§ 109-B — Custody and investment of fund

§ 109-b. Custody and investment of fund. 1. The fund created by this\narticle shall be separate and apart from any other fund so created and\nfrom all other state moneys, and the faith and credit of the state of\nNew York is pledged for its safekeeping. The commissioner of taxation\nand finance shall be the custodian of said fund; and all disbursements\nfrom said fund shall be made by the commissioner of taxation and finance\nupon vouchers signed by the superintendent of financial services, or his\ndeputy, as hereinafter provided. The moneys of said fund may be invested\nby the commissioner of taxation and finance in the stocks or bonds of\nthe United States or of this state and in interest bearing certificates\nof deposit of a bank or trust company located and authorized to do\nbusiness in this state or of a national bank located in this state\nsecured by a pledge of direct obligations of the United States or of the\nstate of New York, or in accordance with the provisions of section\nninety-eight-a of the state finance law, in an amount equal to the\namount of such certificates of deposit. The commissioner of taxation and\nfinance may sell any of the securities or certificates of deposit in\nwhich said fund is invested, if advisable for its proper administration\nor in the best interests of such fund, and all earnings from the\ninvestments of such fund shall be credited to such fund.\n 2. (a) Notwithstanding any provision of law to the contrary, the\nsuperintendent of financial services shall annually no later than\nNovember first in each year, submit to the director of the budget a\nrequest for an appropriation of sixty-seven million dollars. The\ngovernor shall include such amount in a budget bill for the next state\nfiscal year. The state comptroller shall encumber the amount so\nappropriated before the end of the fiscal year for which any such\nappropriation is made. If for any fiscal year commencing on or after\nApril first, nineteen hundred eighty-three, the governor fails to submit\na budget bill containing an appropriation in the amount requested by the\nsuperintendent of financial services or the legislature fails to\nappropriate the amount in a budget bill submitted by the governor for\nsuch fiscal year, the amount appropriated for and encumbered during the\npreceding fiscal year shall be payable forthwith to the fund on the\nfirst day of July of such year in the manner prescribed by law,\nprovided, however, that such amount shall not exceed the amount of\nmoneys transferred to the general fund from the fund pursuant to the\nprovisions of chapter fifty-five of the laws of nineteen hundred\neighty-two.\n (b) It is hereby found and declared that any appropriation made as\nprovided for in paragraph (a) of this subdivision shall be deemed an\nasset of the fund, and that any transfer of moneys from such fund to the\ngeneral fund in accordance with the provisions of chapter fifty-five of\nthe laws of nineteen hundred eighty-two is deemed a proper and prudent\nlegal undertaking for any state officer with the responsibility for the\ncustody or the investment of the assets of the fund, notwithstanding any\nother provision of law to the contrary.\n