§ 88 — New York state infrastructure trust fund

New York § 88

• Jurisdiction: New York
• Law STF: State Finance
• Art. 6: Funds of the State

Text

§ 88. New York state infrastructure trust fund. 1. There is hereby\nestablished in the joint custody of the comptroller and the commissioner\nof taxation and finance a special fund to be known as the "New York\nstate infrastructure trust fund." It is the intent of the legislature\nthat the housing assistance fund established by section ninety-two-q of\nthis chapter shall be fully funded to provide decent affordable\nhousing. Thus, the moneys available in this fund shall be used only for\nthe purposes enumerated in that section and in this section.\n 2. Definitions. For purposes of this section the term "remaining\nhousing commitments" shall mean any undisbursed balance of the three\nhundred twenty-six million dollar appropriation made from the housing\nassistance fund, as established by section ninety-two-q of the state\nfinance law, pursuant to section forty-seven of the chapter of the laws\nof nineteen hundred eighty-eight adding this section.\n 3. Accounts. The New York state infrastructure trust fund shall\nconsist of three separate and distinct accounts: (a) the "housing\nreserve account"; (b) the "supplemental housing account"; and (c) the\n"general fund support account." Moneys in each of the accounts shall be\nkept separate from and not commingled with any other moneys in the New\nYork state infrastructure trust fund.\n 4. Sources of funds. (a) The "housing reserve account" shall consist\nof (i) all moneys received from the state of New York mortgage agency\npursuant to the provisions of section seven of the chapter of the laws\nof nineteen hundred eighty-eight adding this section and subdivision\ntwenty-six of section two thousand four hundred four of the public\nauthorities law, up to a total of eighty million dollars from such\nagency, and (ii) any other moneys collected therefor or credited or\ntransferred thereto from any other fund, account or source pursuant to\nlaw. Any interest received by the comptroller on moneys on deposit in\nthe housing account shall be retained in and become a part of the\naccount.\n (b) The "supplemental housing account" shall consist of all moneys\ncredited or transferred thereto from any other fund, account or source\npursuant to law.\n (c) The "general fund support account" shall consist of all moneys\ntransferred to such account pursuant to appropriations from the state\npurposes account of the general fund and any moneys resulting from\ninternal transactions within the New York state infrastructure trust\nfund. Any moneys transferred to the general fund support account by the\ncomptroller shall be transferred from such account to either the housing\nreserve account or the supplemental housing account, as hereinafter\nprovided.\n 5. Temporary transfers. Notwithstanding any other provision of law to\nthe contrary, for the state fiscal year commencing on April first,\nnineteen hundred eighty-eight, the comptroller is hereby authorized to\ntemporarily transfer any moneys in the New York state infrastructure\ntrust fund to the general fund in an amount determined by the director\nof the budget, to the extent moneys are available in the fund, up to the\ndifference between receipts credited to the general fund and\ndisbursements made from the general fund during such fiscal year. On or\nbefore April fifth, nineteen hundred eighty-nine, the comptroller shall\ncertify the amount of the temporary transfer made pursuant to this\nsubdivision to the director of the budget and the chairs of the senate\nfinance committee and the assembly ways and means committee. Such\ntemporary transfer shall be repaid pursuant to appropriation by the\ncomptroller as hereinafter provided from any moneys received in the\ngeneral fund and the comptroller shall establish such accounts and\nrecords as he shall determine to be necessary to provide an accurate\naccounting and reporting of the unrepaid temporary transfer. At such\ntime as the reconciliations required by subdivisions eight and nine of\nthis section are completed, the comptroller shall consider all such\ntemporary transfers as having been repaid.\n 6. Housing programs. (a) The comptroller is hereby authorized to\ntransfer moneys in the supplemental housing account, the general fund\nsupport account and the housing reserve account to the housing\nassistance fund established by section ninety-two-q of this chapter as\nhereinafter provided at such times and in such amounts as are necessary\nfor the purpose of making payments from the housing assistance fund\npursuant to appropriations by law.\n (b) At such time or times as the comptroller determines that a\ntransfer pursuant to paragraph (a) of this subdivision is necessary he\nshall first make such transfer from any moneys available in the\nsupplemental housing account up to the amount immediately necessary. In\ndetermining the moneys available in the supplemental housing account for\npurposes of making transfers to the housing assistance fund, the\ncomptroller shall first determine the outstanding balance of amounts\nloaned to the general fund from the supplemental housing account\npursuant to the provisions of subdivision nine of this section. Upon\nmaking such a determination, the comptroller shall repay all or any\nportion of such loan from receipts in the general fund up to the amount\nnecessary to make such transfer to the housing assistance fund;\nprovided, however, that the total amount of such repayments shall not\nexceed the amount loaned to the general fund from the supplemental\nhousing account during such fiscal year. The comptroller shall certify\nto the director of the budget and the chairs of the senate finance\ncommittee and the assembly ways and means committee, within fifteen days\nafter the close of each calendar month the amount of any such loan\nrepaid during the preceding calendar month and the amount of such loan\nthat remains outstanding at the end of the preceding calendar month.\n (c) In the event that the moneys available in the supplemental housing\naccount (after repayment of any such loans to the general fund) are\ninsufficient for the purpose of making payments from the housing\nassistance fund, the comptroller shall notify the director of the budget\nof such insufficiency. Upon such notification and upon receipt from the\ndirector of the budget of a certificate of approval of availability, the\ncomptroller shall transfer from the general fund, pursuant to\nappropriation, such amounts to the general fund support account of the\nNew York state infrastructure trust fund and such amounts shall be\nimmediately made available by the comptroller for the purposes of the\nsupplemental housing account.\n (d) In the event that the moneys available in the supplemental housing\naccount and the general fund support account of the New York state\ninfrastructure trust fund are insufficient for the purpose of making\npayments from the housing assistance fund, the comptroller shall\ntransfer any remaining amounts as are necessary from any moneys\navailable in the housing reserve account of the New York state\ninfrastructure trust fund. In determining the moneys available in the\nhousing reserve account for purposes of making transfers to the housing\nassistance fund, the comptroller shall first determine the outstanding\nbalance of amounts loaned to the general fund from the housing reserve\naccount pursuant to the provisions of subdivision ten of this section.\nUpon making such a determination, the comptroller shall repay all or any\nportion of such loan from receipts in the general fund up to the amount\nnecessary to make such transfer to the housing assistance fund;\nprovided, however, that the total amount of such repayments shall not\nexceed the amount loaned to the general fund from the housing reserve\naccount during such fiscal year. Upon making a transfer from such\naccount, the comptroller shall certify to the director of the budget and\nthe chairs of the senate finance committee and the assembly ways and\nmeans committee within fifteen days after the close of the calendar\nmonth in which such transfer was made the amount of such transfer and\nthe balance remaining in such housing reserve account.\n 7. Restoration and reversion of balances. (a) Restoration of balances.\nIf at the end of any state fiscal year ending on or before March\nthirty-first, two thousand one the amount on deposit in the New York\nstate infrastructure trust fund falls below the lesser of (i) three\nhundred million dollars, or (ii) the remaining housing commitments, then\nby April thirtieth of the subsequent fiscal year the comptroller shall\ntransfer pursuant to appropriation from the general fund to the New York\nstate infrastructure trust fund the amounts necessary to restore the\nbalance of such fund, according to the following procedure:\n (1) the housing reserve account balance shall be restored to the\ncumulative amount deposited to such account pursuant to paragraph (a) of\nsubdivision four of this section from the nineteen hundred\neighty-eight--eighty-nine state fiscal year through the fiscal year\npreceding the year of restoration; and (2) the supplemental housing\naccount balance shall be restored to an amount such that the combined\nbalance of the housing reserve account (after restoration) and the\nsupplemental housing account equals the lesser of (i) the remaining\nhousing commitments as of the preceding March thirty-first, or (ii)\nthree hundred million dollars.\n (b) Reversion of balances. If at the end of any state fiscal year the\namount on deposit in the New York state infrastructure trust fund\nexceeds three hundred million dollars, then such excess shall be\ntransferred to the general fund support account, first from the\nsupplemental housing account. Any amounts so transferred to the general\nfund support account shall be transferred by the comptroller to the\nstate purposes account of the general fund.\n 8. Reconciliation. As soon as practicable after April first, two\nthousand one the comptroller shall determine the remaining housing\ncommitments from the housing assistance fund as of March thirty-first,\ntwo thousand one and certify the amount of such commitments to the\ndirector of the budget and the chairs of the senate finance committee\nand the assembly ways and means committee. Upon the making of such\ncertification, the comptroller shall forthwith transfer from the general\nfund to the general fund support account pursuant to appropriation an\namount which when combined with any moneys available in the housing\nreserve account and the supplemental housing account of the New York\nstate infrastructure trust fund will be sufficient to meet disbursements\nfrom the housing assistance fund for the remaining housing commitments.\n 9. Transportation reconciliation. As soon as practicable after April\nfirst, nineteen hundred ninety-two, the comptroller shall determine the\ntotal amount of bonds and notes issued pursuant to the authorization\ncontained in section fifty of a chapter of the laws of nineteen hundred\neighty-eight constituting the Accelerated Capacity and Transportation\nImprovements of the Nineties Bond Act as of March thirty-first, nineteen\nhundred ninety-two. If the comptroller determines that the amount of\nsuch bonds and notes sold pursuant to such authorization is less than\nthree hundred twenty million dollars, he shall forthwith transfer from\nthe general fund, pursuant to appropriation, to the general fund support\naccount an amount equal to the difference between the amount of bonds\nand notes issued pursuant to such authorization and three hundred twenty\nmillion dollars. Notwithstanding the provisions of paragraph (c) of\nsubdivision four of this section, such amounts transferred by the\ncomptroller shall remain in the general fund support account until such\ntime as the comptroller shall determine that at least three hundred\ntwenty million dollars in bonds and notes have been issued pursuant to\nsuch authorization at which time the comptroller shall transfer such\namounts from the general fund support account to the state purposes\naccount of the general fund.\n 10. Temporary loans. Moneys in the New York state infrastructure trust\nfund may be temporarily loaned, without interest, to the general fund\nduring any fiscal year. During any state fiscal year in which the moneys\nin the fund have been loaned to the general fund the comptroller shall\nrepay all or a portion of such loan from receipts in the general fund at\nsuch time or times as he shall determine in an amount immediately\nnecessary to meet payments made from such fund, provided that the total\namount of such repayments shall not exceed the amount loaned to the\ngeneral fund during such fiscal year. Any balance of the amount so\ntemporarily loaned shall be repaid in cash by March thirty-first of the\nfiscal year in which the loan was made from moneys received in the\ngeneral fund.\n