§ 54.20 Funding of capital expenditures duly appropriated in the\ncapital budget for the city of New York. Subject to the provisions of\nthe New York State Financial Emergency Act for The City of New York but\nnotwithstanding any other law to the contrary, to facilitate the funding\nof capital expenditures duly appropriated in the capital budget for the\ncity of New York, the finance board of such city shall establish an\naccount or accounts to receive amounts duly appropriated for capital\npurposes in the expense budget of such city. Any payment pursuant to\nsuch an expense budget appropriation shall be made prior to completion\nof the annual audit of the fiscal year in which such appropriation was\nmade. At its discretion, the finance board of such city shall apply\namounts from any such account to capital expenditures duly appropriated\nin the capital budget of such city.\n The moneys in any such account shall be deposited and secured in the\nmanner provided by section ten of the general municipal law. The finance\nboard or the chief fiscal officer of such municipality, if the finance\nboard shall delegate such duty to him, may invest the moneys in each\nsuch fund in the manner provided in section eleven of the general\nmunicipal law. Any interest earned or capital gains realized on the\nmoneys so deposited or invested shall accrue to and become part of such\naccount. The separate identity of such account shall be maintained,\nwhether its assets consist of cash or investments or both.\n
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