S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    662
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              January 9, 2017
                                ___________
 
 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 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.
                                                            LBD06055-01-7
              

 A. 662                              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.
   §  2.  This  act  shall take effect immediately and shall apply to all
 settlement moneys received on and after such date.