Statute · New York Arts and Cultural Affairs Law
N.Y. Arts & Cult. Aff. Law § 20.21 — Reserve fund
N.Y. Arts & Cult. Aff. Law § 20.21
- Type
- Statute
- Source
- New York Arts and Cultural Affairs Law
- Jurisdiction
- New York
- Current through
- Nov 5, 2026 (NY Senate Open Legislation)
§ 20.21. Reserve fund. A trust may create and establish a reserve fund to secure the bonds of a trust and may pay into such reserve fund any monies which may be made available to the trust for the purposes of such fund from any source, including without limitation tax-equivalency payments. The…
Citator
N.Y. Arts & Cult. Aff. Law § 20.21 — Reserve fund is in force in the current edition of the Code, and nothing recorded condemns it.
§ 20.21. Reserve fund. A trust may create and establish a reserve fund to secure the bonds of a trust and may pay into such reserve fund any monies which may be made available to the trust for the purposes of such fund from any source, including without limitation tax-equivalency payments. The monies held in or credited to any such reserve fund shall be used only in accordance with the proceedings under which the bonds shall be issued or as provided by special law.