Document Citation: NY CLS St Fin § 93-a

Header:
NEW YORK CONSOLIDATED LAW SERVICE
STATE FINANCE LAW
ARTICLE VI. FUNDS OF THE STATE

Date:
01/16/2014

Document:
§ 93-a. New York state storm recovery capital fund

1. (a) There is hereby established in the joint custody of the comptroller and the commissioner of taxation and finance a special fund to be known as the "New York state storm recovery capital fund".

(b) The sources of funds shall consist of all moneys collected therefor, or moneys credited, appropriated or trans-ferred thereto from any other fund or source pursuant to law, or any other moneys made available for the purposes of the fund. Any interest received by the comptroller on moneys on deposit shall be retained in and become a part of the fund, unless otherwise directed by law.

2. Following appropriation by the legislature, moneys in the storm recovery capital fund shall be available to finance the repair, rehabilitation, or replacement of capital works or purposes damaged by Hurricane Sandy or any future natural disaster expected to be eligible for reimbursement by the Federal Emergency Management Agency (FEMA), the Federal Transit Administration (FTA), the Federal Highway Administration (FHWA) and any other Federal reim-bursement source. No money in this account may be expended for any project until the director of the budget has determined that there is a substantial likelihood that the costs of such project shall be reimbursed by Federal sources. The director shall issue formal rules that set forth the process by which he or she will determine whether there is a substantial likelihood of reimbursement by Federal sources.