STATE OPERATIONS URBAN DEVELOPMENT CORPORATION--Cont. 1992, and such amount of $10,028,800 shall not be repaid to the debt service account and (B) $3,897,000 which shall be transferred to the general and administrative account of the 42nd street development project, incorporated and which shall be repaid pursuant to a repayment agreement as set out in (v) below. (ii) Interchange from the interest income account, other than to the general and administrative account of the mortgage loan enforcement and administration corporation, may be unlimited. (iii) Interchange to the project repair account from any account may be unlimited, and the corporation shall transfer up to $10,000,000 to such account from any account during the fiscal year commencing April 1, 1992, and such amount of up to $10,000,000 shall not be repaid. (iv) Interchange between the general and administrative account of the mortgage loan enforcement and administration corporation and any other account shall comply with the provisions specified herein, except that up to $4,100,000 shall be transferred to such subsidiary corporation during the fiscal year commencing April 1, 1992 and any such amount shall not be repaid. is (v) An advance of up to $3,897,000 may be made from the debt service account to the general and administrative account of the 42nd street development project, incorporated, provided, however, that before such advance made the urban development corporation shall enter into an agreement with the director of the budget providing for repayment of such advance. Subject to the approval of the director of the budget, the corporation is hereby authorized to expend revenues of the project for services and expenses of the corporation. The total amount expended by the 42nd street development project, incorporated shall not exceed $3,897,000 and any unexpended project revenues shall be used to reduce the total advance provided to the project from the debt service account. (vi) Interchange from the debt service account to the mortgage servicing fee account of the mortgage loan enforcement and administration corporation shall comply with the provisions specified herein, except that up to $2,490,300 shall be transferred to such mortgage servicing fee account during the fiscal year commencing April 1, 1992 and such amount shall not be repaid. It is the intent of the legislature that a determination of the physical and financial condition of the urban development corporation housing portfolio be accomplished for the purposes of rendering an effective response to the social, economic and safety needs of the community and housing stock. On or before February 1, 1993, the chairman of the urban development corporation STATE OPERATIONS URBAN DEVELOPMENT CORPORATION--Cont. shall prepare a report to the governor with copies given to the chairmen of the senate finance and assembly ways and means committees detailing the corporation's efforts to enhance the physical condition of the housing stock managed by the mortgage loan and enforcement corporation, the status of the mortgage loan and enforcement corporation portfolio, and present a comprehensive financial portfolio analysis detailing projected funds to be available for urban development corporation debt service, section 32 advances or other necessary project repair, and the effect such finances have on urban development corporation's corporate finances. Such report should also include information summarizing MLC's acquisition and disposal of property, use of low income tax credits and any other information deemed relevant to the proper administration, oversight and maintenance of the corporation's housing portfolio. Prior to the allocation of any moneys from this appropriation for or transfer to the general and administrative accounts of the corporation, the horizons waterfront commission program, the western New York economic development corporation, the school and business alliance, or the 42nd street development project and prior to the transfer of any moneys from the debt service account to the mortgage loan enforcement and administration corporation for the fiscal year commencing April 1, 1992, each corporation shall submit for approval to the budget director, a comprehensive financial plan for each corporation for such fiscal year, in such detail as the budget director shall require. The financial plan shall be submitted to the budget director on or before May 15, 1992. A report for each plan and any plan update, if necessary, shall be submitted to the budget director on or before August 15, 1992, November 15, 1992 and February 15, 1993. Each such report shall provide the actual revenue and expenditures for the preceding quarters ending June 30, 1992, September 30, 1992 and December 31, 1992, in such detail as the budget director shall require. Further, any plan update shall revise, where necessary, the revenue and expenditure plan for each corporation for the remainder of the fiscal year beginning April 1, 1992. No transfer to the general and administrative account of the corporation shall occur prior to the approval of the financial plan of the corporation or its subsidiaries, and unless in compliance with the approved financial plan. The budget director shall file copies of such financial plans, quarterly reports and any plan updates with the department of audit and control and the senate finance committee and the assembly ways and means committee. Notwithstanding the above, the urban development corporation and the mortgage loan enforcement and administra STATE OPERATIONS URBAN DEVELOPMENT CORPORATION--Cont. tion 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, and that specific expenditures or obligations exist which require such an emergency transfer. No such emergency transfer shall occur on or after July 1, 1992. Interchange made to the debt service account shall not be repaid if such payment would reduce any debt service or debt service reserve requirements below any amount required pursuant to a 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 20 of the New York state urban development corporation act to any account of the corporation other than the debt service account; and such payment or deposit shall only occur 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 22 of section 5 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 the amount contributed, and that upon termination of such investment each account shall be reimbursed. Such accounts and sub-accounts shall be included in detailed quarterly reports of the corporation commencing with the quarterly report for the period immediately preceding April 1, 1992 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 30 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 or payments shall be made from the economic development income account or the interest income account except upon a request for the transfer of such funds to the director of the budget who shall file STATE OPERATIONS URBAN DEVELOPMENT CORPORATION--Cont. such request and approval thereof 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. Any or amounts in any debt service reserve funds, any inconsistent provisions of law notwithstanding, established by the corporation pursuant to the provisions of section 20 of the New York state urban development 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 1992 or (ii) any amount required pursuant to a covenant, contract 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 1, 1993. In the event that the corporation shall fail to make 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 item |