Bill Text: NY A05234 | 2015-2016 | General Assembly | Introduced
Bill Title: Creates a transit rehabilitation account within the New York state infrastructure trust fund; directs twenty-five percent of all moneys received by the state as a result of settlements in actions to which the state is a party to be disbursed into such account.
Spectrum: Slight Partisan Bill (Democrat 5-2)
Status: (Introduced - Dead) 2016-01-06 - referred to ways and means [A05234 Detail]
Download: New_York-2015-A05234-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
5234
2015-2016 Regular Sessions
I N A S S E M B L Y
February 13, 2015
___________
Introduced by M. of A. RODRIGUEZ -- read once and referred to the
Committee on Ways and Means
AN ACT to amend the state finance law, in relation to disbursing certain
state settlement moneys into the New York state infrastructure trust
fund
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
1 Section 1. Subdivisions 3 and 4 of section 88 of the state finance
2 law, as added by section 6 of chapter 261 of the laws of 1988, are
3 amended and a new subdivision 11 is added to read as follows:
4 3. Accounts. The New York state infrastructure trust fund shall
5 consist of [three] FOUR separate and distinct accounts: (a) the "housing
6 reserve account"; (b) the "supplemental housing account"; [and] (c) the
7 "general fund support account[.]"; AND (D) THE "TRANSIT REHABILITATION
8 ACCOUNT." Moneys in each of the accounts shall be kept separate from and
9 not commingled with any other moneys in the New York state infrastruc-
10 ture trust fund.
11 4. Sources of funds. (a) The "housing reserve account" shall consist
12 of (i) all moneys received from the state of New York mortgage agency
13 pursuant to the provisions of section seven of the chapter of the laws
14 of nineteen hundred eighty-eight adding this section and subdivision
15 twenty-six of section two thousand four hundred four of the public
16 authorities law, up to a total of eighty million dollars from such agen-
17 cy, and (ii) any other moneys collected therefor or credited or trans-
18 ferred thereto from any other fund, account or source pursuant to law.
19 Any interest received by the comptroller on moneys on deposit in the
20 housing account shall be retained in and become a part of the account.
21 (b) The "supplemental housing account" shall consist of all moneys
22 credited or transferred thereto from any other fund, account or source
23 pursuant to law.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03827-01-5
A. 5234 2
1 (c) The "general fund support account" shall consist of all moneys
2 transferred to such account pursuant to appropriations from the state
3 purposes account of the general fund and any moneys resulting from
4 internal transactions within the New York state infrastructure trust
5 fund. Any moneys transferred to the general fund support account by the
6 comptroller shall be transferred from such account to either the housing
7 reserve account or the supplemental housing account, as hereinafter
8 provided.
9 (D) THE TRANSIT REHABILITATION ACCOUNT SHALL CONSIST OF ALL MONEYS
10 RECEIVED PURSUANT TO SUBDIVISION ELEVEN OF THIS SECTION.
11 11. SETTLEMENT MONEYS. TWENTY-FIVE PERCENT OF ALL MONEYS RECEIVED BY
12 THE STATE AS A RESULT OF A SETTLEMENT IN AN ACTION TO WHICH THE STATE IS
13 A PARTY SHALL BE DISBURSED INTO THE TRANSIT REHABILITATION ACCOUNT. ALL
14 MONEYS SHALL REMAIN IN SUCH ACCOUNT UNLESS OTHERWISE DIRECTED BY STAT-
15 UTE, AND MAY ONLY BE TRANSFERRED OUT OF THE ACCOUNT TO FUND PROJECTS
16 INVOLVING THE CONSTRUCTION OR REPAIR OF HIGHWAYS, BRIDGES, RAILROADS,
17 SUBWAYS, BIKE PATHS OR SUCH SIMILAR PROJECTS.
18 S 2. This act shall take effect immediately and shall apply to all
19 settlement moneys received on and after the effective date of this chap-
20 ter.
