§ 27-C — Appropriations to the aggregate trust fund

§ 27-c. Appropriations to the aggregate trust fund. 1.\nNotwithstanding any other provision of law, the aggregate trust fund,\nhereinafter referred to as the fund, and all state officers with\nresponsibility for the custody or investment of such fund or of its\nassets, shall annually, no later than November first in each year,\nsubmit to the director of the budget a request for an appropriation of\none hundred sixty million dollars. The governor shall include such\namount in a budget bill for the next state fiscal year. The state\ncomptroller shall encumber the amount so appropriated before the end of\nthe fiscal year for which any such appropriation is made. If for any\nfiscal year commencing on or after April first, nineteen hundred\neighty-three, the governor fails to submit a budget bill containing an\nappropriation in the amount requested by the fund or the legislature\nfails to appropriate the amount in a budget bill submitted by the\ngovernor for such fiscal year, the amount appropriated for and\nencumbered during the preceding fiscal year shall be payable forthwith\nto the fund on the first day of July of such year in the manner\nprescribed by law, provided, however, that such amount shall not exceed\nthe amount of moneys transferred to the general fund by the fund\npursuant to the provisions of chapter fifty-five of the laws of nineteen\nhundred eighty-two and chapter seven of the laws of nineteen hundred\neighty-nine.\n 2. Notwithstanding any other provision of law, the fund and all state\nofficers with responsibility for the custody or investment of such fund\nor of its assets shall annually, no later than November first in each\nyear, submit to the director of the budget the fund's additional request\nfor an appropriation of sixty million dollars and the governor shall\ninclude such additional 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 ninety the governor fails to submit a\nbudget bill containing an appropriation in the amount requested by the\nfund or the legislature fails to appropriate the amount in a budget bill\nsubmitted by the governor for such fiscal year, the amount appropriated\nfor and encumbered during the preceding fiscal year shall be payable\nforthwith to the fund on the first day of July of such year in the\nmanner prescribed by law, provided, however, that such amount shall not\nexceed the amount of moneys transferred to the general fund by the fund\npursuant to the provisions of a chapter of the laws of nineteen hundred\neighty-nine.\n 3. It is hereby found and declared that any appropriation made as\nprovided for in subdivision one or two of this section shall be deemed\nan admitted asset of the aggregate trust fund, and that any transfer of\nmoneys by the fund to the general fund in accordance with the provisions\nof chapter fifty-five of the laws of nineteen hundred eighty-two,\nchapter seven of the laws of nineteen hundred eighty-nine or a chapter\nof the laws of nineteen hundred eighty-nine is deemed a proper and\nprudent legal undertaking for any state officer with the responsibility\nfor the custody or the investment of the assets of the fund,\nnotwithstanding any other provision of law to the contrary.\n