2023 New York Laws › STF - State Finance › Article 6 - Funds of the State › 97-F - Mental Health Services Fund.

§ 97-f. Mental health services fund. 1. There is hereby established in
  the  joint  custody  of the comptroller and the commissioner of taxation
  and finance a debt service fund  to  be  known  as  the  "mental  health
  services fund".
2.  The  mental  health  services  fund  shall  consist  of all moneys
  received from the mental  hygiene  facilities  improvement  fund  income
  account  pursuant to paragraph f of subdivision three of section nine of
  the facilities development corporation act and  any  other  moneys  made
  available for purposes of the fund.
3.  Moneys  in  the mental health services fund shall be kept separate
  and shall not be commingled with any other moneys in the custody of  the
  comptroller. All deposits of such moneys shall be secured by obligations
  of  the United States or of the state of market value equal at all times
  to the amount of the deposit and  all  banks  and  trust  companies  are
  authorized to give such securities for such deposits.
4.  Subject  to  the  terms  of  any  agreement between the facilities
  development corporation and the New York state medical  care  facilities
  finance  agency  any  moneys  in  the mental health services fund may be
  invested by the comptroller in obligations of the United States  or  the
  state  or obligations the principal and interest of which are guaranteed
  by the United States or the state.
5. The comptroller shall from time to time, but in no event later than
  the fifteenth day of each month, pay over  for  deposit  in  the  mental
  hygiene general fund state operations account, including moneys pursuant
  to  subdivision  eight  of this section, all moneys in the mental health
  services fund in excess of the amount of money required to be maintained
  on deposit in the mental health services fund.  Subject  to  subdivision
  nine  of this section, the amount required to be maintained in such fund
  shall be (i) twenty percent of the amount of the next payment coming due
  relating to the mental health services  facilities  improvement  program
  under  any  agreement between the facilities development corporation and
  the New York state medical care facilities finance agency multiplied  by
  the number of months from the date of the last such payment with respect
  to  payments under any such agreement required to be made semi-annually,
  plus (ii) those amounts specified in any such agreement with respect  to
  payments  required  to  be  made other than semi-annually, including for
  variable rate bonds, interest rate exchange  or  similar  agreements  or
  other  financing  arrangements  permitted  by law. Concurrently with the
  making of any such payment, the facilities development corporation shall
  deliver to the comptroller, the director of the budget and the New  York
  state  medical  care facilities finance agency a certificate stating the
  aggregate amount to be  maintained  on  deposit  in  the  mental  health
  services fund to comply in full with the provisions of this subdivision.
6. To secure the payment, subject to legislative appropriation, of any
  money  due  or  to  become  due  relating  to the mental health services
  facilities improvement program in any year under  any  lease,  sublease,
  loan  or  other  financing  agreement between the facilities development
  corporation and the New  York  state  medical  care  facilities  finance
  agency,  or, to pay to the New York state housing finance agency for the
  refunding of mental hygiene improvement bonds issued pursuant to section
  forty-seven-b of the private housing finance law, as the  case  may  be,
  the  comptroller and the commissioner of taxation and finance may pledge
  or assign to the New York state medical care facilities finance  agency,
  any  or  all  moneys  in  the  mental  health  services fund established
  pursuant to this section, and any and all moneys which may  be  received
  by  the  commissioner  of  taxation  and finance and the comptroller and
  credited to such mental health services fund  in  the  future,  and  any
  right,  title  and  interest of the commissioner of taxation and finance

  and the comptroller in and to the money in or to be  deposited  in  such
  mental health services fund.
7. The moneys in the mental health services fund shall be appropriated
  and   paid   out  on  audit  and  warrant  of  the  comptroller  on  the
  certification of the chairman of the facilities development  corporation
  or  such  other  officer  or  employee  or officers or employees as such
  comptroller and such chairman shall authorize to make such requisitions.
  Payments shall be made to the New York  state  medical  care  facilities
  finance  agency  at  least  five  days  prior to the date such agency is
  required to make any debt service, interest  rate  exchange  or  similar
  agreement,  or  any other financing arrangement payments with respect to
  mental health services facilities  improvement  bonds,  notes  or  other
  obligations,  or  at  such times as the comptroller and the agency shall
  determine.
8. The amount of payment on such  mental  health  services  facilities
  bonds  pursuant  to  sections  ninety-two-z  and  ninety-two-h  of  this
  article, shall be transferred by the state comptroller from  the  mental
  health  services fund to the mental hygiene general fund state operation
  account. The accumulation of moneys pursuant  to  this  subdivision  and
  subsequent  transfer  to the mental hygiene general fund state operation
  account shall be subordinate in all respects to payments to be  made  to
  the  New  York  state  medical care facilities finance agency and to any
  pledge or assignment pursuant to subdivision six of this section.
9. In determining the amounts required to be maintained in the  mental
  health  services  fund  under  subdivision  five of this section in each
  month, the amount of receipts associated with loans,  leases  and  other
  agreements  with  voluntary  agencies  accumulated  and set aside in the
  mental  hygiene  facilities  improvement  fund  income   account   under
  paragraph  g  of  subdivision  three  of  section nine of the facilities
  development corporation act shall be taken into account as a credit  but
  only  if  such  crediting  does not result in the amounts required to be
  maintained in the mental health services fund exclusive of any credit to
  be less than the amount required under subdivision five of this  section
  in each month.