NY State Fin L § 88 (2021)
2021 New York Laws STF - State Finance Article 6 - Funds of the State 88 - New York State Infrastructure Trust Fund.

§  88.  New  York  state infrastructure trust 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  "New  York state  infrastructure  trust  fund." It is the intent of the legislature that the housing assistance fund established by section ninety-two-q  of this  chapter    shall  be  fully  funded  to  provide decent affordable housing. Thus, the moneys available in this fund shall be used only  for the purposes enumerated in that section and in this section.   2.  Definitions.  For  purposes  of  this  section the term "remaining housing commitments" shall mean any undisbursed  balance  of  the  three hundred  twenty-six  million  dollar appropriation made from the housing assistance fund, as established by section  ninety-two-q  of  the  state finance  law, pursuant to section forty-seven of the chapter of the laws of nineteen hundred eighty-eight adding this section.   3. Accounts. The  New  York  state  infrastructure  trust  fund  shall consist  of  three  separate  and  distinct  accounts:  (a) the "housing reserve account"; (b) the "supplemental housing account";  and  (c)  the "general  fund support account." Moneys in each of the accounts shall be kept separate from and not commingled with any other moneys in  the  New York state infrastructure trust fund.   4.  Sources  of funds. (a) The "housing reserve account" shall consist of (i) all moneys received from the state of New  York  mortgage  agency pursuant  to  the provisions of section seven of the chapter of the laws of nineteen hundred eighty-eight adding  this  section  and  subdivision twenty-six  of  section  two  thousand  four  hundred four of the public authorities law, up to a total  of  eighty  million  dollars  from  such agency,  and  (ii)  any  other  moneys collected therefor or credited or transferred thereto from any other fund, account or source  pursuant  to law.  Any  interest  received by the comptroller on moneys on deposit in the housing account shall be retained  in  and  become  a  part  of  the account.  (b)  The  "supplemental  housing  account" shall consist of all moneys credited or transferred thereto from any other fund, account  or  source pursuant to law.  (c)  The  "general  fund  support account" shall consist of all moneys transferred to such account pursuant to appropriations  from  the  state purposes  account  of  the  general  fund  and any moneys resulting from internal transactions within the New York state    infrastructure  trust fund.  Any moneys transferred to the general fund support account by the comptroller shall be transferred from such account to either the housing reserve account or the  supplemental  housing  account,  as  hereinafter provided.   5.  Temporary transfers. Notwithstanding any other provision of law to the contrary, for the state  fiscal  year  commencing  on  April  first, nineteen  hundred  eighty-eight, the comptroller is hereby authorized to temporarily transfer any moneys in the  New  York  state  infrastructure trust  fund  to the general fund in an amount determined by the director of the budget, to the extent moneys are available in the fund, up to the difference  between  receipts  credited  to   the   general   fund   and disbursements  made from the general fund during such fiscal year. On or before April fifth, nineteen hundred eighty-nine, the comptroller  shall certify  the  amount  of  the  temporary  transfer made pursuant to this subdivision to the director of the budget and the chairs of  the  senate finance  committee  and  the  assembly  ways  and  means committee. Such temporary transfer shall be repaid  pursuant  to  appropriation  by  the comptroller  as  hereinafter  provided  from  any moneys received in the general fund and the  comptroller  shall  establish  such  accounts  and records  as  he  shall  determine to be necessary to provide an accurate  accounting and reporting of the unrepaid  temporary  transfer.  At  such time  as  the reconciliations required by subdivisions eight and nine of this section are completed, the  comptroller  shall  consider  all  such temporary transfers as having been repaid.   6.  Housing  programs.  (a)  The  comptroller  is hereby authorized to transfer moneys in the supplemental housing account,  the  general  fund support   account  and  the  housing  reserve  account  to  the  housing assistance fund established by section ninety-two-q of this  chapter  as hereinafter  provided at such times and in such amounts as are necessary for the purpose of making payments  from  the  housing  assistance  fund pursuant to appropriations by law.  (b)  At  such  time  or  times  as  the  comptroller determines that a transfer pursuant to paragraph (a) of this subdivision is  necessary  he shall  first  make  such  transfer  from  any  moneys  available  in the supplemental housing account up to the amount immediately necessary.  In determining the moneys available in the supplemental housing account for purposes  of  making  transfers  to  the  housing  assistance  fund, the comptroller shall first determine the  outstanding  balance  of  amounts loaned  to  the  general  fund  from  the  supplemental  housing account pursuant to the provisions of subdivision nine  of  this  section.  Upon making  such  a  determination,  the  comptroller shall repay all or any portion of such loan from receipts in the general fund up to the  amount necessary  to  make  such  transfer  to  the  housing  assistance  fund; provided, however, that the total amount of such  repayments  shall  not exceed  the  amount  loaned  to  the  general fund from the supplemental housing account during such fiscal year. The comptroller  shall  certify to  the  director  of  the  budget  and the chairs of the senate finance committee and the assembly ways and means committee, within fifteen days after the close of each calendar month  the  amount  of  any  such  loan repaid  during  the preceding calendar month and the amount of such loan that remains outstanding at the end of the preceding calendar month.  (c) In the event that the moneys available in the supplemental housing account (after repayment of any such loans  to  the  general  fund)  are insufficient  for  the  purpose  of  making  payments  from  the housing assistance fund, the comptroller shall notify the director of the budget of such insufficiency. Upon such notification and upon receipt from  the director of the budget of a certificate of approval of availability, the comptroller   shall   transfer   from  the  general  fund,  pursuant  to appropriation, such amounts to the general fund support account  of  the New  York  state  infrastructure  trust  fund  and such amounts shall be immediately made available by the comptroller for the  purposes  of  the supplemental housing account.  (d) In the event that the moneys available in the supplemental housing account  and  the  general  fund  support  account of the New York state infrastructure trust fund are insufficient for  the  purpose  of  making payments  from  the  housing  assistance  fund,  the  comptroller  shall transfer  any  remaining  amounts  as  are  necessary  from  any  moneys available  in  the  housing  reserve  account  of  the  New  York  state infrastructure trust fund. In determining the moneys  available  in  the housing  reserve account for purposes of making transfers to the housing assistance fund, the comptroller shall first determine  the  outstanding balance  of  amounts loaned to the general fund from the housing reserve account pursuant to the provisions of subdivision ten of  this  section. Upon making such a determination, the comptroller shall repay all or any portion  of such loan from receipts in the general fund up to the amount necessary  to  make  such  transfer  to  the  housing  assistance  fund; provided,  however,  that  the total amount of such repayments shall not exceed the amount loaned to the general fund from  the  housing  reserve  account  during  such  fiscal  year.  Upon  making  a transfer from such account, the comptroller shall certify to the director of the budget and the chairs of the senate finance committee and  the  assembly  ways  and means  committee  within  fifteen  days  after the close of the calendar month in which such transfer was made the amount of  such  transfer  and the balance remaining in such housing reserve account.   7. Restoration and reversion of balances. (a) Restoration of balances. If  at  the  end  of  any  state  fiscal  year ending on or before March thirty-first, two thousand one the amount on deposit  in  the  New  York state  infrastructure  trust  fund  falls  below the lesser of (i) three hundred million dollars, or (ii) the remaining housing commitments, then by April thirtieth of the subsequent fiscal year the  comptroller  shall transfer pursuant to appropriation from the general fund to the New York state  infrastructure  trust  fund  the amounts necessary to restore the balance of such fund, according to the following procedure:  (1) the housing reserve account  balance  shall  be  restored  to  the cumulative amount deposited to such account pursuant to paragraph (a) of subdivision   four   of   this   section   from   the  nineteen  hundred eighty-eight--eighty-nine state fiscal  year  through  the  fiscal  year preceding  the  year  of  restoration;  and (2) the supplemental housing account balance shall be restored to an amount such  that  the  combined balance  of  the  housing  reserve  account  (after restoration) and the supplemental housing account equals the  lesser  of  (i)  the  remaining housing  commitments  as  of  the  preceding March thirty-first, or (ii) three hundred million dollars.  (b) Reversion of balances. If at the end of any state fiscal year  the amount  on  deposit  in  the  New  York  state infrastructure trust fund exceeds three  hundred  million  dollars,  then  such  excess  shall  be transferred  to  the  general  fund  support  account,  first  from  the supplemental housing account. Any amounts so transferred to the  general fund  support  account  shall  be  transferred by the comptroller to the state purposes account of the general fund.   8. Reconciliation. As soon  as  practicable  after  April  first,  two thousand  one  the  comptroller  shall  determine  the remaining housing commitments from the housing assistance fund as of  March  thirty-first, two  thousand  one  and  certify  the  amount of such commitments to the director of the budget and the chairs of the  senate  finance  committee and  the  assembly  ways  and  means  committee. Upon the making of such certification, the comptroller shall forthwith transfer from the general fund to the general fund support account pursuant  to  appropriation  an amount  which  when  combined  with  any moneys available in the housing reserve account and the supplemental housing account  of  the  New  York state infrastructure trust fund will be sufficient to meet disbursements from the housing assistance fund for the remaining housing commitments.   9.  Transportation  reconciliation. As soon as practicable after April first, nineteen hundred ninety-two, the comptroller shall determine  the total  amount  of  bonds  and notes issued pursuant to the authorization contained in section fifty of a chapter of the laws of nineteen  hundred eighty-eight  constituting  the  Accelerated Capacity and Transportation Improvements of the Nineties Bond Act as of March thirty-first, nineteen hundred ninety-two. If the comptroller determines  that  the  amount  of such  bonds  and  notes sold pursuant to such authorization is less than three hundred twenty million dollars, he shall forthwith  transfer  from the general fund, pursuant to appropriation, to the general fund support account  an  amount  equal to the difference between the amount of bonds and notes issued pursuant to such authorization and three hundred twenty million dollars.   Notwithstanding the provisions of  paragraph  (c)  of subdivision  four  of  this  section,  such  amounts  transferred by the  comptroller shall remain in the general fund support account until  such time  as  the  comptroller  shall  determine that at least three hundred twenty million dollars in bonds and notes have been issued  pursuant  to such  authorization  at  which  time the comptroller shall transfer such amounts from the general fund support  account  to  the  state  purposes account of the general fund.   10. Temporary loans. Moneys in the New York state infrastructure trust fund  may  be  temporarily loaned, without interest, to the general fund during any fiscal year. During any state fiscal year in which the moneys in the fund have been loaned to the general fund the  comptroller  shall repay all or a portion of such loan from receipts in the general fund at such  time  or  times  as  he  shall  determine in an amount immediately necessary to meet payments made from such fund, provided that the  total amount  of  such  repayments  shall  not exceed the amount loaned to the general fund during such fiscal year.  Any  balance  of  the  amount  so temporarily  loaned shall be repaid in cash by March thirty-first of the fiscal year in which the loan was  made  from  moneys  received  in  the general fund.