* § 9. Establishment and application of the board fund. 1. There is
hereby established a fund designated the board fund. Commencing on
October twentieth, nineteen hundred seventy-five, and for the duration
of a control period, all revenues received or to be received by the city
or any covered organization shall, unless exempted by order of the
board, be revenues of the board fund and shall be for the account of the
city or the appropriate covered organizations, except (i) to the extent
expressly prohibited by federal law, (ii) where revenues of the city are
deposited in the general debt service fund, the TAN debt service account
or the RAN debt service account, or (iii) where such revenues are
pledged to the payment of any outstanding bonds, notes or other
obligations of covered organizations or state public authorities as
defined in section two hundred one of the civil service law.
Disbursement from the board fund shall be made by the board in
accordance with the approved financial plan except as provided in
subdivision five of this section nine. Commencing on October twentieth,
nineteen hundred seventy-five, and for the duration of a control period,
all funds and accounts established or thereafter established by the city
or the covered organizations shall, unless exempted by order of the
board, thereafter be funds and accounts of the board fund except to the
extent expressly prohibited by federal law or to the extent pledged by
covenants or agreements relating to any outstanding bonds, notes or
other obligations of covered organizations or public authorities as
defined in section two hundred one of the civil service law; and no
monies or funds held in the general debt service fund, the TAN debt
service account or the RAN debt service account shall be part of the
board fund. All such accounts of the board shall have such captions and
entries as the board shall determine to be necessary to credit the
foregoing revenues and receipts to the board fund. The monies of the
fund shall not be deemed to be money of the state or money under its
control.

2. The deposit of revenues into the board fund and the investment or
deposit of monies therein shall be made in accordance with and pursuant
to procedures established by the board.

3. In order to assure compliance with the financial plan, the board
shall from time to time adopt procedures controlling the disbursement of
monies from the board fund. The board shall authorize the city to make
all disbursements of city revenues from the board fund, which
disbursements shall be made in accordance with the approved financial
plan; provided, that the board may withdraw such authorization if it
determines that (a) any disbursements made or to be made by the city
have not been or are likely not to be in compliance with the approved
financial plan, (b) the city has violated any other provisions of this
act, or (c) the city has violated an agreement with any holder or
guarantor of bonds or notes issued by the city or a state financing
agency.

4. Within the board fund there is hereby established a special account
designated the debt service repayment account. The board shall from time
to time direct, in accordance with procedures adopted by the board, the
deposit in the debt service repayment account of such amounts as the
board shall, in its discretion, determine to be sufficient to meet the
debt service requirements of the covered organizations on their bonds
and notes (other than bonds and notes of covered organizations payable
from revenues not included in the board fund) as they become due.
Amounts in the debt service repayment account shall be used to meet such
debt service requirements of the covered organizations.

5. If at any time the board determines that the amount then held in
the board fund or the amount estimated by the board to be held in the
board fund is or will be insufficient to meet the expenditures in the
amounts and at the times required by the financial plan, the board shall
require disbursements from the board fund to be made in the following
order or priority unless otherwise required by law of the United States
of America: (i) the payment of amounts from the board fund to the debt
service repayment account, the general debt service fund, the TAN debt
service account and the RAN debt service account, to maintain therein
the amount required, to meet debt service requirements of the city and
the covered organizations on their bonds and notes as they may become
due, (ii) the payment of other liabilities having statutory or
contractual priority over remaining liabilities of the city and the
covered organizations whose monies are included in the board fund, and
(iii) the payment of other obligations on an allocated basis as
specified by the city for expenditures in accordance with the financial
plan provided that, in the event that the city fails to so specify, the
board may withhold payment of any of such other obligations or may
direct their payment pro rata.

6. The board shall cause to be performed such pre-audit and post-audit
reviews of the board funds and disbursements therefrom as it may
determine.

* Terminates July 1, 2008 or ... see § 13