N.Y. Vehicle & Traffic Law § 427: Disposition of registration fees

§ 427. Disposition of registration fees. 1. The commissioner of motor

vehicles shall deposit all fees collected under this chapter, except as

otherwise provided in subdivision twenty-one of section four hundred one

of this chapter, in a responsible bank, banking house or trust company

in the city of Albany, which shall pay the highest rate of interest to

the state for such deposit, to the credit of the comptroller on account

of the motor vehicle law. Every such bank, banking house or trust

company shall execute and file in the office of the department of audit

and control an undertaking to the state, in the sum, and with such

sureties, as are required and approved by the comptroller for the safe

keeping and prompt payment on legal demand therefor of all such moneys

held by or on deposit in such bank, banking house, or trust company,

with interest thereon on daily balances at such rate as the comptroller

may fix. Every such undertaking shall have endorsed thereon or annexed

thereto the approval of the attorney-general as to its form. The

comptroller shall on the first day of each month make a verified return

to the department of taxation and finance, of all fees received by him

under this chapter during the preceding calendar months, stating from

what county received and by whom and when paid.

2. The comptroller, after reserving sufficient to provide at all times

a fund in his hands of five thousand dollars out of which he shall pay

any refund under this chapter, approved by him and by the commissioner,

shall on or before the tenth day of each month pay to the department of

taxation and finance the balance to his credit in such bank, banking

house or trust company, on account of fees collected under this chapter

at the close of business on the last day of the preceding month and such

department shall pay such balance into the general fund of the state

treasury.

3. An amount equal to ninety per centum of the fees specified in

subdivision two of this section shall be appropriated and used for the

construction, reconstruction, maintenance and repair of highways and

bridges, under the direction of the department of transportation; and

for inspection, regulation, and research in the control of motor vehicle

exhaust emissions under the direction of the department of environmental

conservation. The amount available for control of motor vehicle exhaust

emissions from said ninety per centum of the fees collected shall be

computed at the rate of five cents per registration issued and shall be

available for payment to the state purposes fund for repayment of

advances made in the first instance from that fund for control of motor

vehicle emissions.