N.Y. PBA Law § 3041

* § 3041. Funds of the corporation. The municipal assistance\ncorporation for the city of New York shall not hereafter enter into any\nmemorandum of agreement with the governor of the state of New York and\nthe mayor of the city of New York, other than the agreement to be\nentered into pursuant to subdivision two-b of section three thousand\nthirty-three of this title, providing for the disposition of such\nrevenues of such corporation as may be available from time to time after\nproviding for the payment of principal, interest, and redemption premium\non its outstanding bonds and notes, its operating expenses and its\ncommitments under existing agreements, and, subject to any other\nprovision of law, agreements with holders of its bonds or notes, or\nmemoranda of agreement, and on the approval of the board, all funds\ngenerated by future actions of the corporation shall either be made\navailable to the city of New York as such funds become available or\napplied by the corporation to pay principal, interest and redemption\npremium on its outstanding obligations.\n * NB The corporation shall continue for a term ending the later of\nJuly 1, 2008 or one year after its liabilities have been fully paid and\ndischarged per § 3033 sub 1.\n