The State Housing Debt Fund is used by the Comptroller as a debt service fund to receive remittance for debt service on bond issues from local agencies and to make payments of interest and amortization to bondholders. Under the terms of the various contracts for State aid, local agencies are required to make payments of interest and amortization on their indebtedness to the State in such amounts and at such times as will enable the Comptroller to meet the debt service on the State's housing bonds. The contracts further provide that remittances for debt service must be in the hands of the Comptroller at least 15 days in advance of the date that payment is due by the State to the bondholders. Interest on the bonds is, ordinarily, payable semiannually and amortization is payable annually, the amortization payment date coinciding with an interest payment date. The division will endeavor to give the local agency timely notice, but the primary responsibility for living up to the terms of the contract and meeting the debt service on time is the local agency's. Remittances for debt service on bonds will be made by the local agency to the division, for transmittal to the Comptroller, and not to the Comptroller direct. Checks for debt service on bond issues should be made payable to “Comptroller—State of New York”. The Comptroller may also pay into the State Housing Debt Fund the premiums, if any, received on the sale of housing bonds and the interest received on State Housing Fund investments.