Section 97-F. Mental health services fund

1. There is hereby established in
  the  joint  custody  of the comptroller and the commissioner of taxation
  and finance a debt service fund  to  be  known  as  the  "mental  health
  services fund".
    2.  The  mental  health  services  fund  shall  consist  of all moneys
  received from the mental  hygiene  facilities  improvement  fund  income
  account  pursuant to paragraph f of subdivision three of section nine of
  the facilities development corporation act and  any  other  moneys  made
  available for purposes of the fund.
    3.  Moneys  in  the mental health services fund shall be kept separate
  and shall not be commingled with any other moneys in the custody of  the
  comptroller. All deposits of such moneys shall 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.  Subject  to  the  terms  of  any  agreement between the facilities
  development corporation and the New York state medical  care  facilities
  finance  agency  any  moneys  in  the mental health services fund may be
  invested by the comptroller in obligations of the United States  or  the
  state  or obligations the principal and interest of which are guaranteed
  by the United States or the state.
    5. The comptroller shall from time to time, but in no event later than
  the fifteenth day of each month, pay over  for  deposit  in  the  mental
  hygiene  patient income account all moneys in the mental health services
  fund in excess of the amount of  money  required  to  be  maintained  on
  deposit  in  the  mental health services fund. The amount required to be
  maintained in such fund shall be (i) twenty percent of the amount of the
  next  payment  coming  due  relating  to  the  mental  health   services
  facilities   improvement   program   under  any  agreement  between  the
  facilities development corporation and the New York state  medical  care
  facilities  finance  agency  multiplied by the number of months from the
  date of the last such payment with respect to payments  under  any  such
  agreement  required  to  be  made semi-annually, plus (ii) those amounts
  specified in any such agreement with respect to payments required to  be
  made  other  than  semi-annually,  including  for  variable  rate bonds,
  interest  rate  exchange  or  similar  agreements  or  other   financing
  arrangements  permitted  by  law.  Prior to making any such payment, the
  comptroller shall make and deliver to the director of the budget and the
  chairmen of the facilities development  corporation  and  the  New  York
  state  medical care facilities finance agency, a certificate stating the
  aggregate amount to be  maintained  on  deposit  in  the  mental  health
  services fund to comply in full with the provisions of this subdivision.
    6. To secure the payment, subject to legislative appropriation, of any
  money  due  or  to  become  due  relating  to the mental health services
  facilities improvement program in any year under  any  lease,  sublease,
  loan  or  other  financing  agreement between the facilities development
  corporation and the New  York  state  medical  care  facilities  finance
  agency,  or, to pay to the New York state housing finance agency for the
  refunding of mental hygiene improvement bonds issued pursuant to section
  forty-seven-b of the private housing finance law, as the  case  may  be,
  the  comptroller and the commissioner of taxation and finance may pledge
  or assign to the New York state medical care facilities finance  agency,
  any  or  all  moneys  in  the  mental  health  services fund established
  pursuant to this section, and any and all moneys which may  be  received
  by  the  commissioner  of  taxation  and finance and the comptroller and
  credited to such mental health services fund  in  the  future,  and  any
  right,  title  and  interest of the commissioner of taxation and finance

  and the comptroller in and to the money in or to be  deposited  in  such
  mental health services fund.
    7. The moneys in the mental health services fund shall be appropriated
  and   paid   out  on  audit  and  warrant  of  the  comptroller  on  the
  certification of the chairman of the facilities development  corporation
  or  such  other  officer  or  employee  or officers or employees as such
  comptroller and such chairman shall authorize to make such requisitions.
  Payments shall be made to the New York  state  medical  care  facilities
  finance  agency  at  least  five  days  prior to the date such agency is
  required to make any debt service, interest  rate  exchange  or  similar
  agreement,  or  any other financing arrangement payments with respect to
  mental health services facilities  improvement  bonds,  notes  or  other
  obligations,  or  at  such times as the comptroller and the agency shall
  determine.
    8. In addition to the amounts required to be maintained on deposit  in
  the  mental  health  services  fund pursuant to subdivision five of this
  section, the fund shall maintain on deposit an amount equal to the  debt
  service and other cash requirements on mental health services facilities
  bonds   issued   by   the   dormitory   authority  pursuant  to  section
  sixty-eight-b of this chapter. The amount required to be  maintained  in
  such  fund shall be (i) twenty percent of the amount of the next payment
  coming due relating to mental health services facilities bonds issued by
  an authorized issuer multiplied by the number of months from the date of
  the last such payment with respect  to  payments  required  to  be  made
  semi-annually,  plus  (ii)  those  amounts  specified  in  any financing
  agreement between the issuer and the state, acting through the  director
  of  the  budget, with respect to payments required to be made other than
  semi-annually, including for variable rate bonds, interest rate exchange
  or similar agreements or other financing arrangements permitted by  law.
  Prior to making any such payment, the comptroller shall make and deliver
  to  the  director  of  the  budget  and  the  chairmen of the facilities
  development corporation and the New York state medical  care  facilities
  finance  agency,  a  certificate  stating  the  aggregate  amount  to be
  maintained on deposit in the mental health services fund  to  comply  in
  full with the provisions of this subdivision.
    No  later  than five days prior to the payment to be made by the state
  comptroller on such mental health services facilities bonds pursuant  to
  section  ninety-two-z  of this article, the amount of such payment shall
  be transferred by the state comptroller from the mental health  services
  fund to the revenue bond tax fund established by section ninety-two-z of
  this  article.  The  accumulation of moneys pursuant to this subdivision
  and  subsequent  transfer  to  the  revenue  bond  tax  fund  shall   be
  subordinate in all respects to payments to be made to the New York state
  medical  care  facilities finance agency and to any pledge or assignment
  pursuant to subdivision six of this section.