Section 92-A. Education accumulation revolving account

1. There is hereby
  established in the joint custody of the comptroller and the commissioner
  of taxation and finance a special account, to be known as the  education
  accumulation  revolving  account.  Such account shall be established and
  accounted for by the comptroller  in  the  miscellaneous  state  special
  revenue  fund  as  established  by  the  comptroller pursuant to section
  seventy-one of this article.
    2. Such account shall consist of all moneys  transferred  or  credited
  thereto  from  any  other  fund or source pursuant to law. Any moneys in
  such account may be invested by  the  comptroller  pursuant  to  section
  ninety-eight-a of this article and any income from such investment shall
  be credited to the state purposes account of the general fund.
    3.  Moneys  in  the  account  shall  be  used  only for the payment of
  education aid to school districts and boards of cooperative  educational
  services  during  the  calendar quarter beginning on April first of each
  year in accordance with section thirty-six hundred nine of the education
  law, as from time to time amended.
    4. In the budget bills accompanying the budget for each  state  fiscal
  year  beginning on or after April first, nineteen hundred eighty-six but
  prior to April first, two thousand seven, the governor  shall  recommend
  an  appropriation  to be made to the account established by this section
  during the ensuing fiscal year from any moneys in the  general  fund  to
  the  credit  of  the  local  assistance  account.  The  amount  of  such
  recommended  appropriation  shall  be  an  amount  that   the   governor
  determines  to  be  appropriate  based  on the economic condition of the
  state at such time, his prognosis as  to  the  condition  of  the  state
  economy  during  the ensuing fiscal year, his estimates of all the state
  expenditures that are necessary to be made for other purposes during the
  ensuing fiscal year, and his projections of all the revenues and  moneys
  that  are  likely to be available therefor. No moneys shall be paid into
  such fund until a certificate of approval by the director of the  budget
  has been filed with the chairmen of the senate finance committee and the
  assembly ways and means committee.
    5.  Notwithstaning the provisions of subdivision four of this section,
  the governor may, for any state fiscal year covered by subdivision  four
  of   this   section,   submit  budget  bills  that  do  not  contain  an
  appropriation  to  the  account  established  by  this  section  if   he
  determines   that   an   extraordinary  circumstance  exists  such  that
  recommending such an appropriation would not be in the best interests of
  the people of the state of New York.