§ 13. Reserve fund. 1. The corporation shall create and establish a
special fund (herein referred to as the capital reserve fund), and shall
pay into such capital reserve fund

(a) any moneys appropriated and made available by the state or city
for the purpose of such capital reserve fund,

(b) any proceeds of sale of bonds or notes to the extent provided in
the resolution or resolutions of the corporation authorizing the
issuance thereof, and

(c) any other moneys which may be made available to the corporation
for the purpose of such capital reserve fund from any other source or
sources. All moneys held in the capital reserve fund, except as
hereinafter provided, shall be used solely for the payment of the
principal of bonds of the corporation, the payment of interest on such
bonds, or the payment of any redemption premium required to be paid when
such bonds are redeemed prior to maturity; provided, however, that
moneys in such capital reserve fund shall not be withdrawn therefrom at
any time in such amount as would reduce the amount of such fund to less
than the maximum amount of principal and interest maturing and becoming
due in any succeeding fiscal year of the corporation on all bonds of the
corporation then outstanding, except for the purpose of paying principal
of and interest on such bonds of the corporation maturing and becoming
due and for the payment of which other moneys of the corporation are not
available. Any income or interest earned by, or increment to, the
capital reserve fund due to the investment thereof may be transferred to
other funds or accounts to the extent it does not reduce the amount of
the capital reserve fund below the maximum amount of principal and
interest maturing and become due in any such succeeding fiscal year on
all bonds of the corporation then outstanding.

2. The corporation shall not issue bonds at any time if the maximum
amount of principal and interest maturing and becoming due in a
succeeding fiscal year of the corporation on such bonds then to be
issued and on all other bonds of the corporation then outstanding will
exceed the amount of the capital reserve fund at the time of issuance
unless the corporation, at the time of issuance of such bonds, shall
deposit in the capital reserve fund from the proceeds of the bonds so to
be issued, or otherwise, an amount which, together with the amount then
in such fund, will not be less than the maximum amount of principal and
interest maturing and becoming due in any such succeeding fiscal year on
such bonds then to be issued and on all other bonds of the corporation
then outstanding.

3. For the purposes of computing the amount of the capital reserve
fund, any securities in which any portion of such fund is invested shall
be valued at the par value thereof or at the cost thereof to the
corporation if such cost was less than said par value.

4. In order to assure the continued operation and solvency of the
corporation for the carrying out of its public purposes as provided in
this act, provision is made in subdivision one of this section for the
accumulation in the capital reserve fund of an amount equal to the
maximum amount of principal and interest maturing and becoming due in
any succeeding fiscal year of the corporation on all bonds of the
corporation then outstanding. In order further to assure such
maintenance of the capital reserve fund, the chairman of the corporation
shall annually request from the city to be paid over to the corporation,
for deposit in the capital reserve fund, such sum, if any, as shall be
certified by the chairman of the corporation to the mayor as necessary
to restore the capital reserve fund to an amount equal to the maximum
amount of principal and interest maturing and becoming due in any
succeeding fiscal year of the corporation on all of the bonds of the
corporation then outstanding; provided, however, that such sum shall
have been first appropriated by the city or shall otherwise have been
made lawfully available for such purpose. The chairman of the
corporation shall, on or before the fifteenth day of February in each
year, make and deliver to the mayor his certificate stating the amount,
if any, needed to restore the capital reserve fund to the amount
aforesaid and the amount so stated, if any, shall be paid to the
corporation by the city. Notwithstanding any of the provisions of this
act, in the event of the failure or inability of the city to pay over
the stated amount to the corporation on or before the first day of
August of the same year, the chairman of the corporation shall then
forthwith make and deliver to the comptroller and to the director of
management and budget a further certificate restating the amount so
required and such amount shall then be paid over to the corporation,
upon the warrant of the comptroller on vouchers certified as correct by
the director of management and budget, out of the general fund of the
city.