§ 4. Payments, transfers and deposits. 1. Notwithstanding the\nprovisions of any other section of law to the contrary, no money shall\nbe paid from any fund under the management of the state, or any agency\nor officer thereof except in pursuance of an appropriation by law.\n 2. If, at any time, the legislature shall fail to make an\nappropriation for a payment from a fund where the failure to make such\npayment would violate a covenant contained in a statute or resolution\nwhich was in force prior to the effective date of this section, between\nthe state and holders of any obligations, pursuant to which the state\nhad agreed that it would not limit or alter the rights vested in the\nissuers of such obligations to fulfill any and all agreements with such\nholders or that it would not in any way impair the rights and remedies\nof such holders, such payment shall nevertheless be made from such fund\nto the extent necessary to comply with the rights of the issuer of such\nobligations and of the holders thereof.\n 3. If, at any time, the legislature shall fail to make an\nappropriation for the payment of the interest upon and installments of\nprincipal of all debts created on behalf of the state as the same shall\nfall due, and for the contribution to all of the sinking funds\nheretofore created by law, the comptroller shall set apart from the\nfirst revenues thereafter received, applicable to the general fund of\nthe state, a sum sufficient to pay such interest, installments of\nprincipal, or contributions to such sinking fund, as the case may be,\nand shall so apply the moneys thus set apart.\n 4. Money which has not been given, granted, or bequeathed to the\nstate, or any agency thereof conditionally or otherwise, and the\nownership and equitable title of which belongs to an individual or\norganization other than the state, but which is being held by any agency\nor officer of the state pending transfer of such money to such\nindividual or organization in accordance with the terms and conditions\npursuant to which it was placed in the custody of such agency or\nofficer, may be transferred to such individual or organization by such\nagency or officer without an appropriation by law provided that such\ntransfers are made in accordance with such terms and conditions.\n 5. No money or other financial resources shall be transferred or\ntemporarily loaned from one fund to another without specific statutory\nauthorization for such transfer or temporary loan, except that money or\nother financial resources of a fund may be temporarily loaned to the\ngeneral fund during the state fiscal year provided that such loan shall\nbe repaid in full no later than (a) four months after it was made or (b)\nby the end of the same fiscal year in which it was made, whichever\nperiod is shorter, so that an accurate accounting and reporting of the\nbalance of financial resources in each fund may be made. The comptroller\nis hereby authorized to temporarily loan money from the general fund or\nany other fund to the fund/accounts that are authorized to receive a\nloan. Such loans shall be limited to the amounts immediately required to\nmeet disbursements, made in pursuance of an appropriation by law and\nauthorized by a certificate of approval issued by the director of the\nbudget with copies thereof filed with the comptroller and the chair of\nthe senate finance committee and the chair of the assembly ways and\nmeans committee. The director of the budget shall not issue such a\ncertificate unless he or she shall have determined that the amounts to\nbe so loaned are receivable on account. When making loans, the\ncomptroller shall establish appropriate accounts and if the loan is not\nrepaid by the end of the month, provide on or before the fifteenth day\nof the following month to the director of the budget, the chair of the\nsenate finance committee and the chair of the assembly ways and means\ncommittee, an accurate accounting and report of the financi
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