§ 90-a. New York state passenger facility charge fund. 1. There is
hereby established in the joint custody of the commissioner of taxation
and finance and the comptroller an interest bearing fund to be known as
the "New York state passenger facility charge fund."

2. The fund shall consist of passenger facility charges collected on
behalf of the department of transportation as authorized by the federal
aviation administration. The passenger facility charges in such fund
shall be used solely for airport-related projects located at the airport
where such charges were collected.

3. Moneys in the New York state passenger facility charge fund shall
be kept separate and shall not be commingled with any other moneys in
the custody of the state comptroller. Moneys in the fund may be invested
by the comptroller pursuant to the provisions of section ninety-eight-a
of this article and any income received by the comptroller from such
investments shall be added to and become part of, and shall be used for
the purposes of such fund. All deposits of such money shall, if required
by the comptroller, be secured by obligations of the United States or of
the state of market value equal at all times to the amount of the
deposit and all banks and trust companies are authorized to give such
securities for such deposits.

4. Moneys in the fund, following appropriation by the legislature,
shall be allocated upon a certificate of approval of availability by the
director of the budget solely for the purposes set forth in this
section.

5. All moneys in the fund shall be made available pursuant to
appropriation for use in financing airport-related projects approved by
the federal aviation administration for passenger facility charge
funding.