§ 77. Accelerated capacity and transportation improvements fund. 1.
There is hereby established in the joint custody of the state
comptroller and the commissioner of taxation and finance a special fund
to be known as the "accelerated capacity and transportation improvements
fund".

2. All moneys received by the state from the sale of bonds or notes
for the purposes enumerated in subdivision three of section fifty of the
chapter of the laws of nineteen hundred eighty-eight adding this section
shall be deposited by the comptroller in the accelerated capacity and
transportation improvements fund established pursuant to this section.

3. Moneys of the fund, following appropriation by the legislature and
allocation by the director of the budget, shall be available only for
reimbursement of expenditures made from appropriations from the capital
projects fund for the purposes of such fund, as set forth in the
Accelerated Capacity and Transportation Improvements of the Nineties
Bond Act.

4. No moneys received by the state from the sale of bonds and/or notes
sold pursuant to the Accelerated Capacity and Transportation
Improvements of the Nineties Bond Act shall be expended for any
improvements until funds therefor have been allocated pursuant to the
provisions of this chapter and copies of the appropriate certificates of
approval filed with the chairman of the senate finance committee, the
chairman of the assembly ways and means committee and the state
comptroller.