detailed quarterly reports shall be prepared and submitted within thirty days of the close of each fiscal quarter of the corporation to the director of the budget, the chairman of the senate finance committee and the chairman of the assembly ways and means committee. Such accounts and subaccounts shall be

detailed in the annual report of the corporation. No disbursements

payments shall be made from the economic development income account without the prior approval of the director of the budget, who shall file such approval with the department of audit and control and copies thereof with the senate finance committee and the assembly ways and means committee, except that such prior approval shall not be required in respect to repayments to the state. No appropriations provided herein shall be made available to the corporation until such time as the accounts and subaccounts, and any

or

STATE OPERATIONS

URBAN DEVELOPMENT CORPORATION--Cont.

amendments thereto, established within the treasury of the corporation receive the approval of the director of the budget, who shall file such approval with the department of audit and control and copies thereof with the senate finance committee and the assembly ways and

means committee. Any amounts in any debt service reserve funds, any incon

sistent provisions of law notwithstanding, established by the corporation pursuant to the provisions of section twenty of the New York state urban development corporation act, which would not reduce the amount of such fund or funds to less than (i) the maximum amount of principal and interest maturing and becoming due in nineteen hundred eighty-five or (ii) any amount required pursuant to a convenant, contract or other agreement with bondholders and noteholders shall be paid by the corporation to the state comptroller for deposit to the credit of the general fund of the state on or before March first, nineteen hundred eighty-six. In the event that the corporation shall fail to mak

such payment,

the

comptroller shall withhold from any appropriations otherwise available to the corporation, the amount sufficient to pay to the general fund the amounts required to be paid

by the corporation pursuant to the foregoing provisions. The state comptroller shall create accounts for each main

tenance undistributed item in accordance with the schedule shown below

10,559, 100

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Maintenance undistributed
Amount available for maintenance undis-

tributed, to economic development
South Bronx revitalization account esta-
blished by the urban development
poration for use and expenditure by the
South Bronx Development Organization,
Inc.
pursuant

to a contract to be entered into between the respective porations; provided however, that if the South Bronx Development Organization, Inc. dissolves or is otherwise unable to use or expend such funds, such economic development South Bronx revitalization account shall be made available to other existing organizations for use in the completion of ongoing development projects, located in the South Bronx bounded

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Maintenance undistributed
For services and expenses, including travel outside the

state, in accordance with the following schedule

3,356,200

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