§ 1285-m. Drinking water revolving fund. 1. (a) The corporation shall\nundertake and provide assistance in support of the program to make\nfinancial assistance available to recipients to encourage and support\nthe planning, development and construction of water supply facilities in\naccordance with the provisions of this section and title four of article\neleven of the public health law.\n (b) There is hereby established in the custody of the corporation a\nspecial fund to be known as the drinking water revolving fund. Except as\notherwise provided by this paragraph, moneys in the drinking water\nrevolving fund shall be segregated from all other funds of or in the\ncustody of the corporation subject to any rights of holders of\ncorporation bonds or notes issued for the purposes of this section.\nMoneys in the drinking water revolving fund shall only be used in\naccordance with the provisions of this section and title four of article\neleven of the public health law; provided that, in addition, to the\nextent permitted by federal or state law, moneys in the drinking water\nrevolving fund may be transferred to and used for the purposes\nauthorized for the water pollution control revolving fund, and moneys in\nthe water pollution control revolving fund may be transferred to and\nused for the purposes authorized for the drinking water revolving fund.\nThe moneys in the drinking water revolving fund shall be applied to or\npaid out for authorized purposes of such fund in accordance with\nsubdivision four of this section and title four of article eleven of the\npublic health law. To the extent approved by the commissioner of health\nand the commissioner of environmental conservation and notwithstanding\nthe provisions of paragraph (a) of this subdivision, moneys in the\ndrinking water revolving fund and in the water pollution control\nrevolving fund may be held together; provided that all such moneys are\nsegregated from all other funds of or in the custody of the corporation\nsubject to any rights of holders of corporation bonds or notes issued\nfor the purposes of this section; provided further, that the corporation\nshall establish and maintain or cause there to be established and\nmaintained a system of tracking the application of such moneys to the\npurposes of this section. The corporation may establish within the\ndrinking water revolving fund additional accounts or subaccounts and\nspecify any conditions applicable to the transfer of moneys between such\naccounts or subaccounts. With respect to each eligible project, the\ncorporation shall establish and maintain a record of the allocation\nprovided for the benefit of such project in accordance with the terms of\nthe applicable financing agreement.\n 2. As used in this section, the terms "allocation", "construction",\n"eligible project", "fund" and "financing agreement" shall have the\nmeanings set forth in section eleven hundred sixty of the public health\nlaw.\n 3. Such fund shall consist of all of the following:\n (a) the proceeds of bonds or notes issued by the state pursuant to the\nClean Water/Clean Air Bond Act of 1996; provided that up to two hundred\nsixty-five million dollars ($265,000,000) of such proceeds shall be\navailable to finance state assistance payments in the manner set forth\nin paragraphs (a), (d), (e), (f) and (g) of subdivision four of this\nsection, and up to ninety million dollars ($90,000,000) shall be\navailable to finance state assistance payments in the manner set forth\nin paragraphs (d), (f) and (h) of subdivision four of this section;\n (b) federal capitalization grants and awards or other federal\nassistance provided pursuant to the federal safe drinking water act for\npurposes of deposit in the fund and appropriated by the state for\ndeposit therein;\n (c) moneys appropriated by the state legislature for the purpose of\nsuch fund or otherwise transferred by the state for deposit therein by\nthe comptroller as required by law;\n (d) p
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.