State Codes and Statutes
Statutes > New-york > Stf > Article-6 > 92-m§ 92-m. Lake Champlain bridges fund. 1. There is hereby established in the custody of the state comptroller and the commissioner of taxation and finance a special fund to be known as the "Lake Champlain bridges fund" which shall be classified by the comptroller in the capital projects fund type. 2. Such fund shall consist of all moneys of the Lake Champlain bridge commission determined to belong to the state of New York under a chapter of the laws of nineteen hundred eighty-six entitled "An Act in relation to providing for the transfer to the New York state department of transportation and the Vermont agency of transportation of the duties, functions and responsibilities of the Lake Champlain bridge commission and to amend the state finance law, in relation to the establishment of a Lake Champlain bridges fund, and to repeal chapter three hundred twenty-one of the laws of nineteen hundred twenty-seven relating to the creation of the Lake Champlain bridge commission", and pursuant to an agreement between the states of New York and Vermont, including but not limited to bank deposits, notes and certificates and shall be transferred to the comptroller by the Lake Champlain bridge commission for deposit into the Lake Champlain bridges fund as established by this section. 3. Moneys of the fund following appropriation by the legislature to the department of transportation and allocation by the director of the budget, shall be available to pay from such fund (a) the outstanding obligations of the commission that have been incurred or that may be incurred on or before the effective date of this section, and which have been assigned to and accepted by the New York state department of transportation in an agreement to be entered into with the Vermont agency of transportation pursuant to section three of a chapter of the laws of nineteen hundred eighty-six entitled "An Act in relation to providing for the transfer to the New York state department of transportation and the Vermont agency of transportation of the duties, functions and responsibilities of the Lake Champlain bridge commission and to amend the state finance law, in relation to the establishment of a Lake Champlain bridges fund, and to repeal chapter three hundred twenty-one of the laws of nineteen hundred twenty-seven relating to the creation of the Lake Champlain bridge commission", (b) expenses related to the dissolution of the Lake Champlain bridge commission, and (c) the cost of improvements to the Lake Champlain bridge. 4. Notwithstanding the provisions of any general or special law, no moneys shall be available from the Lake Champlain bridges fund until a certificate of approval of availability shall have been issued by the director of the budget, upon the recommendation of the commissioner of transportation, and a copy of such certificate filed with the state comptroller, the chairman of the senate finance committee and the chairman of the assembly ways and means committee. Such certificate may be amended from time to time by the director of the budget, upon the recommendation of the commissioner of transportation, and a copy of each such amendment shall be filed with the state comptroller, the chairman of the senate finance committee and the chairman of the assembly ways and means committee. 5. Any moneys in such fund, at the discretion of the state comptroller, may be invested in securities and obligations defined by sections ninety-eight and ninety-eight-a of this article. Any income or interest from such investment shall be credited to such fund. 6. The moneys, following allocation, shall be paid out of the fund on the audit and warrant of the comptroller on vouchers certified or approved by the commissioner of transportation, or by an officer oremployee of the department of transportation designated by the commissioner.
