N.Y. State Finance Law § 90-a: New York state passenger facility charge fund

§ 90-a. New York state passenger facility charge fund. 1. There is

hereby established in the joint custody of the commissioner of taxation

and finance and the comptroller an interest bearing fund to be known as

the "New York state passenger facility charge fund."

2. The fund shall consist of passenger facility charges collected on

behalf of the department of transportation as authorized by the federal

aviation administration. The passenger facility charges in such fund

shall be used solely for airport-related projects located at the airport

where such charges were collected.

3. Moneys in the New York state passenger facility charge fund shall

be kept separate and shall not be commingled with any other moneys in

the custody of the state comptroller. Moneys in the fund may be invested

by the comptroller pursuant to the provisions of section ninety-eight-a

of this article and any income received by the comptroller from such

investments shall be added to and become part of, and shall be used for

the purposes of such fund. All deposits of such money shall, if required

by the comptroller, be secured by obligations of the United States or of

the state of market value equal at all times to the amount of the

deposit and all banks and trust companies are authorized to give such

securities for such deposits.

4. Moneys in the fund, following appropriation by the legislature,

shall be allocated upon a certificate of approval of availability by the

director of the budget solely for the purposes set forth in this

section.

5. All moneys in the fund shall be made available pursuant to

appropriation for use in financing airport-related projects approved by

the federal aviation administration for passenger facility charge

funding.