9. The expenses incurred by the receiver in removing or remedying a
condition pursuant to the provisions of this section shall be met from a
fund to be known as the multiple dwelling section three hundred nine
operating fund. Such fund shall consist of such amounts as may be
appropriated by the board of estimate or other analogous appropriating
body of the city. Such fund shall be maintained in a separate account by
the department of real estate and expenditures therefrom may be made by
the receiver to meet the costs of removing or remedying such conditions,
subject to audit by the comptroller or chief fiscal officer of the city.
The receiver shall repay the amounts so expended to such fund from the
proceeds of any amounts recovered pursuant to the provisions of this
section. In the event that the amount in such fund is insufficient for
such purposes and if no appropriation or an insufficient appropriation
has been made therefor, the expenses incurred by the receiver in
removing or remedying such conditions may be met from the proceeds of
the sale of bonds issued in accordance with the provisions of the local
finance law.
In the event that the amounts from time to time in such fund exceed
two hundred thousand dollars ($200,000), such excess may be applied to
the payment of the principal and interest due upon any bonds issued
pursuant to this subdivision, or, if no such bonds are outstanding, any
such excess may be transferred to the general fund of the city.