§ 90-A — New York state passenger facility charge fund

New York § 90-A

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

Text

§ 90-a. New York state passenger facility charge fund. 1. There is\nhereby established in the joint custody of the commissioner of taxation\nand finance and the comptroller an interest bearing fund to be known as\nthe "New York state passenger facility charge fund."\n 2. The fund shall consist of passenger facility charges collected on\nbehalf of the department of transportation as authorized by the federal\naviation administration. The passenger facility charges in such fund\nshall be used solely for airport-related projects located at the airport\nwhere such charges were collected.\n 3. Moneys in the New York state passenger facility charge fund shall\nbe kept separate and shall not be commingled with any other moneys in\nthe custody of the state comptroller. Moneys in the fund may be invested\nby the comptroller pursuant to the provisions of section ninety-eight-a\nof this article and any income received by the comptroller from such\ninvestments shall be added to and become part of, and shall be used for\nthe purposes of such fund. All deposits of such money shall, if required\nby the comptroller, be secured by obligations of the United States or of\nthe state of market value equal at all times to the amount of the\ndeposit and all banks and trust companies are authorized to give such\nsecurities for such deposits.\n 4. Moneys in the fund, following appropriation by the legislature,\nshall be allocated upon a certificate of approval of availability by the\ndirector of the budget solely for the purposes set forth in this\nsection.\n 5. All moneys in the fund shall be made available pursuant to\nappropriation for use in financing airport-related projects approved by\nthe federal aviation administration for passenger facility charge\nfunding.\n