§ 90-a. New York state passenger facility charge fund. 1. There is hereby established in the joint custody of the commissioner of taxation and finance and the comptroller an interest bearing fund to be known as the "New York state passenger facility charge fund."

2. The fund shall consist of passenger facility charges collected on behalf of the department of transportation as authorized by the federal aviation administration. The passenger facility charges in such fund shall be used solely for airport-related projects located at the airport where such charges were collected.

3. Moneys in the New York state passenger facility charge fund shall be kept separate and shall not be commingled with any other moneys in the custody of the state comptroller. Moneys in the fund may be invested by the comptroller pursuant to the provisions of section ninety-eight-a of this article and any income received by the comptroller from such investments shall be added to and become part of, and shall be used for the purposes of such fund. All deposits of such money shall, if required by the comptroller, be secured by obligations of the United States or of the state of market value equal at all times to the amount of the deposit and all banks and trust companies are authorized to give such securities for such deposits.

4. Moneys in the fund, following appropriation by the legislature, shall be allocated upon a certificate of approval of availability by the director of the budget solely for the purposes set forth in this section.

5. All moneys in the fund shall be made available pursuant to appropriation for use in financing airport-related projects approved by the federal aviation administration for passenger facility charge funding.