This text of New York § 97-BBB (Clean water/clean air fund) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
§ 97-bbb. Clean water/clean air fund.
1.There is hereby established\nin the joint custody of the comptroller and the commissioner of taxation\nand finance a special fund to be known as the Clean Water/Clean Air\nFund.\n 2. Such fund shall consist of revenues collected in the state from the\ntax on the conveyance of real property pursuant to section fourteen\nhundred two of the tax law and deposited to the fund pursuant to section\nfourteen hundred twenty-one of the tax law.\n 3. Revenues in the clean water/clean air fund shall be kept separate\nand shall not be commingled with any other moneys in the custody of the\ncomptroller. All deposits of such revenues shall, if required by the\ncomptroller, be secured by obligations of the United States or of the\nstate having a market value eq
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§ 97-bbb. Clean water/clean air fund. 1. There is hereby established\nin the joint custody of the comptroller and the commissioner of taxation\nand finance a special fund to be known as the Clean Water/Clean Air\nFund.\n 2. Such fund shall consist of revenues collected in the state from the\ntax on the conveyance of real property pursuant to section fourteen\nhundred two of the tax law and deposited to the fund pursuant to section\nfourteen hundred twenty-one of the tax law.\n 3. Revenues in the clean water/clean air fund shall be kept separate\nand shall not be commingled with any other moneys in the custody of the\ncomptroller. All deposits of such revenues shall, if required by the\ncomptroller, be secured by obligations of the United States or of the\nstate having a market value equal at all times to the amount of such\ndeposits and all banks and trust companies are authorized to give\nsecurity for such deposits. Any such revenues in such fund may, upon the\ndiscretion of the comptroller, be invested in obligations of the United\nStates or of the state or in obligations the principal of and interest\non which are guaranteed by the United States or by the state.\n 4. On or before each April first, and at least quarterly thereafter,\nthe director of the budget shall certify to the comptroller, the\nchairperson of the senate finance committee and the chairperson of the\nassembly ways and means committee a monthly amount projected to be\nnecessary to meet the total annual debt service requirements for the\ncurrent fiscal year on any bonds issued as authorized by the Clean\nWater/Clean Air Bond Act of 1996. Such amount shall be calculated by\nestimating the total annual debt service for the current fiscal year\nless any amounts already retained to meet such requirement divided by\nthe number of months remaining in such year. Such monthly amount shall\nbe retained within such fund for transfer to the general debt service\nfund for reimbursement of debt service on such bonds.\n 5. The comptroller shall transfer, as needed, to the general debt\nservice fund such moneys as are necessary to reimburse such fund for any\ndebt service disbursements made on such bonds. In the event that moneys\nretained in the clean water/clean air fund are less than the amount\nneeded for such reimbursement, the comptroller shall offset such\nshortfall from subsequent deposits in the clean water/clean air fund as\nsoon as the revenue is available.\n 6. No later than the last day of the month, the comptroller shall\ntransfer to the general fund any moneys received in such fund during the\nmonth that are in excess of the monthly amount certified by the director\nof the budget. Notwithstanding any other provision of law, the\ncomptroller shall, on the last day of each fiscal year pay to the\ngeneral fund all moneys remaining in such fund that are not needed for\nreimbursement of debt service for the current fiscal year.\n