Section 90-A. New York state passenger facility charge fund

1.  There is
  hereby established in the joint custody of the commissioner of  taxation
  and  finance and the comptroller an interest bearing fund to be known as
  the "New York state passenger facility charge fund."
    2. The fund shall consist of passenger facility charges  collected  on
  behalf  of the department of transportation as authorized by the federal
  aviation administration. The passenger facility  charges  in  such  fund
  shall be used solely for airport-related projects located at the airport
  where such charges were collected.
    3.  Moneys  in the New York state passenger facility charge fund shall
  be kept separate and shall not be commingled with any  other  moneys  in
  the custody of the state comptroller. Moneys in the fund may be invested
  by  the comptroller pursuant to the provisions of section ninety-eight-a
  of this article and any income received by  the  comptroller  from  such
  investments  shall be added to and become part of, and shall be used for
  the purposes of such fund. All deposits of such money shall, if required
  by the comptroller, be secured by obligations of the United States or of
  the state of market value equal at  all  times  to  the  amount  of  the
  deposit  and  all  banks and trust companies are authorized to give such
  securities for such deposits.
    4. Moneys in the fund, following  appropriation  by  the  legislature,
  shall be allocated upon a certificate of approval of availability by the
  director  of  the  budget  solely  for  the  purposes  set forth in this
  section.
    5. All moneys  in  the  fund  shall  be  made  available  pursuant  to
  appropriation  for use in financing airport-related projects approved by
  the  federal  aviation  administration  for  passenger  facility  charge
  funding.