N.Y. State Finance Law § 97-f: Mental health services fund

§ 97-f. Mental health services fund. 1. There is hereby established in

the joint custody of the comptroller and the commissioner of taxation

and finance a debt service fund to be known as the "mental health

services fund".

2. The mental health services fund shall consist of all moneys

received from the mental hygiene facilities improvement fund income

account pursuant to paragraph f of subdivision three of section nine of

the facilities development corporation act and any other moneys made

available for purposes of the fund.

3. Moneys in the mental health services fund shall be kept separate

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

comptroller. All deposits of such moneys shall 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. Subject to the terms of any agreement between the facilities

development corporation and the New York state medical care facilities

finance agency any moneys in the mental health services fund may be

invested by the comptroller in obligations of the United States or the

state or obligations the principal and interest of which are guaranteed

by the United States or the state.

5. The comptroller shall from time to time, but in no event later than

the fifteenth day of each month, pay over for deposit in the mental

hygiene general fund state operations account, including moneys pursuant

to subdivision eight of this section, all moneys in the mental health

services fund in excess of the amount of money required to be maintained

on deposit in the mental health services fund. Subject to subdivision

nine of this section, the amount required to be maintained in such fund

shall be (i) twenty percent of the amount of the next payment coming due

relating to the mental health services facilities improvement program

under any agreement between the facilities development corporation and

the New York state medical care facilities finance agency multiplied by

the number of months from the date of the last such payment with respect

to payments under any such agreement required to be made semi-annually,

plus (ii) those amounts specified in any such agreement with respect to

payments required to be made other than semi-annually, including for

variable rate bonds, interest rate exchange or similar agreements or

other financing arrangements permitted by law. Concurrently with the

making of any such payment, the facilities development corporation shall

deliver to the comptroller, the director of the budget and the New York

state medical care facilities finance agency a certificate stating the

aggregate amount to be maintained on deposit in the mental health

services fund to comply in full with the provisions of this subdivision.

6. To secure the payment, subject to legislative appropriation, of any

money due or to become due relating to the mental health services

facilities improvement program in any year under any lease, sublease,

loan or other financing agreement between the facilities development

corporation and the New York state medical care facilities finance

agency, or, to pay to the New York state housing finance agency for the

refunding of mental hygiene improvement bonds issued pursuant to section

forty-seven-b of the private housing finance law, as the case may be,

the comptroller and the commissioner of taxation and finance may pledge

or assign to the New York state medical care facilities finance agency,

any or all moneys in the mental health services fund established

pursuant to this section, and any and all moneys which may be received

by the commissioner of taxation and finance and the comptroller and

credited to such mental health services fund in the future, and any

right, title and interest of the commissioner of taxation and finance

and the comptroller in and to the money in or to be deposited in such

mental health services fund.

7. The moneys in the mental health services fund shall be appropriated

and paid out on audit and warrant of the comptroller on the

certification of the chairman of the facilities development corporation

or such other officer or employee or officers or employees as such

comptroller and such chairman shall authorize to make such requisitions.

Payments shall be made to the New York state medical care facilities

finance agency at least five days prior to the date such agency is

required to make any debt service, interest rate exchange or similar

agreement, or any other financing arrangement payments with respect to

mental health services facilities improvement bonds, notes or other

obligations, or at such times as the comptroller and the agency shall

determine.

8. The amount of payment on such mental health services facilities

bonds pursuant to sections ninety-two-z and ninety-two-h of this

article, shall be transferred by the state comptroller from the mental

health services fund to the mental hygiene general fund state operation

account. The accumulation of moneys pursuant to this subdivision and

subsequent transfer to the mental hygiene general fund state operation

account shall be subordinate in all respects to payments to be made to

the New York state medical care facilities finance agency and to any

pledge or assignment pursuant to subdivision six of this section.

9. In determining the amounts required to be maintained in the mental

health services fund under subdivision five of this section in each

month, the amount of receipts associated with loans, leases and other

agreements with voluntary agencies accumulated and set aside in the

mental hygiene facilities improvement fund income account under

paragraph g of subdivision three of section nine of the facilities

development corporation act shall be taken into account as a credit but

only if such crediting does not result in the amounts required to be

maintained in the mental health services fund exclusive of any credit to

be less than the amount required under subdivision five of this section

in each month.