New York Laws
Title 4 - Local Obligations: Terms, Form and Contents Thereof; Sale and Issuance Thereof
54.20 - Funding of Capital Expenditures Duly Appropriated in the Capital Budget for the City of New York.

§ 54.20 Funding of capital expenditures duly appropriated in the
capital budget for the city of New York. Subject to the provisions of
the New York State Financial Emergency Act for The City of New York but
notwithstanding any other law to the contrary, to facilitate the funding
of capital expenditures duly appropriated in the capital budget for the
city of New York, the finance board of such city shall establish an
account or accounts to receive amounts duly appropriated for capital
purposes in the expense budget of such city. Any payment pursuant to
such an expense budget appropriation shall be made prior to completion
of the annual audit of the fiscal year in which such appropriation was
made. At its discretion, the finance board of such city shall apply
amounts from any such account to capital expenditures duly appropriated
in the capital budget of such city.

The moneys in any such account shall be deposited and secured in the
manner provided by section ten of the general municipal law. The finance
board or the chief fiscal officer of such municipality, if the finance
board shall delegate such duty to him, may invest the moneys in each
such fund in the manner provided in section eleven of the general
municipal law. Any interest earned or capital gains realized on the
moneys so deposited or invested shall accrue to and become part of such
account. The separate identity of such account shall be maintained,
whether its assets consist of cash or investments or both.

Structure New York Laws