N.Y. State Fin. Law § 97-f

§ 97-f. Mental health services fund. 1. There is hereby established in\nthe joint custody of the comptroller and the commissioner of taxation\nand finance a debt service fund to be known as the "mental health\nservices fund".\n 2. The mental health services fund shall consist of all moneys\nreceived from the mental hygiene facilities improvement fund income\naccount pursuant to paragraph f of subdivision three of section nine of\nthe facilities development corporation act and any other moneys made\navailable for purposes of the fund.\n 3. Moneys in the mental health services fund shall be kept separate\nand shall not be commingled with any other moneys in the custody of the\ncomptroller. All deposits of such moneys shall be secured by obligations\nof the United States or of the state of market value equal at all times\nto the amount of the deposit and all banks and trust companies are\nauthorized to give such securities for such deposits.\n 4. Subject to the terms of any agreement between the facilities\ndevelopment corporation and the New York state medical care facilities\nfinance agency any moneys in the mental health services fund may be\ninvested by the comptroller in obligations of the United States or the\nstate or obligations the principal and interest of which are guaranteed\nby the United States or the state.\n 5. The comptroller shall from time to time, but in no event later than\nthe fifteenth day of each month, pay over for deposit in the mental\nhygiene general fund state operations account all moneys in the mental\nhealth services fund in excess of the amount of money required to be\nmaintained on deposit in the mental health services fund. The amount\nrequired to be maintained in such fund shall be (i) twenty percent of\nthe amount of the next payment coming due relating to the mental health\nservices facilities improvement program under any agreement between the\nfacilities development corporation and the New York state medical care\nfacilities finance agency multiplied by the number of months from the\ndate of the last such payment with respect to payments under any such\nagreement required to be made semi-annually, plus (ii) those amounts\nspecified in any such agreement with respect to payments required to be\nmade other than semi-annually, including for variable rate bonds,\ninterest rate exchange or similar agreements or other financing\narrangements permitted by law. Prior to making any such payment, the\ncomptroller shall make and deliver to the director of the budget and the\nchairmen of the facilities development corporation and the New York\nstate medical care facilities finance agency, a certificate stating the\naggregate amount to be maintained on deposit in the mental health\nservices fund to comply in full with the provisions of this subdivision.\n 6. To secure the payment, subject to legislative appropriation, of any\nmoney due or to become due relating to the mental health services\nfacilities improvement program in any year under any lease, sublease,\nloan or other financing agreement between the facilities development\ncorporation and the New York state medical care facilities finance\nagency, or, to pay to the New York state housing finance agency for the\nrefunding of mental hygiene improvement bonds issued pursuant to section\nforty-seven-b of the private housing finance law, as the case may be,\nthe comptroller and the commissioner of taxation and finance may pledge\nor assign to the New York state medical care facilities finance agency,\nany or all moneys in the mental health services fund established\npursuant to this section, and any and all moneys which may be received\nby the commissioner of taxation and finance and the comptroller and\ncredited to such mental health services fund in the future, and any\nright, title and interest of the commissioner of taxation and finance\nand the comptroller in and to the money in or to be deposited in such\nmental health services fund.\n 7. The moneys in the mental health services fund shall be appropriated\nand paid out on audit and warrant of the comptroller on the\ncertification of the chairman of the facilities development corporation\nor such other officer or employee or officers or employees as such\ncomptroller and such chairman shall authorize to make such requisitions.\nPayments shall be made to the New York state medical care facilities\nfinance agency at least five days prior to the date such agency is\nrequired to make any debt service, interest rate exchange or similar\nagreement, or any other financing arrangement payments with respect to\nmental health services facilities improvement bonds, notes or other\nobligations, or at such times as the comptroller and the agency shall\ndetermine.\n 8. In addition to the amounts required to be maintained on deposit in\nthe mental health services fund pursuant to subdivision five of this\nsection, the fund shall maintain on deposit an amount equal to the debt\nservice and other cash requirements on mental health services facilities\nbonds issued by authorized issuers pursuant to sections sixty-eight-b\nand sixty-nine-n of this chapter. The amount required to be maintained\nin such fund shall be (i) twenty percent of the amount of the next\npayment coming due relating to mental health services facilities bonds\nissued by an authorized issuer multiplied by the number of months from\nthe date of the last such payment with respect to payments required to\nbe made semi-annually, plus (ii) those amounts specified in any\nfinancing agreement between the issuer and the state, acting through the\ndirector of the budget, with respect to payments required to be made\nother than semi-annually, including for variable rate bonds, interest\nrate exchange or similar agreements or other financing arrangements\npermitted by law. Prior to making any such payment, the comptroller\nshall make and deliver to the director of the budget and the chairmen of\nthe facilities development corporation and the New York state medical\ncare facilities finance agency, a certificate stating the aggregate\namount to be maintained on deposit in the mental health services fund to\ncomply in full with the provisions of this subdivision.\n No later than five days prior to the payment to be made by the state\ncomptroller on such mental health services facilities bonds pursuant to\nsections ninety-two-z and ninety-two-h of this article, the amount of\nsuch payment shall be transferred by the state comptroller from the\nmental health services fund to the revenue bond tax fund established by\nsection ninety-two-z of this article. The accumulation of moneys\npursuant to this subdivision and subsequent transfer to the revenue bond\ntax fund shall be subordinate in all respects to payments to be made to\nthe New York state medical care facilities finance agency and to any\npledge or assignment pursuant to subdivision six of this section.\n