Section 99-E. State university stabilization account

1. There is hereby
  established in the joint  custody  of  the  state  comptroller  and  the
  commissioner  of  taxation  and  finance an account in the miscellaneous
  special revenue fund to be known as the state  university  stabilization
  account.
    2.  Such  account  shall  consist  (a)  of  any and all unexpended and
  unencumbered moneys received by the state university of  New  York  from
  tuition,  fees,  user  charges,  or other sources and deposited into the
  income offset account, and (b) any  other  undisbursed  balance  of  the
  general  fund  appropriation  as of the last day of the state university
  fiscal year as reduced pursuant to subparagraph six of  paragraph  c  of
  subdivision  four  of  section three hundred fifty-five of the education
  law to reflect any aggregate amount established by the director  of  the
  budget   less  than  the  amount  appropriated.  Such  moneys  shall  be
  transferred by the state comptroller into the stabilization  account  on
  or  before  September  fifteenth  within  thirty  days  of such date. In
  addition, all or a portion  of  the  account  balances  in  other  state
  university  income  accounts,  except  the dormitory income reimbursable
  account, shall be transferred by the state comptroller, at  the  request
  of the state university, to the stabilization account.
    3.  Moneys  of  the  account  shall  only  be  available  to the state
  university of New York and following appropriation by  the  legislature,
  shall  be  credited  to  the  state  operated institutions, statutory or
  contract colleges, hospitals and/or system administration  stabilization
  subaccounts  from  which  the  savings  were  achieved.  Notwithstanding
  section forty of this chapter, section three hundred fifty-five  of  the
  education  law or any other law to the contrary, all appropriations made
  from this account to the state university of New York  shall  remain  in
  full  force  and  effect  for two years from July first of the effective
  year of the chapter in which the appropriations were made. Moneys  shall
  be  paid  out  of  the  account  on  the  audit and warrant of the state
  comptroller on vouchers certified or approved by the chancellor  of  the
  state university of New York or his or her designee.