2023 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.