N.Y. State Finance Law § 77: Accelerated capacity and transportation improvements fund

§ 77. Accelerated capacity and transportation improvements fund. 1.

There is hereby established in the joint custody of the state

comptroller and the commissioner of taxation and finance a special fund

to be known as the "accelerated capacity and transportation improvements

fund".

2. All moneys received by the state from the sale of bonds or notes

for the purposes enumerated in subdivision three of section fifty of the

chapter of the laws of nineteen hundred eighty-eight adding this section

shall be deposited by the comptroller in the accelerated capacity and

transportation improvements fund established pursuant to this section.

3. Moneys of the fund, following appropriation by the legislature and

allocation by the director of the budget, shall be available only for

reimbursement of expenditures made from appropriations from the capital

projects fund for the purposes of such fund, as set forth in the

Accelerated Capacity and Transportation Improvements of the Nineties

Bond Act.

4. No moneys received by the state from the sale of bonds and/or notes

sold pursuant to the Accelerated Capacity and Transportation

Improvements of the Nineties Bond Act shall be expended for any

improvements until funds therefor have been allocated pursuant to the

provisions of this chapter and copies of the appropriate certificates of

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

chairman of the assembly ways and means committee and the state

comptroller.