§ 427. Disposition of registration fees. 1. The commissioner of motor
vehicles shall deposit all fees collected under this chapter, except as
otherwise provided in subdivision twenty-one of section four hundred one
of this chapter, in a responsible bank, banking house or trust company
in the city of Albany, which shall pay the highest rate of interest to
the state for such deposit, to the credit of the comptroller on account
of the motor vehicle law. Every such bank, banking house or trust
company shall execute and file in the office of the department of audit
and control an undertaking to the state, in the sum, and with such
sureties, as are required and approved by the comptroller for the safe
keeping and prompt payment on legal demand therefor of all such moneys
held by or on deposit in such bank, banking house, or trust company,
with interest thereon on daily balances at such rate as the comptroller
may fix. Every such undertaking shall have endorsed thereon or annexed
thereto the approval of the attorney-general as to its form. The
comptroller shall on the first day of each month make a verified return
to the department of taxation and finance, of all fees received by him
under this chapter during the preceding calendar months, stating from
what county received and by whom and when paid.

2. The comptroller, after reserving sufficient to provide at all times
a fund in his hands of five thousand dollars out of which he shall pay
any refund under this chapter, approved by him and by the commissioner,
shall on or before the tenth day of each month pay to the department of
taxation and finance the balance to his credit in such bank, banking
house or trust company, on account of fees collected under this chapter
at the close of business on the last day of the preceding month and such
department shall pay such balance into the general fund of the state
treasury.

3. An amount equal to ninety per centum of the fees specified in
subdivision two of this section shall be appropriated and used for the
construction, reconstruction, maintenance and repair of highways and
bridges, under the direction of the department of transportation; and
for inspection, regulation, and research in the control of motor vehicle
exhaust emissions under the direction of the department of environmental
conservation. The amount available for control of motor vehicle exhaust
emissions from said ninety per centum of the fees collected shall be
computed at the rate of five cents per registration issued and shall be
available for payment to the state purposes fund for repayment of
advances made in the first instance from that fund for control of motor
vehicle emissions.