§ 88. New York state infrastructure trust fund. 1. There is hereby
established in the joint custody of the comptroller and the commissioner
of taxation and finance a special fund to be known as the "New York
state infrastructure trust fund." It is the intent of the legislature
that the housing assistance fund established by section ninety-two-q of
this chapter shall be fully funded to provide decent affordable
housing. Thus, the moneys available in this fund shall be used only for
the purposes enumerated in that section and in this section.

2. Definitions. For purposes of this section the term "remaining
housing commitments" shall mean any undisbursed balance of the three
hundred twenty-six million dollar appropriation made from the housing
assistance fund, as established by section ninety-two-q of the state
finance law, pursuant to section forty-seven of the chapter of the laws
of nineteen hundred eighty-eight adding this section.

3. Accounts. The New York state infrastructure trust fund shall
consist of three separate and distinct accounts: (a) the "housing
reserve account"; (b) the "supplemental housing account"; and (c) the
"general fund support account." Moneys in each of the accounts shall be
kept separate from and not commingled with any other moneys in the New
York state infrastructure trust fund.

4. Sources of funds. (a) The "housing reserve account" shall consist
of (i) all moneys received from the state of New York mortgage agency
pursuant to the provisions of section seven of the chapter of the laws
of nineteen hundred eighty-eight adding this section and subdivision
twenty-six of section two thousand four hundred four of the public
authorities law, up to a total of eighty million dollars from such
agency, and (ii) any other moneys collected therefor or credited or
transferred thereto from any other fund, account or source pursuant to
law. Any interest received by the comptroller on moneys on deposit in
the housing account shall be retained in and become a part of the
account.

(b) The "supplemental housing account" shall consist of all moneys
credited or transferred thereto from any other fund, account or source
pursuant to law.

(c) The "general fund support account" shall consist of all moneys
transferred to such account pursuant to appropriations from the state
purposes account of the general fund and any moneys resulting from
internal transactions within the New York state infrastructure trust
fund. Any moneys transferred to the general fund support account by the
comptroller shall be transferred from such account to either the housing
reserve account or the supplemental housing account, as hereinafter
provided.

5. Temporary transfers. Notwithstanding any other provision of law to
the contrary, for the state fiscal year commencing on April first,
nineteen hundred eighty-eight, the comptroller is hereby authorized to
temporarily transfer any moneys in the New York state infrastructure
trust fund to the general fund in an amount determined by the director
of the budget, to the extent moneys are available in the fund, up to the
difference between receipts credited to the general fund and
disbursements made from the general fund during such fiscal year. On or
before April fifth, nineteen hundred eighty-nine, the comptroller shall
certify the amount of the temporary transfer made pursuant to this
subdivision to the director of the budget and the chairs of the senate
finance committee and the assembly ways and means committee. Such
temporary transfer shall be repaid pursuant to appropriation by the
comptroller as hereinafter provided from any moneys received in the
general fund and the comptroller shall establish such accounts and
records as he shall determine to be necessary to provide an accurate
accounting and reporting of the unrepaid temporary transfer. At such
time as the reconciliations required by subdivisions eight and nine of
this section are completed, the comptroller shall consider all such
temporary transfers as having been repaid.

6. Housing programs. (a) The comptroller is hereby authorized to
transfer moneys in the supplemental housing account, the general fund
support account and the housing reserve account to the housing
assistance fund established by section ninety-two-q of this chapter as
hereinafter provided at such times and in such amounts as are necessary
for the purpose of making payments from the housing assistance fund
pursuant to appropriations by law.

(b) At such time or times as the comptroller determines that a
transfer pursuant to paragraph (a) of this subdivision is necessary he
shall first make such transfer from any moneys available in the
supplemental housing account up to the amount immediately necessary. In
determining the moneys available in the supplemental housing account for
purposes of making transfers to the housing assistance fund, the
comptroller shall first determine the outstanding balance of amounts
loaned to the general fund from the supplemental housing account
pursuant to the provisions of subdivision nine of this section. Upon
making such a determination, the comptroller shall repay all or any
portion of such loan from receipts in the general fund up to the amount
necessary to make such transfer to the housing assistance fund;
provided, however, that the total amount of such repayments shall not
exceed the amount loaned to the general fund from the supplemental
housing account during such fiscal year. The comptroller shall certify
to the director of the budget and the chairs of the senate finance
committee and the assembly ways and means committee, within fifteen days
after the close of each calendar month the amount of any such loan
repaid during the preceding calendar month and the amount of such loan
that remains outstanding at the end of the preceding calendar month.

(c) In the event that the moneys available in the supplemental housing
account (after repayment of any such loans to the general fund) are
insufficient for the purpose of making payments from the housing
assistance fund, the comptroller shall notify the director of the budget
of such insufficiency. Upon such notification and upon receipt from the
director of the budget of a certificate of approval of availability, the
comptroller shall transfer from the general fund, pursuant to
appropriation, such amounts to the general fund support account of the
New York state infrastructure trust fund and such amounts shall be
immediately made available by the comptroller for the purposes of the
supplemental housing account.

(d) In the event that the moneys available in the supplemental housing
account and the general fund support account of the New York state
infrastructure trust fund are insufficient for the purpose of making
payments from the housing assistance fund, the comptroller shall
transfer any remaining amounts as are necessary from any moneys
available in the housing reserve account of the New York state
infrastructure trust fund. In determining the moneys available in the
housing reserve account for purposes of making transfers to the housing
assistance fund, the comptroller shall first determine the outstanding
balance of amounts loaned to the general fund from the housing reserve
account pursuant to the provisions of subdivision ten of this section.
Upon making such a determination, the comptroller shall repay all or any
portion of such loan from receipts in the general fund up to the amount
necessary to make such transfer to the housing assistance fund;
provided, however, that the total amount of such repayments shall not
exceed the amount loaned to the general fund from the housing reserve
account during such fiscal year. Upon making a transfer from such
account, the comptroller shall certify to the director of the budget and
the chairs of the senate finance committee and the assembly ways and
means committee within fifteen days after the close of the calendar
month in which such transfer was made the amount of such transfer and
the balance remaining in such housing reserve account.

7. Restoration and reversion of balances. (a) Restoration of balances.
If at the end of any state fiscal year ending on or before March
thirty-first, two thousand one the amount on deposit in the New York
state infrastructure trust fund falls below the lesser of (i) three
hundred million dollars, or (ii) the remaining housing commitments, then
by April thirtieth of the subsequent fiscal year the comptroller shall
transfer pursuant to appropriation from the general fund to the New York
state infrastructure trust fund the amounts necessary to restore the
balance of such fund, according to the following procedure:

(1) the housing reserve account balance shall be restored to the
cumulative amount deposited to such account pursuant to paragraph (a) of
subdivision four of this section from the nineteen hundred
eighty-eight--eighty-nine state fiscal year through the fiscal year
preceding the year of restoration; and (2) the supplemental housing
account balance shall be restored to an amount such that the combined
balance of the housing reserve account (after restoration) and the
supplemental housing account equals the lesser of (i) the remaining
housing commitments as of the preceding March thirty-first, or (ii)
three hundred million dollars.

(b) Reversion of balances. If at the end of any state fiscal year the
amount on deposit in the New York state infrastructure trust fund
exceeds three hundred million dollars, then such excess shall be
transferred to the general fund support account, first from the
supplemental housing account. Any amounts so transferred to the general
fund support account shall be transferred by the comptroller to the
state purposes account of the general fund.

8. Reconciliation. As soon as practicable after April first, two
thousand one the comptroller shall determine the remaining housing
commitments from the housing assistance fund as of March thirty-first,
two thousand one and certify the amount of such commitments to the
director of the budget and the chairs of the senate finance committee
and the assembly ways and means committee. Upon the making of such
certification, the comptroller shall forthwith transfer from the general
fund to the general fund support account pursuant to appropriation an
amount which when combined with any moneys available in the housing
reserve account and the supplemental housing account of the New York
state infrastructure trust fund will be sufficient to meet disbursements
from the housing assistance fund for the remaining housing commitments.

9. Transportation reconciliation. As soon as practicable after April
first, nineteen hundred ninety-two, the comptroller shall determine the
total amount of bonds and notes issued pursuant to the authorization
contained in section fifty of a chapter of the laws of nineteen hundred
eighty-eight constituting the Accelerated Capacity and Transportation
Improvements of the Nineties Bond Act as of March thirty-first, nineteen
hundred ninety-two. If the comptroller determines that the amount of
such bonds and notes sold pursuant to such authorization is less than
three hundred twenty million dollars, he shall forthwith transfer from
the general fund, pursuant to appropriation, to the general fund support
account an amount equal to the difference between the amount of bonds
and notes issued pursuant to such authorization and three hundred twenty
million dollars. Notwithstanding the provisions of paragraph (c) of
subdivision four of this section, such amounts transferred by the
comptroller shall remain in the general fund support account until such
time as the comptroller shall determine that at least three hundred
twenty million dollars in bonds and notes have been issued pursuant to
such authorization at which time the comptroller shall transfer such
amounts from the general fund support account to the state purposes
account of the general fund.

10. Temporary loans. Moneys in the New York state infrastructure trust
fund may be temporarily loaned, without interest, to the general fund
during any fiscal year. During any state fiscal year in which the moneys
in the fund have been loaned to the general fund the comptroller shall
repay all or a portion of such loan from receipts in the general fund at
such time or times as he shall determine in an amount immediately
necessary to meet payments made from such fund, provided that the total
amount of such repayments shall not exceed the amount loaned to the
general fund during such fiscal year. Any balance of the amount so
temporarily loaned shall be repaid in cash by March thirty-first of the
fiscal year in which the loan was made from moneys received in the
general fund.