Section 77. Accelerated capacity and transportation improvements fund

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 "accelerated capacity and transportation improvements
  fund".
    2. All moneys received by the state from the sale of  bonds  or  notes
  for the purposes enumerated in subdivision three of section fifty of the
  chapter of the laws of nineteen hundred eighty-eight adding this section
  shall  be  deposited  by the comptroller in the accelerated capacity and
  transportation improvements fund established pursuant to this section.
    3. Moneys of the 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
  Accelerated Capacity and Transportation  Improvements  of  the  Nineties
  Bond Act.
    4. No moneys received by the state from the sale of bonds and/or notes
  sold   pursuant   to   the   Accelerated   Capacity  and  Transportation
  Improvements of  the  Nineties  Bond  Act  shall  be  expended  for  any
  improvements  until  funds  therefor have been allocated pursuant to the
  provisions of this chapter and copies of the appropriate certificates of
  approval filed with the chairman of the senate  finance  committee,  the
  chairman  of  the  assembly  ways  and  means  committee  and  the state
  comptroller.