N.Y. State Finance Law § 66-k: Certificates of participation; reallocation requirements

§ 66-k. Certificates of participation; reallocation requirements. 1.

This section shall not apply to appropriations made to units of the

state university or the city university of New York.

2. In those cases where funds have been appropriated to a state

department or agency for the outright purchase of equipment, and when

with the approval of the director of the budget and the state

comptroller, a contract is entered into for the lease purchase or

installment purchase of equipment and the lease purchase or installment

purchase agreement is financed or will be financed by the issuance of

certificates of participation pursuant to this article, the director of

the budget shall notify the chairs of the senate finance committee and

the assembly ways and means committee of the director of the budget's

and the state comptroller's approval of such contract.

3. If the outright purchase cost of the equipment is two million

dollars or more, the balance of the appropriation for the outright

equipment purchase not necessary to pay lease purchase or installment

purchase payments in the then current fiscal year for the equipment

shall be unallocated by the director of the budget and may be

reallocated by the director of the budget only in accordance with the

following procedures, and subject to the following conditions and

limitations:

(a) The chief executive officer of the department or agency to which

the appropriation is provided, shall request allocation of the balance

or portion of the balance by providing a statement to the director of

the budget and the chairs of the senate finance committee and the

assembly ways and means committee certifying to the following (i) the

amount of the requested allocation, (ii) the purpose of the allocation,

and (iii) the necessary nature of the expenditures.

(b) The director of the budget may allocate the monies requested only

after receiving notification of approval for the allocation from the

chairs of the senate finance committee and the assembly ways and means

committee.

4. If the outright purchase cost of the equipment is less than two

million dollars, the balance of the appropriation for the outright

equipment purchase not necessary to pay lease purchase or installment

purchase payments in the then current fiscal year for the equipment may

be reallocated by the director of the budget with notification as soon

as practicable after such reallocation to the chairs of the senate

finance committee and the assembly ways and means committee of the

purpose of the expenditures for which the allocation is made.