N.Y. State Finance Law § 97-bbb: Clean water/clean air fund

§ 97-bbb. Clean water/clean air 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 Clean Water/Clean Air

Fund.

2. Such fund shall consist of revenues collected in the state from the

tax on the conveyance of real property pursuant to section fourteen

hundred two of the tax law and deposited to the fund pursuant to section

fourteen hundred twenty-one of the tax law.

3. Revenues in the clean water/clean air fund shall be kept separate

and shall not be commingled with any other moneys in the custody of the

comptroller. All deposits of such revenues shall, if required by the

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

state having a market value equal at all times to the amount of such

deposits and all banks and trust companies are authorized to give

security for such deposits. Any such revenues in such fund may, upon the

discretion of the comptroller, be invested in obligations of the United

States or of the state or in obligations the principal of and interest

on which are guaranteed by the United States or by the state.

4. On or before each April first, and at least quarterly thereafter,

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

chairperson of the senate finance committee and the chairperson of the

assembly ways and means committee a monthly amount projected to be

necessary to meet the total annual debt service requirements for the

current fiscal year on any bonds issued as authorized by the Clean

Water/Clean Air Bond Act of 1996. Such amount shall be calculated by

estimating the total annual debt service for the current fiscal year

less any amounts already retained to meet such requirement divided by

the number of months remaining in such year. Such monthly amount shall

be retained within such fund for transfer to the general debt service

fund for reimbursement of debt service on such bonds.

5. The comptroller shall transfer, as needed, to the general debt

service fund such moneys as are necessary to reimburse such fund for any

debt service disbursements made on such bonds. In the event that moneys

retained in the clean water/clean air fund are less than the amount

needed for such reimbursement, the comptroller shall offset such

shortfall from subsequent deposits in the clean water/clean air fund as

soon as the revenue is available.

6. No later than the last day of the month, the comptroller shall

transfer to the general fund any moneys received in such fund during the

month that are in excess of the monthly amount certified by the director

of the budget. Notwithstanding any other provision of law, the

comptroller shall, on the last day of each fiscal year pay to the

general fund all moneys remaining in such fund that are not needed for

reimbursement of debt service for the current fiscal year.