§ 92-u. New York state canal system development fund.
1.Pursuant to\narticle fifteen of the state constitution, there is hereby established\nin the joint custody of the state comptroller and the commissioner of\ntaxation and finance a fund to be known as the "New York state canal\nsystem development fund".\n 2. Such fund shall consist of all revenues received from the operation\nof the New York state canal system as defined in section three hundred\nfifty-one of the public authorities law and section two of the canal\nlaw, including payments on leases for use of canal lands, terminals and\nterminal lands, tolls received for lock and lift bridge passage,\npayments for hydroelectric easements and sales, for purchase of other\nabandoned canal lands, payments for any permits and leases for
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§ 92-u. New York state canal system development fund. 1. Pursuant to\narticle fifteen of the state constitution, there is hereby established\nin the joint custody of the state comptroller and the commissioner of\ntaxation and finance a fund to be known as the "New York state canal\nsystem development fund".\n 2. Such fund shall consist of all revenues received from the operation\nof the New York state canal system as defined in section three hundred\nfifty-one of the public authorities law and section two of the canal\nlaw, including payments on leases for use of canal lands, terminals and\nterminal lands, tolls received for lock and lift bridge passage,\npayments for hydroelectric easements and sales, for purchase of other\nabandoned canal lands, payments for any permits and leases for use of\nthe water and lands of the system and payments for use of dry docks and\nother moneys made available to the fund from any other source other than\na grant, loan or other inter-corporate transfer of funds of the power\nauthority of the state of New York, and any income earned by, or\nincremental to, the fund due to investment thereof, or any repayment of\nany moneys advanced by the fund.\n 3. Moneys in the New York state canal system development fund may be\ninvested by the comptroller pursuant to section ninety-eight-a of this\narticle, and any income received by the comptroller shall be added to\nand become a part of, and shall be used for the purposes of such fund.\n 4. The moneys held in or credited to the fund shall be expended for\nthe purposes set forth in this section, and may not be interchanged or\ncommingled with any other account or fund but may be commingled with any\nother fund or account for investment purposes.\n 5. Moneys of the fund, following appropriation by the legislature,\nshall be available to the power authority of the state of New York and\nshall be expended by such authority or the canal corporation only for\nthe maintenance, construction, reconstruction, development or promotion\nof the canal system. In addition, moneys of the fund may be used for the\npurposes of interpretive signage and promotion for appropriate\nhistorically significant Erie canal lands and related sites. Moneys\nshall be paid out of the fund by the state comptroller on certificates\nissued by the director of the budget.\n