NY State Fin L § 93-B (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 93-B - Dedicated Infrastructure Investment Fund.

§   93-b.  Dedicated  infrastructure  investment  fund.  1.  Dedicated infrastructure investment fund. (a) There is hereby established  in  the joint  custody of the state comptroller and the commissioner of taxation and finance a special fund to be known as the "dedicated  infrastructure investment fund".  (b)  Account.  The  dedicated  infrastructure  investment  fund  shall consist of one account, the "infrastructure investment account".  Moneys in this account shall be kept separate and not commingled with any other moneys in the custody of the comptroller.  (c) Sources of funds. The sources of funds shall consist of all moneys collected  therefor,  or  moneys  credited,  appropriated or transferred thereto from any other fund or source  pursuant  to  law  or  any  other moneys  made  available  for  the  purposes  of  the  fund. Any interest received by the comptroller on moneys on deposit shall be  retained  and become part of the fund, unless otherwise directed by law.   2.  Uses  of funds. Following appropriation by the legislature, moneys in the infrastructure investment account shall be available  to  finance projects,  works,  activities or purposes necessary to support statewide investments as appropriated by the  legislature.  Nothing  contained  in this section shall be construed to limit in any way the projects, works, activities or purposes that can be financed from this account, including but  not limited to loans of money to public corporations or authorities under terms approved by the director of the budget.   3. Transfers.   Notwithstanding any other provisions  of  law  to  the contrary,  commencing  on  April  first,  two  thousand  twenty-one, and continuing through March thirty-first,  two  thousand  twenty-five,  the comptroller  is  hereby authorized to transfer monies from the dedicated infrastructure investment fund to the general fund, and from the general fund to the dedicated  infrastructure  investment  fund,  in  an  amount determined  by  the  director  of  the  budget  to the extent moneys are available in the fund; provided, however, that the comptroller  is  only authorized   to   transfer  monies  from  the  dedicated  infrastructure investment fund to the general fund in the event of an economic downturn as described in paragraph (a) of this  subdivision;  and/or  to  fulfill disallowances  and/or  settlements  related  to over-payments of federal medicare and medicaid revenues in excess of one hundred million  dollars from anticipated levels, as determined by the director of the budget and described in paragraph (b) of this subdivision.  (a)  Economic  downturn.  Notwithstanding any law to the contrary, for the purpose of this section, the commissioner of labor  shall  calculate and  publish,  on or before the fifteenth day of each month, a composite index of business cycle indicators. Such index shall be calculated using monthly data on New York state private sector employment, average weekly hours of manufacturing workers, and the unemployment  rate  prepared  by the  department  of  labor  or its successor agency, and total sales tax collections adjusted  for  inflation,  prepared  by  the  department  of taxation  and  finance  or  its  successor  agency.  Such index shall be adjusted for seasonal  variations  in  accordance  with  the  procedures issued  by  the  United States Census Bureau or its successor agency. If the  composite  index  declines  for  five   consecutive   months,   the commissioner  of  labor  shall  notify  the governor, the speaker of the assembly, the temporary  president  of  the  senate,  and  the  minority leaders  of  the  assembly  and  the senate. Upon such notification, the director of the budget may  authorize  and  direct  the  comptroller  to transfer  from  the  dedicated  infrastructure  investment  fund  to the general fund such amounts as the director of the budget deems  necessary to  meet  the requirements of the state financial plan. The authority to transfer funds under the provisions of this paragraph shall  lapse  when  the  composite index shall have increased for five consecutive months or twelve months from the original  notification  of  the  commissioner  of labor,  whichever  occurs  earlier.  Provided,  however,  that for every additional  and  consecutive  monthly  decline succeeding the five month decline so noted by the commissioner of labor, the  twelve  month  lapse date shall be extended by one additional month.  (b) Federal medicare and medicaid revenues. Notwithstanding any law to the  contrary,  the  director of the budget may authorize and direct the comptroller to transfer from  the  dedicated  infrastructure  investment fund  to  the  general  fund  an  amount not to exceed the disallowances and/or settlements related to the over-payments of federal medicare  and medicaid  revenues.  In  the  event  this authorization is utilized, the director of the budget may  authorize  and  direct  the  comptroller  to transfer  such  amount  and  the  concomitant  reduction  in state share medicare  and  medicaid  revenues  from  the   general   fund   to   the miscellaneous special revenue fund, mental hygiene program fund (21907), the  miscellaneous special revenue fund, patient income account (21909), and the Medicaid Management Information System (MMIS)  Statewide  Escrow Fund (60901).  (c)   Prior   to   authorizing   any   transfer   from  the  dedicated infrastructure investment fund accounts pursuant to  the  provisions  of this section, the director of the budget shall notify the speaker of the assembly,  the  temporary  president  of  the  senate,  and the minority leaders of the assembly and the senate. Such letter  shall  specify  the reasons for the transfer and the amount thereof.