N.Y. State Finance Law 97-RRR*2 – Debt reduction reserve fund
* § 97-rrr. Debt reduction reserve fund. 1. There is hereby established in the joint custody of the comptroller and the commissioner of taxation and finance a fund to be known as the debt reduction reserve fund. Such fund shall be established as a capital projects fund.
Terms Used In N.Y. State Finance Law 97-RRR*2
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
2. Such fund shall consist of all monies credited or transferred thereto from the general fund or from any other fund or sources pursuant to law.
3. The monies in such fund, following appropriation by the legislature and allocation by the director of the budget, shall be available for the following purposes:
(a) for the payment of principal, interest, and related expenses on general obligation bonds, lease purchase payments, or special contractual obligation payments, or for the purposes of retiring or defeasing bonds previously issued, including any accrued interest thereon, for any state-supported bonding program or programs, and;
(b) for the funding of capital projects, equipment acquisitions, or similar expenses which have been authorized by law to be financed through the issuance of bonds, notes, or other obligations.
4. Any amounts disbursed from such fund shall be excluded from the calculation of annual spending growth in state operating funds until June 30, 2019.
* NB There are 2 § 97-rrr's