Section 74. Transportation infrastructure renewal fund  


Latest version.
  • 1. 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
      "transportation infrastructure renewal fund".
        2.  The  comptroller  shall  establish  three  separate  and  distinct
      accounts  within the transportation infrastructure renewal fund: (a) the
      highway, parkway  and  bridge  account;  (b)  the  ports  and  waterways
      account; and (c) the transit, rail and aviation account.
        3.  All  moneys  received by the state from the sale of bonds or notes
      for the purposes enumerated in  paragraph  a  of  subdivision  three  of
      section  one  of  a chapter of the laws of nineteen hundred eighty-three
      enacting and constituting the Rebuild New  York  Through  Transportation
      Infrastructure  Renewal  Bond  Act  of  1983  shall  be deposited by the
      comptroller in the highway, parkway and bridge  account  established  by
      the  comptroller  pursuant  to the provisions of subdivision two of this
      section.
        4. All moneys received by the state from the sale of  bonds  or  notes
      for  the  purposes  enumerated  in  paragraph  b of subdivision three of
      section one of a chapter of the laws of  nineteen  hundred  eighty-three
      enacting  and  constituting  the Rebuild New York Through Transportation
      Infrastructure Renewal Bond Act  of  1983  shall  be  deposited  by  the
      comptroller  in  the  ports  and  waterways  account  established by the
      comptroller pursuant to  the  provisions  of  subdivision  two  of  this
      section.
        5.  All  moneys  received by the state from the sale of bonds or notes
      for the purposes enumerated in  paragraph  c  of  subdivision  three  of
      section  one  of  a chapter of the laws of nineteen hundred eighty-three
      enacting and constituting the Rebuild New  York  Through  Transportation
      Infrastructure  Renewal  Bond  Act  of  1983  shall  be deposited by the
      comptroller in the transit, rail and aviation account established by the
      comptroller pursuant to  the  provisions  of  subdivision  two  of  this
      section.
        6.  Moneys in any account of this fund, following appropriation by the
      legislature and allocation by the  director  of  the  budget,  shall  be
      available   only   for   reimbursement   of   expenditures   made   from
      appropriations from the capital projects fund for the purposes  of  such
      fund,  as  set  forth  in  the  Rebuild  New York Through Transportation
      Infrastructure Renewal Bond Act of 1983.