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This entry was published on 2014-09-22
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SECTION 66-K
Certificates of participation; reallocation requirements
State Finance (STF) CHAPTER 56, ARTICLE 5-A
§ 66-k. Certificates of participation; reallocation requirements. 1.
This section shall not apply to appropriations made to units of the
state university or the city university of New York.

2. In those cases where funds have been appropriated to a state
department or agency for the outright purchase of equipment, and when
with the approval of the director of the budget and the state
comptroller, a contract is entered into for the lease purchase or
installment purchase of equipment and the lease purchase or installment
purchase agreement is financed or will be financed by the issuance of
certificates of participation pursuant to this article, the director of
the budget shall notify the chairs of the senate finance committee and
the assembly ways and means committee of the director of the budget's
and the state comptroller's approval of such contract.

3. If the outright purchase cost of the equipment is two million
dollars or more, the balance of the appropriation for the outright
equipment purchase not necessary to pay lease purchase or installment
purchase payments in the then current fiscal year for the equipment
shall be unallocated by the director of the budget and may be
reallocated by the director of the budget only in accordance with the
following procedures, and subject to the following conditions and
limitations:

(a) The chief executive officer of the department or agency to which
the appropriation is provided, shall request allocation of the balance
or portion of the balance by providing a statement to the director of
the budget and the chairs of the senate finance committee and the
assembly ways and means committee certifying to the following (i) the
amount of the requested allocation, (ii) the purpose of the allocation,
and (iii) the necessary nature of the expenditures.

(b) The director of the budget may allocate the monies requested only
after receiving notification of approval for the allocation from the
chairs of the senate finance committee and the assembly ways and means
committee.

4. If the outright purchase cost of the equipment is less than two
million dollars, the balance of the appropriation for the outright
equipment purchase not necessary to pay lease purchase or installment
purchase payments in the then current fiscal year for the equipment may
be reallocated by the director of the budget with notification as soon
as practicable after such reallocation to the chairs of the senate
finance committee and the assembly ways and means committee of the
purpose of the expenditures for which the allocation is made.