Section 27-C. Appropriations to the aggregate trust fund

1.
  Notwithstanding any other provision of law, the  aggregate  trust  fund,
  hereinafter  referred  to  as  the  fund,  and  all  state officers with
  responsibility for the custody or investment of  such  fund  or  of  its
  assets,  shall  annually,  no  later  than  November first in each year,
  submit to the director of the budget a request for an  appropriation  of
  one  hundred  sixty  million  dollars.  The  governor shall include such
  amount in a budget bill for  the  next  state  fiscal  year.  The  state
  comptroller  shall encumber the amount so appropriated before the end of
  the fiscal year for which any such appropriation is  made.  If  for  any
  fiscal  year  commencing  on  or  after  April  first,  nineteen hundred
  eighty-three, the governor fails to submit a budget bill  containing  an
  appropriation  in  the  amount  requested by the fund or the legislature
  fails to appropriate the amount  in  a  budget  bill  submitted  by  the
  governor   for  such  fiscal  year,  the  amount  appropriated  for  and
  encumbered during the preceding fiscal year shall be  payable  forthwith
  to  the  fund  on  the  first  day  of  July  of such year in the manner
  prescribed by law, provided, however, that such amount shall not  exceed
  the  amount  of  moneys  transferred  to  the  general  fund by the fund
  pursuant to the provisions of chapter fifty-five of the laws of nineteen
  hundred eighty-two and chapter seven of the  laws  of  nineteen  hundred
  eighty-nine.
    2.  Notwithstanding any other provision of law, the fund and all state
  officers with responsibility for the custody or investment of such  fund
  or  of  its  assets shall annually, no later than November first in each
  year, submit to the director of the budget the fund's additional request
  for an appropriation of sixty million dollars  and  the  governor  shall
  include  such  additional  amount  in  a  budget bill for the next state
  fiscal  year.  The  state  comptroller  shall  encumber  the  amount  so
  appropriated  before  the  end  of  the  fiscal  year for which any such
  appropriation is made. If for any fiscal year  commencing  on  or  after
  April  first,  nineteen  hundred  ninety  the governor fails to submit a
  budget bill containing an appropriation in the amount requested  by  the
  fund or the legislature fails to appropriate the amount in a budget bill
  submitted  by the governor for such fiscal year, the amount appropriated
  for and encumbered during the preceding fiscal  year  shall  be  payable
  forthwith  to  the  fund  on  the  first day of July of such year in the
  manner prescribed by law, provided, however, that such amount shall  not
  exceed  the amount of moneys transferred to the general fund by the fund
  pursuant to the provisions of a chapter of the laws of nineteen  hundred
  eighty-nine.
    3.  It  is  hereby  found  and declared that any appropriation made as
  provided for in subdivision one or two of this section shall  be  deemed
  an  admitted asset of the aggregate trust fund, and that any transfer of
  moneys by the fund to the general fund in accordance with the provisions
  of chapter fifty-five  of  the  laws  of  nineteen  hundred  eighty-two,
  chapter  seven  of the laws of nineteen hundred eighty-nine or a chapter
  of the laws of nineteen hundred  eighty-nine  is  deemed  a  proper  and
  prudent  legal undertaking for any state officer with the responsibility
  for  the  custody  or  the  investment  of  the  assets  of  the   fund,
  notwithstanding any other provision of law to the contrary.