New York § 58 - 58Special revenue housing coverage reserve funds
Full text of New York New York Consolidated Laws § 58 — 58Special revenue housing coverage reserve funds, with citation guidance and answers to common questions.
§ 58. 58Special revenue housing coverage reserve funds
§ 58. Special revenue housing coverage reserve funds. The agency may create and establish one or more special funds to be known as special revenue housing coverage reserve funds and may pay into such reserve funds any monies appropriated and made available by the state for the purpose of such funds and any other monies which may be made available to the agency for the purposes of such funds from any other source or sources. The monies held in or credited to any such fund, except as hereinafter provided, shall be used solely for the payment of the principal of or interest on the revenue housing bonds of the agency secured by such fund as the same shall become due, whether at maturity or upon call for redemption, and for the payment of any redemption premium required to be paid when such bonds are redeemed prior to maturity. Any income or interest earned by, or increment to any such special revenue housing coverage reserve fund may be used for authorized purposes including, but not limited to, the addition of such income or interest earned, or increment to the monies held in such fund for the purposes herein provided, or the repayment of appropriation expenditures made to the credit of such fund.
Source: official New York text · Last verified 2026-08-27
Frequently Asked Questions About New York § 58
What does New York Consolidated Laws § 58 cover?
Section 58 ("58Special revenue housing coverage reserve funds") is part of the New York Consolidated Laws, the codified statutory law of New York. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New York § 58?
A common citation format is "New York Consolidated Laws § 58" (New York). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New York law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New York official source linked on this page or consult a licensed New York attorney.
How does New York § 58 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New York can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New York.