State Codes and Statutes
Statutes > New-york > Stf > Article-6 > 92-a§ 92-a. Education accumulation revolving account. 1. There is hereby established in the joint custody of the comptroller and the commissioner of taxation and finance a special account, to be known as the education accumulation revolving account. Such account shall be established and accounted for by the comptroller in the miscellaneous state special revenue fund as established by the comptroller pursuant to section seventy-one of this article. 2. Such account shall consist of all moneys transferred or credited thereto from any other fund or source pursuant to law. Any moneys in such account may be invested by the comptroller pursuant to section ninety-eight-a of this article and any income from such investment shall be credited to the state purposes account of the general fund. 3. Moneys in the account shall be used only for the payment of education aid to school districts and boards of cooperative educational services during the calendar quarter beginning on April first of each year in accordance with section thirty-six hundred nine of the education law, as from time to time amended. 4. In the budget bills accompanying the budget for each state fiscal year beginning on or after April first, nineteen hundred eighty-six but prior to April first, two thousand seven, the governor shall recommend an appropriation to be made to the account established by this section during the ensuing fiscal year from any moneys in the general fund to the credit of the local assistance account. The amount of such recommended appropriation shall be an amount that the governor determines to be appropriate based on the economic condition of the state at such time, his prognosis as to the condition of the state economy during the ensuing fiscal year, his estimates of all the state expenditures that are necessary to be made for other purposes during the ensuing fiscal year, and his projections of all the revenues and moneys that are likely to be available therefor. No moneys shall be paid into such fund until a certificate of approval by the director of the budget has been filed with the chairmen of the senate finance committee and the assembly ways and means committee. 5. Notwithstaning the provisions of subdivision four of this section, the governor may, for any state fiscal year covered by subdivision four of this section, submit budget bills that do not contain an appropriation to the account established by this section if he determines that an extraordinary circumstance exists such that recommending such an appropriation would not be in the best interests of the people of the state of New York.
