§ 93-B — Dedicated infrastructure investment fund

New York § 93-B

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

Text

§ 93-b. Dedicated infrastructure investment fund. 1. Dedicated\ninfrastructure investment fund. (a) There is hereby established in the\njoint custody of the state comptroller and the commissioner of taxation\nand finance a special fund to be known as the "dedicated infrastructure\ninvestment fund".\n (b) Account. The dedicated infrastructure investment fund shall\nconsist of one account, the "infrastructure investment account". Moneys\nin this account shall be kept separate and not commingled with any other\nmoneys in the custody of the comptroller.\n (c) Sources of funds. The sources of funds shall consist of all moneys\ncollected therefor, or moneys credited, appropriated or transferred\nthereto from any other fund or source pursuant to law or any other\nmoneys made available for the purposes of the fund. Any interest\nreceived by the comptroller on moneys on deposit shall be retained and\nbecome part of the fund, unless otherwise directed by law.\n 2. Uses of funds. Following appropriation by the legislature, moneys\nin the infrastructure investment account shall be available to finance\nprojects, works, activities or purposes necessary to support statewide\ninvestments as appropriated by the legislature. Nothing contained in\nthis section shall be construed to limit in any way the projects, works,\nactivities or purposes that can be financed from this account, including\nbut not limited to loans of money to public corporations or authorities\nunder terms approved by the director of the budget.\n 3. Transfers. Notwithstanding any other provisions of law to the\ncontrary, commencing on April first, two thousand twenty-five, and\ncontinuing through March thirty-first, two thousand thirty, the\ncomptroller is hereby authorized to transfer monies from the dedicated\ninfrastructure investment fund to the general fund, and from the general\nfund to the dedicated infrastructure investment fund, in an amount\ndetermined by the director of the budget to the extent moneys are\navailable in the fund; provided, however, that the comptroller is only\nauthorized to transfer monies from the dedicated infrastructure\ninvestment fund to the general fund in the event of an economic downturn\nas described in paragraph (a) of this subdivision; and/or to fulfill\ndisallowances and/or settlements related to over-payments of federal\nmedicare and medicaid revenues in excess of one hundred million dollars\nfrom anticipated levels, as determined by the director of the budget and\ndescribed in paragraph (b) of this subdivision.\n (a) Economic downturn. Notwithstanding any law to the contrary, for\nthe purpose of this section, the commissioner of labor shall calculate\nand publish, on or before the fifteenth day of each month, a composite\nindex of business cycle indicators. Such index shall be calculated using\nmonthly data on New York state private sector employment, average weekly\nhours of manufacturing workers, and the unemployment rate prepared by\nthe department of labor or its successor agency, and total sales tax\ncollections adjusted for inflation, prepared by the department of\ntaxation and finance or its successor agency. Such index shall be\nadjusted for seasonal variations in accordance with the procedures\nissued by the United States Census Bureau or its successor agency. If\nthe composite index declines for five consecutive months, the\ncommissioner of labor shall notify the governor, the speaker of the\nassembly, the temporary president of the senate, and the minority\nleaders of the assembly and the senate. Upon such notification, the\ndirector of the budget may authorize and direct the comptroller to\ntransfer from the dedicated infrastructure investment fund to the\ngeneral fund such amounts as the director of the budget deems necessary\nto meet the requirements of the state financial plan. The authority to\ntransfer funds under the provisions of this paragraph shall lapse when\nthe composite index shall have increased for five consecutive months or\ntwelve months from the original notification of the commissioner of\nlabor, whichever occurs earlier. Provided, however, that for every\nadditional and consecutive monthly decline succeeding the five month\ndecline so noted by the commissioner of labor, the twelve month lapse\ndate shall be extended by one additional month.\n (b) Federal medicare and medicaid revenues. Notwithstanding any law to\nthe contrary, the director of the budget may authorize and direct the\ncomptroller to transfer from the dedicated infrastructure investment\nfund to the general fund an amount not to exceed the disallowances\nand/or settlements related to the over-payments of federal medicare and\nmedicaid revenues. In the event this authorization is utilized, the\ndirector of the budget may authorize and direct the comptroller to\ntransfer such amount and the concomitant reduction in state share\nmedicare and medicaid revenues from the general fund to the\nmiscellaneous special revenue fund, mental hygiene program fund (21907),\nthe miscellaneous special revenue fund, patient income account (21909),\nand the Medicaid Management Information System (MMIS) Statewide Escrow\nFund (60901).\n (c) Prior to authorizing any transfer from the dedicated\ninfrastructure investment fund accounts pursuant to the provisions of\nthis section, the director of the budget shall notify the speaker of the\nassembly, the temporary president of the senate, and the minority\nleaders of the assembly and the senate. Such letter shall specify the\nreasons for the transfer and the amount thereof.\n