N.Y. State Finance Law § 88: New York state infrastructure trust fund

§ 88. New York state infrastructure trust fund. 1. There is hereby

established in the joint custody of the comptroller and the commissioner

of taxation and finance a special fund to be known as the "New York

state infrastructure trust fund." It is the intent of the legislature

that the housing assistance fund established by section ninety-two-q of

this chapter shall be fully funded to provide decent affordable

housing. Thus, the moneys available in this fund shall be used only for

the purposes enumerated in that section and in this section.

2. Definitions. For purposes of this section the term "remaining

housing commitments" shall mean any undisbursed balance of the three

hundred twenty-six million dollar appropriation made from the housing

assistance fund, as established by section ninety-two-q of the state

finance law, pursuant to section forty-seven of the chapter of the laws

of nineteen hundred eighty-eight adding this section.

3. Accounts. The New York state infrastructure trust fund shall

consist of three separate and distinct accounts: (a) the "housing

reserve account"; (b) the "supplemental housing account"; and (c) the

"general fund support account." Moneys in each of the accounts shall be

kept separate from and not commingled with any other moneys in the New

York state infrastructure trust fund.

4. Sources of funds. (a) The "housing reserve account" shall consist

of (i) all moneys received from the state of New York mortgage agency

pursuant to the provisions of section seven of the chapter of the laws

of nineteen hundred eighty-eight adding this section and subdivision

twenty-six of section two thousand four hundred four of the public

authorities law, up to a total of eighty million dollars from such

agency, and (ii) any other moneys collected therefor or credited or

transferred thereto from any other fund, account or source pursuant to

law. Any interest received by the comptroller on moneys on deposit in

the housing account shall be retained in and become a part of the

account.

(b) The "supplemental housing account" shall consist of all moneys

credited or transferred thereto from any other fund, account or source

pursuant to law.

(c) The "general fund support account" shall consist of all moneys

transferred to such account pursuant to appropriations from the state

purposes account of the general fund and any moneys resulting from

internal transactions within the New York state infrastructure trust

fund. Any moneys transferred to the general fund support account by the

comptroller shall be transferred from such account to either the housing

reserve account or the supplemental housing account, as hereinafter

provided.

5. Temporary transfers. Notwithstanding any other provision of law to

the contrary, for the state fiscal year commencing on April first,

nineteen hundred eighty-eight, the comptroller is hereby authorized to

temporarily transfer any moneys in the New York state infrastructure

trust fund to the general fund in an amount determined by the director

of the budget, to the extent moneys are available in the fund, up to the

difference between receipts credited to the general fund and

disbursements made from the general fund during such fiscal year. On or

before April fifth, nineteen hundred eighty-nine, the comptroller shall

certify the amount of the temporary transfer made pursuant to this

subdivision to the director of the budget and the chairs of the senate

finance committee and the assembly ways and means committee. Such

temporary transfer shall be repaid pursuant to appropriation by the

comptroller as hereinafter provided from any moneys received in the

general fund and the comptroller shall establish such accounts and

records as he shall determine to be necessary to provide an accurate

accounting and reporting of the unrepaid temporary transfer. At such

time as the reconciliations required by subdivisions eight and nine of

this section are completed, the comptroller shall consider all such

temporary transfers as having been repaid.

6. Housing programs. (a) The comptroller is hereby authorized to

transfer moneys in the supplemental housing account, the general fund

support account and the housing reserve account to the housing

assistance fund established by section ninety-two-q of this chapter as

hereinafter provided at such times and in such amounts as are necessary

for the purpose of making payments from the housing assistance fund

pursuant to appropriations by law.

(b) At such time or times as the comptroller determines that a

transfer pursuant to paragraph (a) of this subdivision is necessary he

shall first make such transfer from any moneys available in the

supplemental housing account up to the amount immediately necessary. In

determining the moneys available in the supplemental housing account for

purposes of making transfers to the housing assistance fund, the

comptroller shall first determine the outstanding balance of amounts

loaned to the general fund from the supplemental housing account

pursuant to the provisions of subdivision nine of this section. Upon

making such a determination, the comptroller shall repay all or any

portion of such loan from receipts in the general fund up to the amount

necessary to make such transfer to the housing assistance fund;

provided, however, that the total amount of such repayments shall not

exceed the amount loaned to the general fund from the supplemental

housing account during such fiscal year. The comptroller shall certify

to the director of the budget and the chairs of the senate finance

committee and the assembly ways and means committee, within fifteen days

after the close of each calendar month the amount of any such loan

repaid during the preceding calendar month and the amount of such loan

that remains outstanding at the end of the preceding calendar month.

(c) In the event that the moneys available in the supplemental housing

account (after repayment of any such loans to the general fund) are

insufficient for the purpose of making payments from the housing

assistance fund, the comptroller shall notify the director of the budget

of such insufficiency. Upon such notification and upon receipt from the

director of the budget of a certificate of approval of availability, the

comptroller shall transfer from the general fund, pursuant to

appropriation, such amounts to the general fund support account of the

New York state infrastructure trust fund and such amounts shall be

immediately made available by the comptroller for the purposes of the

supplemental housing account.

(d) In the event that the moneys available in the supplemental housing

account and the general fund support account of the New York state

infrastructure trust fund are insufficient for the purpose of making

payments from the housing assistance fund, the comptroller shall

transfer any remaining amounts as are necessary from any moneys

available in the housing reserve account of the New York state

infrastructure trust fund. In determining the moneys available in the

housing reserve account for purposes of making transfers to the housing

assistance fund, the comptroller shall first determine the outstanding

balance of amounts loaned to the general fund from the housing reserve

account pursuant to the provisions of subdivision ten of this section.

Upon making such a determination, the comptroller shall repay all or any

portion of such loan from receipts in the general fund up to the amount

necessary to make such transfer to the housing assistance fund;

provided, however, that the total amount of such repayments shall not

exceed the amount loaned to the general fund from the housing reserve

account during such fiscal year. Upon making a transfer from such

account, the comptroller shall certify to the director of the budget and

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

means committee within fifteen days after the close of the calendar

month in which such transfer was made the amount of such transfer and

the balance remaining in such housing reserve account.

7. Restoration and reversion of balances. (a) Restoration of balances.

If at the end of any state fiscal year ending on or before March

thirty-first, two thousand one the amount on deposit in the New York

state infrastructure trust fund falls below the lesser of (i) three

hundred million dollars, or (ii) the remaining housing commitments, then

by April thirtieth of the subsequent fiscal year the comptroller shall

transfer pursuant to appropriation from the general fund to the New York

state infrastructure trust fund the amounts necessary to restore the

balance of such fund, according to the following procedure:

(1) the housing reserve account balance shall be restored to the

cumulative amount deposited to such account pursuant to paragraph (a) of

subdivision four of this section from the nineteen hundred

eighty-eight--eighty-nine state fiscal year through the fiscal year

preceding the year of restoration; and (2) the supplemental housing

account balance shall be restored to an amount such that the combined

balance of the housing reserve account (after restoration) and the

supplemental housing account equals the lesser of (i) the remaining

housing commitments as of the preceding March thirty-first, or (ii)

three hundred million dollars.

(b) Reversion of balances. If at the end of any state fiscal year the

amount on deposit in the New York state infrastructure trust fund

exceeds three hundred million dollars, then such excess shall be

transferred to the general fund support account, first from the

supplemental housing account. Any amounts so transferred to the general

fund support account shall be transferred by the comptroller to the

state purposes account of the general fund.

8. Reconciliation. As soon as practicable after April first, two

thousand one the comptroller shall determine the remaining housing

commitments from the housing assistance fund as of March thirty-first,

two thousand one and certify the amount of such commitments to the

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

and the assembly ways and means committee. Upon the making of such

certification, the comptroller shall forthwith transfer from the general

fund to the general fund support account pursuant to appropriation an

amount which when combined with any moneys available in the housing

reserve account and the supplemental housing account of the New York

state infrastructure trust fund will be sufficient to meet disbursements

from the housing assistance fund for the remaining housing commitments.

9. Transportation reconciliation. As soon as practicable after April

first, nineteen hundred ninety-two, the comptroller shall determine the

total amount of bonds and notes issued pursuant to the authorization

contained in section fifty of a chapter of the laws of nineteen hundred

eighty-eight constituting the Accelerated Capacity and Transportation

Improvements of the Nineties Bond Act as of March thirty-first, nineteen

hundred ninety-two. If the comptroller determines that the amount of

such bonds and notes sold pursuant to such authorization is less than

three hundred twenty million dollars, he shall forthwith transfer from

the general fund, pursuant to appropriation, to the general fund support

account an amount equal to the difference between the amount of bonds

and notes issued pursuant to such authorization and three hundred twenty

million dollars. Notwithstanding the provisions of paragraph (c) of

subdivision four of this section, such amounts transferred by the

comptroller shall remain in the general fund support account until such

time as the comptroller shall determine that at least three hundred

twenty million dollars in bonds and notes have been issued pursuant to

such authorization at which time the comptroller shall transfer such

amounts from the general fund support account to the state purposes

account of the general fund.

10. Temporary loans. Moneys in the New York state infrastructure trust

fund may be temporarily loaned, without interest, to the general fund

during any fiscal year. During any state fiscal year in which the moneys

in the fund have been loaned to the general fund the comptroller shall

repay all or a portion of such loan from receipts in the general fund at

such time or times as he shall determine in an amount immediately

necessary to meet payments made from such fund, provided that the total

amount of such repayments shall not exceed the amount loaned to the

general fund during such fiscal year. Any balance of the amount so

temporarily loaned shall be repaid in cash by March thirty-first of the

fiscal year in which the loan was made from moneys received in the

general fund.