Section 92-M. Lake Champlain bridges fund

1. There is hereby established in
  the  custody  of  the state comptroller and the commissioner of taxation
  and finance a special fund to be known as the  "Lake  Champlain  bridges
  fund"  which  shall  be  classified  by  the  comptroller in the capital
  projects fund type.
    2. Such fund shall consist of all moneys of the Lake Champlain  bridge
  commission determined to belong to the state of New York under a chapter
  of  the laws of nineteen hundred eighty-six entitled "An Act in relation
  to providing for the transfer  to  the  New  York  state  department  of
  transportation  and  the Vermont agency of transportation of the duties,
  functions and responsibilities of the Lake Champlain  bridge  commission
  and  to amend the state finance law, in relation to the establishment of
  a Lake Champlain bridges fund,  and  to  repeal  chapter  three  hundred
  twenty-one  of the laws of nineteen hundred twenty-seven relating to the
  creation of the Lake Champlain bridge commission", and  pursuant  to  an
  agreement  between the states of New York and Vermont, including but not
  limited  to  bank  deposits,  notes  and  certificates  and   shall   be
  transferred  to  the comptroller by the Lake Champlain bridge commission
  for deposit into the Lake Champlain bridges fund as established by  this
  section.
    3.  Moneys  of  the fund following appropriation by the legislature to
  the department of transportation and allocation by the director  of  the
  budget,  shall  be  available  to pay from such fund (a) the outstanding
  obligations of the commission that have been incurred  or  that  may  be
  incurred on or before the effective date of this section, and which have
  been  assigned  to  and  accepted  by  the  New York state department of
  transportation in an agreement to  be  entered  into  with  the  Vermont
  agency  of  transportation pursuant to section three of a chapter of the
  laws of nineteen hundred eighty-six entitled  "An  Act  in  relation  to
  providing  for  the  transfer  to  the  New  York  state  department  of
  transportation and the Vermont agency of transportation of  the  duties,
  functions  and  responsibilities of the Lake Champlain bridge commission
  and to amend the state finance law, in relation to the establishment  of
  a  Lake  Champlain  bridges  fund,  and  to repeal chapter three hundred
  twenty-one of the laws of nineteen hundred twenty-seven relating to  the
  creation  of the Lake Champlain bridge commission", (b) expenses related
  to the dissolution of the Lake Champlain bridge commission, and (c)  the
  cost of improvements to the Lake Champlain bridge.
    4.  Notwithstanding  the  provisions of any general or special law, no
  moneys shall be available from the Lake Champlain bridges fund  until  a
  certificate  of  approval  of availability shall have been issued by the
  director of the budget, upon the recommendation of the  commissioner  of
  transportation,  and  a  copy  of  such certificate filed with the state
  comptroller, the chairman  of  the  senate  finance  committee  and  the
  chairman  of the assembly ways and means committee. Such certificate may
  be amended from time to time by the director of  the  budget,  upon  the
  recommendation of the commissioner of transportation, and a copy of each
  such  amendment  shall be filed with the state comptroller, the chairman
  of the senate finance committee and the chairman of  the  assembly  ways
  and means committee.
    5.   Any  moneys  in  such  fund,  at  the  discretion  of  the  state
  comptroller, may be invested in securities and  obligations  defined  by
  sections  ninety-eight and ninety-eight-a of this article. Any income or
  interest from such investment shall be credited to such fund.
    6. The moneys, following allocation, shall be paid out of the fund  on
  the  audit  and  warrant  of  the  comptroller  on vouchers certified or
  approved by the commissioner of transportation,  or  by  an  officer  or

  employee   of   the  department  of  transportation  designated  by  the
  commissioner.