Section 97-BBB. Clean water/clean air fund

1. There is hereby established
  in the joint custody of the comptroller and the commissioner of taxation
  and finance a special fund to be known  as  the  Clean  Water/Clean  Air
  Fund.
    2. Such fund shall consist of revenues collected in the state from the
  tax  on  the  conveyance  of  real property pursuant to section fourteen
  hundred two of the tax law and deposited to the fund pursuant to section
  fourteen hundred twenty-one of the tax law.
    3. Revenues in the clean water/clean air fund shall be  kept  separate
  and  shall not be commingled with any other moneys in the custody of the
  comptroller. All deposits of such revenues shall,  if  required  by  the
  comptroller,  be  secured  by obligations of the United States or of the
  state having a market value equal at all times to  the  amount  of  such
  deposits  and  all  banks  and  trust  companies  are authorized to give
  security for such deposits. Any such revenues in such fund may, upon the
  discretion of the comptroller, be invested in obligations of the  United
  States  or  of the state or in obligations the principal of and interest
  on which are guaranteed by the United States or by the state.
    4. On or before each April first, and at least  quarterly  thereafter,
  the  director  of  the  budget  shall  certify  to  the comptroller, the
  chairperson of the senate finance committee and the chairperson  of  the
  assembly  ways  and  means  committee  a  monthly amount projected to be
  necessary to meet the total annual debt  service  requirements  for  the
  current  fiscal  year  on  any  bonds  issued as authorized by the Clean
  Water/Clean Air Bond Act of 1996. Such amount  shall  be  calculated  by
  estimating  the  total  annual  debt service for the current fiscal year
  less any amounts already retained to meet such  requirement  divided  by
  the  number  of months remaining in such year. Such monthly amount shall
  be retained within such fund for transfer to the  general  debt  service
  fund for reimbursement of debt service on such bonds.
    5.  The  comptroller  shall  transfer,  as needed, to the general debt
  service fund such moneys as are necessary to reimburse such fund for any
  debt service disbursements made on such bonds. In the event that  moneys
  retained  in  the  clean  water/clean  air fund are less than the amount
  needed  for  such  reimbursement,  the  comptroller  shall  offset  such
  shortfall  from subsequent deposits in the clean water/clean air fund as
  soon as the revenue is available.
    6. No later than the last day of  the  month,  the  comptroller  shall
  transfer to the general fund any moneys received in such fund during the
  month that are in excess of the monthly amount certified by the director
  of   the  budget.  Notwithstanding  any  other  provision  of  law,  the
  comptroller shall, on the last day  of  each  fiscal  year  pay  to  the
  general  fund  all moneys remaining in such fund that are not needed for
  reimbursement of debt service for the current fiscal year.