§ 93-b. Dedicated infrastructure investment fund. 1. Dedicated
infrastructure investment fund. (a) 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 "dedicated infrastructure
investment fund".

(b) Account. The dedicated infrastructure investment fund shall
consist of one account, the "infrastructure investment account". Moneys
in this account shall be kept separate and not commingled with any other
moneys in the custody of the comptroller.

(c) Sources of funds. The sources of funds shall consist of all moneys
collected therefor, or moneys credited, appropriated or transferred
thereto from any other fund or source pursuant to law or any other
moneys made available for the purposes of the fund. Any interest
received by the comptroller on moneys on deposit shall be retained and
become part of the fund, unless otherwise directed by law.

2. Uses of funds. Following appropriation by the legislature, moneys
in the infrastructure investment account shall be available to finance
projects, works, activities or purposes necessary to support statewide
investments as appropriated by the legislature. Nothing contained in
this section shall be construed to limit in any way the projects, works,
activities or purposes that can be financed from this account, including
but not limited to loans of money to public corporations or authorities
under terms approved by the director of the budget.

3. Transfers. Notwithstanding any other provisions of law to the
contrary, commencing on April first, two thousand twenty-one, and
continuing through March thirty-first, two thousand twenty-five, the
comptroller is hereby authorized to transfer monies from the dedicated
infrastructure investment fund to the general fund, and from the general
fund to the dedicated infrastructure investment fund, in an amount
determined by the director of the budget to the extent moneys are
available in the fund; provided, however, that the comptroller is only
authorized to transfer monies from the dedicated infrastructure
investment fund to the general fund in the event of an economic downturn
as described in paragraph (a) of this subdivision; and/or to fulfill
disallowances and/or settlements related to over-payments of federal
medicare and medicaid revenues in excess of one hundred million dollars
from anticipated levels, as determined by the director of the budget and
described in paragraph (b) of this subdivision.

(a) Economic downturn. Notwithstanding any law to the contrary, for
the purpose of this section, the commissioner of labor shall calculate
and publish, on or before the fifteenth day of each month, a composite
index of business cycle indicators. Such index shall be calculated using
monthly data on New York state private sector employment, average weekly
hours of manufacturing workers, and the unemployment rate prepared by
the department of labor or its successor agency, and total sales tax
collections adjusted for inflation, prepared by the department of
taxation and finance or its successor agency. Such index shall be
adjusted for seasonal variations in accordance with the procedures
issued by the United States Census Bureau or its successor agency. If
the composite index declines for five consecutive months, the
commissioner of labor shall notify the governor, the speaker of the
assembly, the temporary president of the senate, and the minority
leaders of the assembly and the senate. Upon such notification, the
director of the budget may authorize and direct the comptroller to
transfer from the dedicated infrastructure investment fund to the
general fund such amounts as the director of the budget deems necessary
to meet the requirements of the state financial plan. The authority to
transfer funds under the provisions of this paragraph shall lapse when
the composite index shall have increased for five consecutive months or
twelve months from the original notification of the commissioner of
labor, whichever occurs earlier. Provided, however, that for every
additional and consecutive monthly decline succeeding the five month
decline so noted by the commissioner of labor, the twelve month lapse
date shall be extended by one additional month.

(b) Federal medicare and medicaid revenues. Notwithstanding any law to
the contrary, the director of the budget may authorize and direct the
comptroller to transfer from the dedicated infrastructure investment
fund to the general fund an amount not to exceed the disallowances
and/or settlements related to the over-payments of federal medicare and
medicaid revenues. In the event this authorization is utilized, the
director of the budget may authorize and direct the comptroller to
transfer such amount and the concomitant reduction in state share
medicare and medicaid revenues from the general fund to the
miscellaneous special revenue fund, mental hygiene program fund (21907),
the miscellaneous special revenue fund, patient income account (21909),
and the Medicaid Management Information System (MMIS) Statewide Escrow
Fund (60901).

(c) Prior to authorizing any transfer from the dedicated
infrastructure investment fund accounts pursuant to the provisions of
this section, the director of the budget shall notify the speaker of the
assembly, the temporary president of the senate, and the minority
leaders of the assembly and the senate. Such letter shall specify the
reasons for the transfer and the amount thereof.