S T A T E O F N E W Y O R K
________________________________________________________________________
5234
2015-2016 Regular Sessions
I N A S S E M B L Y
February 13, 2015
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Introduced by M. of A. RODRIGUEZ -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the state finance law, in relation to disbursing certain
state settlement moneys into the New York state infrastructure trust
fund
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. Subdivisions 3 and 4 of section 88 of the state finance
law, as added by section 6 of chapter 261 of the laws of 1988, are
amended and a new subdivision 11 is added to read as follows:
3. Accounts. The New York state infrastructure trust fund shall
consist of [three] FOUR separate and distinct accounts: (a) the "housing
reserve account"; (b) the "supplemental housing account"; [and] (c) the
"general fund support account[.]"; AND (D) THE "TRANSIT REHABILITATION
ACCOUNT." Moneys in each of the accounts shall be kept separate from and
not commingled with any other moneys in the New York state infrastruc-
ture trust fund.
4. Sources of funds. (a) The "housing reserve account" shall consist
of (i) all moneys received from the state of New York mortgage agency
pursuant to the provisions of section seven of the chapter of the laws
of nineteen hundred eighty-eight adding this section and subdivision
twenty-six of section two thousand four hundred four of the public
authorities law, up to a total of eighty million dollars from such agen-
cy, and (ii) any other moneys collected therefor or credited or trans-
ferred thereto from any other fund, account or source pursuant to law.
Any interest received by the comptroller on moneys on deposit in the
housing account shall be retained in and become a part of the account.
(b) The "supplemental housing account" shall consist of all moneys
credited or transferred thereto from any other fund, account or source
pursuant to law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03827-01-5
A. 5234 2
(c) The "general fund support account" shall consist of all moneys
transferred to such account pursuant to appropriations from the state
purposes account of the general fund and any moneys resulting from
internal transactions within the New York state infrastructure trust
fund. Any moneys transferred to the general fund support account by the
comptroller shall be transferred from such account to either the housing
reserve account or the supplemental housing account, as hereinafter
provided.
(D) THE TRANSIT REHABILITATION ACCOUNT SHALL CONSIST OF ALL MONEYS
RECEIVED PURSUANT TO SUBDIVISION ELEVEN OF THIS SECTION.
11. SETTLEMENT MONEYS. TWENTY-FIVE PERCENT OF ALL MONEYS RECEIVED BY
THE STATE AS A RESULT OF A SETTLEMENT IN AN ACTION TO WHICH THE STATE IS
A PARTY SHALL BE DISBURSED INTO THE TRANSIT REHABILITATION ACCOUNT. ALL
MONEYS SHALL REMAIN IN SUCH ACCOUNT UNLESS OTHERWISE DIRECTED BY STAT-
UTE, AND MAY ONLY BE TRANSFERRED OUT OF THE ACCOUNT TO FUND PROJECTS
INVOLVING THE CONSTRUCTION OR REPAIR OF HIGHWAYS, BRIDGES, RAILROADS,
SUBWAYS, BIKE PATHS OR SUCH SIMILAR PROJECTS.
S 2. This act shall take effect immediately and shall apply to all
settlement moneys received on and after the effective date of this chap-
ter.