§261D-2 - Disposition of the transportation use special fund.
§261D-2 Disposition of the transportation
use special fund. [Effect and application. L 1989, c 309, §10.]
For so long as airport revenue bonds issued before June 13, 1989, are
outstanding, the director of transportation shall transfer to the airport revenue
fund created by section 248-8 from moneys credited to the transportation use
special fund, as permitted by and in accordance with section 37-53, an amount
which, together with moneys on deposit in the airport revenue fund other than
moneys on credit to the transportation use special fund therein, will cause the
aggregate amount of moneys on deposit in the airport revenue fund other than
moneys on credit to the transportation [use] special fund therein, to be at
least one hundred fifty per cent of the requirements of such fund for the
ensuing twelve months determined as prescribed by rules adopted pursuant to
chapter 91. At any time after complying with the provisions of the preceding
sentence or after no airport revenue bonds issued before June 13, 1989,
are outstanding, the director of transportation may transfer all or any portion
of the balance of the moneys credited to the transportation use special fund to
the general fund of the State or to any special fund under the control of the
department of transportation as permitted by and in accordance with section
37-53. [L 1989, c 309, pt of §3; am L 1990, c 149, §4]