§ 40-a. Repayment of advances. 1. Notwithstanding any inconsistent
provision of this chapter or of any other general, special or local law,
every appropriation of state funds hereafter made as an advance to or on
behalf of any agency, authority, fund or corporation continued or
created by the public authorities law or by any other act or law shall
be identified as an advance, and shall provide that in any event, and
notwithstanding a repayment schedule, the unpaid balance of any moneys
appropriated as an advance shall be repaid to the state out of the
proceeds of the first bonds issued by such agency, authority, fund or
corporation subsequent to the effective date of such appropriation.

2. No part of any appropriation made as an advance pursuant to this
section shall be available for expenditure until a written repayment
agreement is entered into by the agency, authority, fund or corporation
to which the appropriation is made and the director of the budget. Each
and every such repayment agreement shall include a repayment schedule
which states the date or dates on which the amount of each part or all
of the appropriation made as an advance shall be repaid to the state and
meets such other terms and conditions as determined by the director of
the budget. A copy of each such executed repayment agreement shall be
filed with the chairman of the senate finance committee, the chairman of
the assembly ways and means committee, and the comptroller.

3. The state comptroller shall at the commencement of each month
certify to the director of the budget, the chairman of the senate
finance committee and the chairman of the assembly ways and means
committee, and the chief executive officer of the agency, authority,
fund or corporation to which the appropriation is made the amounts
expended from such appropriation for the month preceding such
certification.

4. Repayment of amounts expended from appropriations as advances by
the state shall be received by the state comptroller and deposited in
the treasury. Such repayment shall, in total, be sufficient to fully
reimburse the state for the advances.