NY State Fin L § 97-BBB (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 97-BBB - Clean Water/clean Air Fund.

§  97-bbb.  Clean water/clean air fund. 1. There is hereby established   in the joint custody of the comptroller and the commissioner of taxation   and finance a special fund to be known  as  the  Clean  Water/Clean  Air   Fund.2. Such fund shall consist of revenues collected in the state from the   tax  on  the  conveyance  of  real property pursuant to section fourteen   hundred two of the tax law and deposited to the fund pursuant to section   fourteen hundred twenty-one of the tax law.3. Revenues in the clean water/clean air fund shall be  kept  separate   and  shall not be commingled with any other moneys in the custody of the   comptroller. All deposits of such revenues shall,  if  required  by  the   comptroller,  be  secured  by obligations of the United States or of the   state having a market value equal at all times to  the  amount  of  such   deposits  and  all  banks  and  trust  companies  are authorized to give   security for such deposits. Any such revenues in such fund may, upon the   discretion of the comptroller, be invested in obligations of the  United   States  or  of the state or in obligations the principal of and interest   on which are guaranteed by the United States or by the state.4. On or before each April first, and at least  quarterly  thereafter,   the  director  of  the  budget  shall  certify  to  the comptroller, the   chairperson of the senate finance committee and the chairperson  of  the   assembly  ways  and  means  committee  a  monthly amount projected to be   necessary to meet the total annual debt  service  requirements  for  the   current  fiscal  year  on  any  bonds  issued as authorized by the Clean   Water/Clean Air Bond Act of 1996. Such amount  shall  be  calculated  by   estimating  the  total  annual  debt service for the current fiscal year   less any amounts already retained to meet such  requirement  divided  by   the  number  of months remaining in such year. Such monthly amount shall   be retained within such fund for transfer to the  general  debt  service   fund for reimbursement of debt service on such bonds.5.  The  comptroller  shall  transfer,  as needed, to the general debt   service fund such moneys as are necessary to reimburse such fund for any   debt service disbursements made on such bonds. In the event that  moneys   retained  in  the  clean  water/clean  air fund are less than the amount   needed  for  such  reimbursement,  the  comptroller  shall  offset  such   shortfall  from subsequent deposits in the clean water/clean air fund as   soon as the revenue is available.6. No later than the last day of  the  month,  the  comptroller  shall   transfer to the general fund any moneys received in such fund during the   month that are in excess of the monthly amount certified by the director   of   the  budget.  Notwithstanding  any  other  provision  of  law,  the   comptroller shall, on the last day  of  each  fiscal  year  pay  to  the   general  fund  all moneys remaining in such fund that are not needed for   reimbursement of debt service for the current fiscal year.