N.Y. State Finance Law § 40-a: Repayment of advances

§ 40-a. Repayment of advances. 1. Notwithstanding any inconsistent

provision of this chapter or of any other general, special or local law,

every appropriation of state funds hereafter made as an advance to or on

behalf of any agency, authority, fund or corporation continued or

created by the public authorities law or by any other act or law shall

be identified as an advance, and shall provide that in any event, and

notwithstanding a repayment schedule, the unpaid balance of any moneys

appropriated as an advance shall be repaid to the state out of the

proceeds of the first bonds issued by such agency, authority, fund or

corporation subsequent to the effective date of such appropriation.

2. No part of any appropriation made as an advance pursuant to this

section shall be available for expenditure until a written repayment

agreement is entered into by the agency, authority, fund or corporation

to which the appropriation is made and the director of the budget. Each

and every such repayment agreement shall include a repayment schedule

which states the date or dates on which the amount of each part or all

of the appropriation made as an advance shall be repaid to the state and

meets such other terms and conditions as determined by the director of

the budget. A copy of each such executed repayment agreement shall be

filed with the chairman of the senate finance committee, the chairman of

the assembly ways and means committee, and the comptroller.

3. The state comptroller shall at the commencement of each month

certify to the director of the budget, the chairman of the senate

finance committee and the chairman of the assembly ways and means

committee, and the chief executive officer of the agency, authority,

fund or corporation to which the appropriation is made the amounts

expended from such appropriation for the month preceding such

certification.

4. Repayment of amounts expended from appropriations as advances by

the state shall be received by the state comptroller and deposited in

the treasury. Such repayment shall, in total, be sufficient to fully

reimburse the state for the advances.