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Assembly Bill A2532

2019-2020 Legislative Session

Creates a transit rehabilitation account within the New York state infrastructure trust fund

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Archive: Last Bill Status - In Assembly Committee

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2019-A2532 (ACTIVE) - Details

Current Committee:
Assembly Ways And Means
Law Section:
State Finance Law
Laws Affected:
Amd §88, St Fin L
Versions Introduced in Other Legislative Sessions:
2015-2016: A5234
2017-2018: A662
2021-2022: A3649

2019-A2532 (ACTIVE) - Summary

Creates a transit rehabilitation account within the New York state infrastructure trust fund; directs twenty-five percent of all moneys received by the state as a result of settlements in actions to which the state is a party to be disbursed into such account.

2019-A2532 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2532
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             January 23, 2019
                                ___________
 
 Introduced  by  M.  of A. RODRIGUEZ, MOSLEY, RA, FRIEND -- 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 TWO HUNDRED
 SIXTY-ONE 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 agency, and (ii) any other moneys  collected  therefor
 or  credited  or  transferred  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.

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