§ 97-F — Mental health services fund

§ 97-f. Mental health services fund. 1. There is hereby established in\nthe joint custody of the comptroller and the commissioner of taxation\nand finance a debt service fund to be known as the "mental health\nservices fund".\n 2. The mental health services fund shall consist of all moneys\nreceived from the mental hygiene facilities improvement fund income\naccount pursuant to paragraph f of subdivision three of section nine of\nthe facilities development corporation act and any other moneys made\navailable for purposes of the fund.\n 3. Moneys in the mental health services fund shall be kept separate\nand shall not be commingled with any other moneys in the custody of the\ncomptroller. All deposits of such moneys shall be secured by obligations\nof the United States or of the state of market value equal at all times\nto the amount of the deposit and all banks and trust companies are\nauthorized to give such securities for such deposits.\n 4. Subject to the terms of any agreement between the facilities\ndevelopment corporation and the New York state medical care facilities\nfinance agency any moneys in the mental health services fund may be\ninvested by the comptroller in obligations of the United States or the\nstate or obligations the principal and interest of which are guaranteed\nby the United States or the state.\n 5. The comptroller shall from time to time, but in no event later than\nthe fifteenth day of each month, pay over for deposit in the mental\nhygiene general fund state operations account, including moneys pursuant\nto subdivision eight of this section, all moneys in the mental health\nservices fund in excess of the amount of money required to be maintained\non deposit in the mental health services fund. Subject to subdivision\nnine of this section, the amount required to be maintained in such fund\nshall be (i) twenty percent of the amount of the next payment coming due\nrelating to the mental health services facilities improvement program\nunder any agreement between the facilities development corporation and\nthe New York state medical care facilities finance agency multiplied by\nthe number of months from the date of the last such payment with respect\nto payments under any such agreement required to be made semi-annually,\nplus (ii) those amounts specified in any such agreement with respect to\npayments required to be made other than semi-annually, including for\nvariable rate bonds, interest rate exchange or similar agreements or\nother financing arrangements permitted by law. Concurrently with the\nmaking of any such payment, the facilities development corporation shall\ndeliver to the comptroller, the director of the budget and the New York\nstate medical care facilities finance agency a certificate stating the\naggregate amount to be maintained on deposit in the mental health\nservices fund to comply in full with the provisions of this subdivision.\n 6. To secure the payment, subject to legislative appropriation, of any\nmoney due or to become due relating to the mental health services\nfacilities improvement program in any year under any lease, sublease,\nloan or other financing agreement between the facilities development\ncorporation and the New York state medical care facilities finance\nagency, or, to pay to the New York state housing finance agency for the\nrefunding of mental hygiene improvement bonds issued pursuant to section\nforty-seven-b of the private housing finance law, as the case may be,\nthe comptroller and the commissioner of taxation and finance may pledge\nor assign to the New York state medical care facilities finance agency,\nany or all moneys in the mental health services fund established\npursuant to this section, and any and all moneys which may be received\nby the commissioner of taxation and finance and the comptroller and\ncredited to such mental health services fund in the future, and any\nright, title and interest of the commissioner of taxation and finance\nand the comptroller in and to the money in or to be deposited in such\nmental health services fund.\n 7. The moneys in the mental health services fund shall be appropriated\nand paid out on audit and warrant of the comptroller on the\ncertification of the chairman of the facilities development corporation\nor such other officer or employee or officers or employees as such\ncomptroller and such chairman shall authorize to make such requisitions.\nPayments shall be made to the New York state medical care facilities\nfinance agency at least five days prior to the date such agency is\nrequired to make any debt service, interest rate exchange or similar\nagreement, or any other financing arrangement payments with respect to\nmental health services facilities improvement bonds, notes or other\nobligations, or at such times as the comptroller and the agency shall\ndetermine.\n 8. The amount of payment on such mental health services facilities\nbonds pursuant to sections ninety-two-z and ninety-two-h of this\narticle, shall be transferred by the state comptroller from the mental\nhealth services fund to the mental hygiene general fund state operation\naccount. The accumulation of moneys pursuant to this subdivision and\nsubsequent transfer to the mental hygiene general fund state operation\naccount shall be subordinate in all respects to payments to be made to\nthe New York state medical care facilities finance agency and to any\npledge or assignment pursuant to subdivision six of this section.\n 9. In determining the amounts required to be maintained in the mental\nhealth services fund under subdivision five of this section in each\nmonth, the amount of receipts associated with loans, leases and other\nagreements with voluntary agencies accumulated and set aside in the\nmental hygiene facilities improvement fund income account under\nparagraph g of subdivision three of section nine of the facilities\ndevelopment corporation act shall be taken into account as a credit but\nonly if such crediting does not result in the amounts required to be\nmaintained in the mental health services fund exclusive of any credit to\nbe less than the amount required under subdivision five of this section\nin each month.\n