§ 97-bbb. Clean water/clean air 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 Clean Water/Clean Air
Fund.

2. Such fund shall consist of revenues collected in the state from the
tax on the conveyance of real property pursuant to section fourteen
hundred two of the tax law and deposited to the fund pursuant to section
fourteen hundred twenty-one of the tax law.

3. Revenues in the clean water/clean air fund shall be kept separate
and shall not be commingled with any other moneys in the custody of the
comptroller. All deposits of such revenues shall, if required by the
comptroller, be secured by obligations of the United States or of the
state having a market value equal at all times to the amount of such
deposits and all banks and trust companies are authorized to give
security for such deposits. Any such revenues in such fund may, upon the
discretion of the comptroller, be invested in obligations of the United
States or of the state or in obligations the principal of and interest
on which are guaranteed by the United States or by the state.

4. On or before each April first, and at least quarterly thereafter,
the director of the budget shall certify to the comptroller, the
chairperson of the senate finance committee and the chairperson of the
assembly ways and means committee a monthly amount projected to be
necessary to meet the total annual debt service requirements for the
current fiscal year on any bonds issued as authorized by the Clean
Water/Clean Air Bond Act of 1996. Such amount shall be calculated by
estimating the total annual debt service for the current fiscal year
less any amounts already retained to meet such requirement divided by
the number of months remaining in such year. Such monthly amount shall
be retained within such fund for transfer to the general debt service
fund for reimbursement of debt service on such bonds.

5. The comptroller shall transfer, as needed, to the general debt
service fund such moneys as are necessary to reimburse such fund for any
debt service disbursements made on such bonds. In the event that moneys
retained in the clean water/clean air fund are less than the amount
needed for such reimbursement, the comptroller shall offset such
shortfall from subsequent deposits in the clean water/clean air fund as
soon as the revenue is available.

6. No later than the last day of the month, the comptroller shall
transfer to the general fund any moneys received in such fund during the
month that are in excess of the monthly amount certified by the director
of the budget. Notwithstanding any other provision of law, the
comptroller shall, on the last day of each fiscal year pay to the
general fund all moneys remaining in such fund that are not needed for
reimbursement of debt service for the current fiscal year.