N.Y. State Finance Law § 97-rrr*2: Debt reduction reserve fund

* § 97-rrr. Debt reduction reserve fund. 1. There is hereby

established in the joint custody of the comptroller and the commissioner

of taxation and finance a fund to be known as the debt reduction reserve

fund. Such fund shall be established as a capital projects fund.

2. Such fund shall consist of all monies credited or transferred

thereto from the general fund or from any other fund or sources pursuant

to law.

3. The monies in such fund, following appropriation by the legislature

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

following purposes:

(a) for the payment of principal, interest, and related expenses on

general obligation bonds, lease purchase payments, or special

contractual obligation payments, or for the purposes of retiring or

defeasing bonds previously issued, including any accrued interest

thereon, for any state-supported bonding program or programs, and;

(b) for the funding of capital projects, equipment acquisitions, or

similar expenses which have been authorized by law to be financed

through the issuance of bonds, notes, or other obligations.

4. Any amounts disbursed from such fund shall be excluded from the

calculation of annual spending growth in state operating funds until

June 30, 2019.

* NB There are 2 § 97-rrr's