(b) Beginning on the first day of each month, the comptroller shall
deposit all of the receipts collected pursuant to section eight hundred
fifty-four of the tax law in the revenue bond tax fund until the amount
of monthly receipts anticipated to be deposited pursuant to the
certificate required in paragraph (b) of subdivision five of this
section are met. On or before the twelfth day of each month, the
commissioner of taxation and finance shall certify to the state
comptroller the amounts specified in paragraph (b) of subdivision two of
this section relating to the preceding month and, in addition, no later
than March thirty-first of each fiscal year the commissioner of taxation
and finance shall certify such amounts relating to the last month of
such fiscal year. The amounts so certified shall be deposited by the
state comptroller in the revenue bond tax fund.
(c) Beginning on the first day of each month, the comptroller shall
deposit all of the receipts collected pursuant to sections eight hundred
sixty-four and eight hundred sixty-five of the tax law in the revenue
bond tax fund until the amount of monthly receipts anticipated to be
deposited pursuant to the certificate required in paragraph (b) of
subdivision five of this section are met. On or before the twelfth day
of each month, the commissioner of taxation and finance shall certify to
the state comptroller the amounts specified in paragraph (c) of
subdivision two of this section relating to the preceding month and, in
addition, no later than March thirty-first of each fiscal year the
commissioner of taxation and finance shall certify such amounts relating
to the last month of such fiscal year. The amounts so certified shall be
deposited by the state comptroller in the revenue bond tax fund.
4. Moneys in the revenue bond tax fund shall be kept separate and
shall not be commingled with any other moneys in the custody of the
state comptroller and the commissioner of taxation and finance. All
deposits of such revenues shall, if required by the state comptroller,
be secured by obligations of the United States or of the state having a
market value equal at all times to the amount of such deposits and all
banks and trust companies are authorized to give security for such
deposits. Any such moneys in such fund may, in the discretion of the
state comptroller, be invested in obligations in which the state
comptroller is authorized to invest pursuant to section ninety-eight-a
of this article.
5. (a) The state comptroller shall from time to time, but in no event
later than the fifteenth day of each month (other than the last month of
the fiscal year) and no later than the thirty-first day of the last
month of each fiscal year, pay over and distribute to the credit of the
general fund of the state treasury all moneys in the revenue bond tax
fund, if any, in excess of the aggregate amount required to be set aside
for the payment of cash requirements pursuant to paragraph (b) of this
subdivision, provided that an appropriation has been made to pay all
amounts specified in any certificate or certificates delivered by the
director of the budget pursuant to paragraph (b) of this subdivision as
being required by each authorized issuer as such term is defined in
section sixty-eight-a of this chapter for the payment of cash
requirements of such issuers for such fiscal year. Subject to the rights
of holders of debt of the state, in no event shall the state comptroller
pay over and distribute any moneys on deposit in the revenue bond tax
fund to any person other than an authorized issuer pursuant to such
certificate or certificates (i) unless and until the aggregate of all
cash requirements certified to the state comptroller as required by such
authorized issuers to be set aside pursuant to paragraph (b) of this
subdivision for such fiscal year shall have been appropriated to such
authorized issuers in accordance with the schedule specified in the
certificate or certificates filed by the director of the budget or (ii)
if, after having been so certified and appropriated, any payment
required to be made pursuant to paragraph (b) of this subdivision has
not been made to the authorized issuers which was required to have been
made pursuant to such certificate or certificates; provided, however,
that no person, including such authorized issuers or the holders of
revenue bonds, shall have any lien on moneys on deposit in the revenue
bond tax fund. Any agreement entered into pursuant to section
sixty-eight-c of this chapter related to any payment authorized by this
section shall be executory only to the extent of such revenues available
to the state in such fund. Notwithstanding subdivisions two and three of
this section, in the event the aggregate of all cash requirements
certified to the state comptroller as required by such authorized
issuers to be set aside pursuant to paragraph (b) of this subdivision
for the fiscal year beginning on April first shall not have been
appropriated to such authorized issuers in accordance with the schedule
specified in the certificate or certificates filed by the director of
the budget or, (ii) if, having been so certified and appropriated, any
payment required to be made pursuant to paragraph (b) of this
subdivision has not been made pursuant to such certificate or
certificates, all receipts collected pursuant to section six hundred
seventy-one of the tax law, section eight hundred fifty-four of the tax
law, section eight hundred sixty-four of the tax law, and section eight
hundred sixty-five of the tax law shall be deposited in the revenue bond
tax fund until the greater of forty percent of the aggregate of the
receipts from the imposition of (A) the personal income tax imposed by
article twenty-two of the tax law, (B) the employer compensation expense
tax imposed by article twenty-four of the tax law, and (C) the
pass-through entity tax imposed by article twenty-four-A of the tax law
for the fiscal year beginning on April first and as specified in the
certificate or certificates filed by the director of the budget pursuant
to this paragraph or a total of twelve billion dollars has been
deposited in the revenue bond tax fund. Notwithstanding any other
provision of law, if the state has appropriated and paid to the
authorized issuers the amounts necessary for the authorized issuers to
meet their requirements for the current fiscal year pursuant to the
certificate or certificates submitted by the director of the budget
pursuant to paragraph (b) of this section, the state comptroller shall,
on the last day of each fiscal year, pay to the general fund of the
state all sums remaining in the revenue bond tax fund on such date
except such amounts as the director of the budget may certify are needed
to meet the cash requirements of authorized issuers during the
subsequent fiscal year.
(b) No later than thirty days after the submission of the executive
budget in accordance with article seven of the constitution, the
director of the budget shall prepare a certificate of the amount of
monthly receipts anticipated to be deposited pursuant to subdivision two
of this section during the fiscal year beginning April first of that
year together with the monthly amounts necessary to be set aside from
the receipts of such fund, as shall be sufficient to meet the total cash
requirements of authorized issuers, as defined by section sixty-eight-a
of this chapter during such fiscal year, based on information that shall
be provided by such authorized issuers, consistent with the terms of any
contract with outstanding bondholders. Such monthly set asides shall
equal not less than the total debt service requirements due to all
authorized issuers in the following month and as certified by the
director of the budget, except in the case of revenue bonds of an
authorized issuer that are due on a monthly or more frequent basis. The
state comptroller shall set aside all such moneys as received in the
revenue bond tax fund until the amount set aside is equal to the monthly
amount of cash requirements, as certified by the director of the budget.
Notwithstanding subdivision three of section seventy-two of this article
or any other provision of law, all moneys set aside in the revenue bond
tax fund to meet the annual cash requirements of authorized issuers
pursuant to a certificate or certificates as required in this paragraph
shall remain in the revenue bond tax fund until needed for payment to
authorized issuers, as provided in this section. For the purpose of
meeting any required payment on any issue of revenue bonds of an
authorized issuer that is due on a monthly or more frequent basis, the
state comptroller shall set aside all receipts deposited pursuant to
subdivision three of this section as received until the amount so set
aside is, in accordance with the schedule set forth for such purpose by
the director of the budget, sufficient to pay the required payment on
such issue and any other such issue with a payment date on or before
such payment date. In the event that the amount set aside by the state
comptroller pursuant to this paragraph is not sufficient to meet the
cash requirements required pursuant to a certificate or certificates
submitted by the director of the budget, the state comptroller shall
immediately transfer from the general fund to the revenue bond tax fund
an amount which, when combined with the amount set aside pursuant to
this paragraph, shall be sufficient to meet the payment required
pursuant to such certificate or certificates. The director of the budget
may revise such certification at such times as shall be necessary,
provided, however, that the director of the budget shall, as necessary,
revise such certification not later than thirty days after the issuance
of any revenue bonds, including refunding bonds, and after the adoption
of any interest rate exchange or other financial arrangement affecting
the cash requirements of the authorized issuers. In no event shall the
state comptroller be held liable for the failure to set aside an amount
sufficient to pay any required payment of an authorized issuer.
6. All payments of moneys from the revenue bond tax fund shall be made
on the audit and warrant of the state comptroller.
Structure New York Laws
Article 6 - Funds of the State
71 - Abolition, Maintenance and Establishment of Funds.
71-A - Funds Established by Law.
71-B - Expenditure of Check-Off Monies.
73 - Federal Interest Subsidy Payments.
74 - Transportation Infrastructure Renewal Fund.
75 - Establishment of Accounts.
76 - Rail Preservation and Development Fund.
77 - Accelerated Capacity and Transportation Improvements Fund.
78 - New York State College Choice Tuition Savings Program Trust Fund.
78-A - New York Higher Education Loan Program Variable Rate Default Reserve Fund.
78-B - New York Higher Education Loan Program Fixed Rate Default Reserve Fund.
79 - World Trade Center Memorial Foundation Fund.
80 - Real Estate Finance Bureau Fund.
80-A - Anti-Discrimination in Housing Fund.
81 - Veterans' Home Assistance Fund.
82 - Gifts to Food Banks Fund.
83-A - Habitat Conservation and Access Account.
84 - The United States Olympic Committee/lake Placid Olympic Training Center Fund.
84-A - Olympic Games Guaranty Fund.
88 - New York State Infrastructure Trust Fund.
88-A - Mass Transportation Operating Assistance Fund.
88-B - Suburban Transportation Fund.
88-D - Airport Improvement and Revitalization Fund.
89-B - Dedicated Highway and Bridge Trust Fund.
89-C - Dedicated Mass Transportation Trust Fund.
89-D - Motor Vehicle Theft and Insurance Fraud Prevention Fund.
89-E - Alzheimer's Disease Assistance Fund.
89-F - Workers' Compensation Security Fund Payment Account.
89-G - Accident Prevention Course Internet, and Other Technology Pilot Program Fund.
89-H - Medical Cannabis Trust Fund.
92-H - Sales Tax Revenue Bond Tax Fund.
92-I - Stock Transfer Incentive Fund.
92-N - Snowmobile Trail Development and Maintenance Fund.
92-P - Voting Machine and System Examination Fund.
92-Q - Housing Assistance Fund.
92-Q*2 - The Institute for the Hudson River Collection Fund.
92-R - Local Government Assistance Tax Fund.
92-S - Environmental Protection Fund.
92-T - New York State Campaign Finance Fund.
92-U - New York State Canal System Development Fund.
92-V - Linked Deposit Program Fund.
92-W - Missing and Exploited Children Clearinghouse Fund.
92-X - Tobacco Settlement Fund.
92-AA - Special School Purpose School Aid.
92-BB - Waste Management and Cleanup Fund.
92-CC - Rainy Day Reserve Fund.
92-DD - Health Care Reform Act (Hcra) Resources Fund.
92-EE - New York State Higher Education Endowment.
92-FF - Metropolitan Transportation Authority Financial Assistance Fund.
92-GG - Charitable Gifts Trust Fund.
92-GG*2 - Subway Assistance Fund.
92-HH - Health Care Transformation Fund.
92-II - Metropolitan Transportation Authority Capital Assistance Fund.
92-JJ - Metropolitan Transportation Authority Paratransit Assistance Fund.
93-A - New York State Storm Recovery Capital Fund.
93-B - Dedicated Infrastructure Investment Fund.
94 - Court Facilities Incentive Aid Fund.
94-A - New York City County Clerks' Operations Offset Fund.
94-B - Judiciary Data Processing Offset Fund.
95-A - New York State Innovation in Breast Cancer Early Detection and Research Awards Program Fund.
95-B - The New York State "Drive Out Diabetes Research and Education Fund".
95-C - The Marine and Coastal District of New York Conservation, Education, and Research Fund.
95-D - The New York State "Multiple Sclerosis Research Fund".
95-D*2 - "Life Pass It on Trust Fund".
95-E - New York State Prostate and Testicular Cancer Research and Education Fund.
95-E*2 - New York State Autism Awareness and Research Fund.
95-F - The New York State Water Rescue Team Awareness and Research Fund.
95-F*2 - The Eighth Air Force Historical Society Fund.
95-G - Department of Motor Vehicles Distinctive Plate Development Fund.
95-H - Mental Illness Anti-Stigma Fund.
95-I - New York State Als Research and Education Fund.
95-J - The New York State Two Hundred Fiftieth Commemoration Commission Fund.
89-I - Military Family Relief Fund.
89-J - The School Bus Motorist Education Fund.
89-J*2 - Substance Use Disorder Education and Recovery Fund.
90 - New York State Department of Transportation Highway Safety Program Fund.
90-A - New York State Passenger Facility Charge Fund.
91-A - Revenue Arrearage Account.
91-B - Boating Noise Level Enforcement Fund.
91-C - Special Offset Fiduciary Account.
91-D - Recruitment Incentive and Retention Account
91-F - Adult Home Quality Enhancement Fund.
91-G - Senior Wellness in Nutrition Fund.
92 - Tax Stabilization Reserve Fund.
92-B - Stock Transfer Tax Fund.
92-D - Municipal Assistance Tax Fund.
92-E - Municipal Assistance State Aid Fund.
92-F - Special Sales and Compensating Use Tax Fund for the City of Yonkers.
92-G - Motorcycle Safety Fund.
95-K - Transgender and Non-Binary (Tgnb) Wellness and Equity Program Fund.
95-K*2 - Lyme and Tick-Borne Diseases Education, Research and Prevention Fund.
96 - The World Trade Center Memorial Scholarship Fund.
97 - Housing Debt Fund, and Urban Renewal Debt Fund.
97-A - Environmental Quality Protection Fund.
97-B - Hazardous Waste Remedial Fund.
97-C - Training and Education Program on Occupational Safety and Health Fund.
97-D - Environmental Quality Bond Act Fund.
97-E - Forest Preserve Expansion Fund.
97-F - Mental Health Services Fund.
97-G - Centralized Services Fund.
97-H - Lake George Park Trust Fund.
97-I - New York State Local Government Records Management Improvement Fund.
97-J - Firearm Violence Research Fund.
97-K - Minority and Women-Owned Business Enterprise Fund.
97-L - Sewage Treatment Program Management and Administration Fund.
97-P - Community College Tuition and Instructional Income Fund.
97-Q - New York State Emergency Medical Services Training Account.
97-R - State Cemetery Vandalism Restoration, Monument Repair or Removal and Administration Fund.
97-S - Nelson A. Rockefeller Empire State Plaza Performing Arts Center Corporation Fund.
97-T - Lawyers' Fund for Client Protection of the State of New York.
97-V - The New York Interest on Lawyer Account (Iola) Fund.
97-V*2 - New York State Musical Instrument Revolving Fund.
97-W - Chemical Dependence Service Fund.
97-Y - Business and Licensing Services Account.
97-Z - Arts Capital Grants Fund.
97-AA - The New York State "Discover Queens Fund".
97-BB - Criminal Justice Improvement Account.
97-CC - Municipal Gun Buypack Program Fund.
97-DD - Eminent Domain Account.
97-EE - New York Great Lakes Protection Fund.
97-FF - Empire State Entertainment Diversity Job Training Development Fund.
97-GG - Division for Youth Facilities Improvement Fund.
97-HH - Tuition Reimbursement Fund.
97-JJ - Industrial and Utility Service Account.
97-JJ*2 - Not-for-Profit Short-Term Revolving Loan Fund.
97-KK - Local Services Account.
97-LL - Improvement of Real Property Tax Administration Account.
97-MM - State Park Infrastructure Fund.
97-MM*2 - State Police Motor Vehicle Law Enforcement Account.
97-NN - Pet Cemetery and Pet Crematorium Inspection and Licensing Fund.
97-NN*2 - World University Games Fund.
97-NN*3 - "I Love Ny Waterways" Fund.
97-OO - Biodiversity Stewardship and Research Fund.
97-PP - New York State Emergency Services Revolving Loan Account.
97-QQ - Statewide Public Safety Communications Account.
97-RR - Pet Dealer Licensing Fund.
97-UU - Legislative Computer Services Fund.
97-VV - Senate Recyclable Materials, Information Services and Conference Fund.
97-WW - Assembly Recyclable Materials, Information Services and Conference Fund.
97-XX - Animal Population Control Fund.
97-YY - Breast Cancer Research and Education Fund.
97-ZZ - Federal Revenue Maximization Contract Fund.
97-AAA - Clean Water/clean Air Bond Fund.
97-BBB - Clean Water/clean Air Fund.
97-DDD - Federal Single Audit Chargeback Account.
97-DDD*2 - Drinking Water Program Management and Administration Fund.
97-DDD*3 - Education Archives Account.
97-EEE - Clean Water/clean Air Implemenation Fund.
97-EEE*2 - Education Library Account.
97-FFF - Summer School of the Arts Account.
97-GGG - Teacher Certification Program Account.
97-HHH - High School Equivalency Account.
97-III - Indirect Cost Recovery Account.
97-JJJ - Rome School for the Deaf Account.
97-KKK - Batavia School for the Blind Account.
97-LLL - Vocational Rehabilitation Fund.
97-MMM - Archives Records Management Account.
97-NNN - Office of the Professions Account.
97-OOO - Department of Corrections and Community Supervision Asset Forfeiture Account.
97-PPP - Education Museum Account.
97-QQQ - Automation and Printing Chargeback Account.
97-RRR - School Tax Relief Fund.
97-RRR*2 - Debt Reduction Reserve Fund.
97-SSS - Charter Schools Stimulus Fund.
97-TTT - Federal Revenue Maximization Contract Fund.
97-UUU - Tax Revenue Arrearage Account.
97-UUU*2 - Transportation Infrastructure Bond Fund.
97-VVV - Universal Prekindergarten Reserve Fund.
97-WWW - Cuba Lake Management Fund.
97-WWW*2 - Quality Child Care and Protection Fund.
97-WWW*3 - Underground Facilities Safety Training Account.
97-WWW*4 - Consumer Protection Account.
97-XXX - Additional Mass Transportation Assistance Fund.
97-XXX*2 - Agriculture in the Classroom Fund.
97-YYY - Children and Family Services Quality Enhancement Fund.
97-YYY*2 - Domestic Violence Awareness Fund.
97-ZZZ - Cultural Education Account.
97-CCCC - Interest Assessment Surcharge Fund.
97-CCCC*2 - Vital Records Management Account.
97-CCCC*3 - Tobacco Revenue Guarantee Fund.
97-CCCC*4 - Erie Canal Museum Fund.
97-DDDD - Community Mental Health Support and Workforce Reinvestment Account.
97-EEEE - Rebuild and Renew New York Transportation Bond Fund.
97-EEEE*2 - Cultural Resource Survey Account.
97-EEEE*3 - Federal-State Health Reform Partnership Program Account.
97-GGGG - Medicaid Training Contract Account.
97-HHHH - The Student Lending Education Account.
97-IIII - Patient Safety Center Account.
97-JJJJ - Education Assessment Account.
97-LLLL - Interstate Reciprocity for Post-Secondary Distance Education Account.
97-LLLL*2 - Women's Cancers Education and Prevention Fund.
97-MMMM - Veterans Remembrance and Cemetery Maintenance and Operation Fund.
97-NNNN - Commercial Gaming Revenue Fund.
97-OOOO - Basic Health Program Trust Fund.
97-OOOO*2 - Smart Schools Bond Fund.
97-PPPP - Lupus Research and Education Fund.
97-PPPP*2 - Sickle Cell Disease Research and Education Fund.
97-QQQQ - Cystic Fibrosis Research and Education Fund.
97-RRRR - Lupus Education and Prevention Fund.
97-SSSS - Leukemia, Lymphoma and Myeloma Research, Education and Treatment Fund.
97-SSSS*2 - Elevator and Related Conveyances Safety Program Account.
97-TTTT - Clean Water, Clean Air, and Green Jobs Bond Fund.
97-XXXX - State Health Innovation Plan Account.
97-AAAAA - Opioid Stewardship Fund.
98 - Investment of State Funds.
98-A - Investment of General Funds, Bond Proceeds, and Other Funds Not Immediately Required.
98-B - Indigent Legal Services Fund.
98-C - Legal Services Assistance Fund.
98-D - 1332 State Innovation Program Fund.
99 - Withholding of State Assistance Upon Default in Payment of Bonds Held by the State.
99-D - City University Stabilization Account.
99-D*2 - Community Projects Fund.
99-E - State University Stabilization Account.
99-F - Spinal Cord Injury Research Trust Fund.
99-H - Tribal-State Compact Revenue Account.
99-H*2 - Teacher Education Accreditation Account.
99-I - Racing Regulation Account.
99-J - Child Performer's Protection Fund.
99-K - Child Performer's Holding Fund.
99-L - Assisted Living Residence Quality Oversight Fund.
99-L*2 - Love Your Library Fund.
99-N - Highway Construction and Maintenance Safety Education Fund.
99-O - Arts Institutions Revolving Loan Fund.
99-P - Empire State Stem Cell Trust Fund.
99-Q - Volunteer Firefighting and Volunteer Emergency Services Recruitment and Retention Fund.
99-S - Youth Facility per Diem Account.
99-T - New York State Medical Indemnity Fund Account.
99-U - New York State Gaming Commission Account.
99-U*2 - New York State Teen Health Education Fund.
99-V - Mortgage Settlement Proceeds Trust Fund.
99-V*2 - Homeless Veterans Assistance Fund.
99-W - Transit Assistance for Capital Investments Fund.
99-W*2 - Suny Dsrip Escrow Fund.
99-X - New York Achieving a Better Life Experience (Ny Able) Savings Program Trust Fund.
99-Y - Suny Stony Brook Affiliation Escrow Fund.
99-Y*2 - Health Republic Insurance of New York Fund.
99-Y*3 - Highway Use Tax Administration Account.
99-Z - Cure Childhood Cancer Research Fund.
99-AA - Retiree Health Benefit Trust Fund.
99-BB - Armory Rental Account.
99-BB*2 - Parking Services Fund.
99-BB*3 - New York State Secure Choice Administrative Fund.
99-BB*4 - Suny Stony Brook Eastern Long Island Hospital Affiliation Escrow Fund.
99-BB*5 - School-Based Health Centers Fund.
99-EE - Down's Syndrome Research Fund.
99-FF - Parks Retail Stores Fund.
99-FF*2 - New York Central Business District Trust Fund.
99-HH - Criminal Justice Discovery Compensation Fund.
99-HH*2 - Public Health Emergency Charitable Gifts Trust Fund.
99-HH*3 - Endangered and Threatened Species Mitigation Bank Fund.
99-HH*4 - Behavioral Health Parity Compliance Fund.
99-II - New York State Cannabis Revenue Fund.
99-JJ - New York State Drug Treatment and Public Education Fund.
99-KK - New York State Community Grants Reinvestment Fund.
99-LL - New York State Council on the Arts Cultural Programs Fund.
99-MM - Emergency Rental Assistance Municipal Corporation Allocation Fund.
99-NN - Opioid Settlement Fund.
99-OO - Pharmacy Benefit Manager Regulatory Fund.
99-PP - Background Check Fund.
99-PP*2 - Agricultural and Farmland Viability Protection Fund.
99-PP*3 - Animal Shelter Regulation Fund.