N.Y. State Finance Law 74 – Transportation infrastructure renewal fund
§ 74. Transportation infrastructure renewal fund. 1. There is hereby established in the joint custody of the state comptroller and the commissioner of taxation and finance a special fund, to be known as the "transportation infrastructure renewal fund".
Terms Used In N.Y. State Finance Law 74
- 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
2. The comptroller shall establish three separate and distinct accounts within the transportation infrastructure renewal fund: (a) the highway, parkway and bridge account; (b) the ports and waterways account; and (c) the transit, rail and aviation account.
3. All moneys received by the state from the sale of bonds or notes for the purposes enumerated in paragraph a of subdivision three of section one of a chapter of the laws of nineteen hundred eighty-three enacting and constituting the Rebuild New York Through Transportation Infrastructure Renewal Bond Act of 1983 shall be deposited by the comptroller in the highway, parkway and bridge account established by the comptroller pursuant to the provisions of subdivision two of this section.
4. All moneys received by the state from the sale of bonds or notes for the purposes enumerated in paragraph b of subdivision three of section one of a chapter of the laws of nineteen hundred eighty-three enacting and constituting the Rebuild New York Through Transportation Infrastructure Renewal Bond Act of 1983 shall be deposited by the comptroller in the ports and waterways account established by the comptroller pursuant to the provisions of subdivision two of this section.
5. All moneys received by the state from the sale of bonds or notes for the purposes enumerated in paragraph c of subdivision three of section one of a chapter of the laws of nineteen hundred eighty-three enacting and constituting the Rebuild New York Through Transportation Infrastructure Renewal Bond Act of 1983 shall be deposited by the comptroller in the transit, rail and aviation account established by the comptroller pursuant to the provisions of subdivision two of this section.
6. Moneys in any account of this fund, following appropriation by the legislature and allocation by the director of the budget, shall be available only for reimbursement of expenditures made from appropriations from the capital projects fund for the purposes of such fund, as set forth in the Rebuild New York Through Transportation Infrastructure Renewal Bond Act of 1983.