98-A - Investment of General Funds, Bond Proceeds, and Other Funds Not Immediately Required.

NY State Fin L § 98-A (2019) (N/A)
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(a) are funded entirely from the general fund; or

(b) are, or were, authorized to receive temporary loans pursuant to subdivision five of section four of the state finance law; or

(c) are federal funds, except such funds which are required to earn such interest pursuant to a court order or federal law or regulation; or

(d) are agency funds, except such funds which are held pending the outcome of litigation or are required to earn interest pursuant to a court order, contractual obligation, or state or federal law or regulation, or are appropriated. Notwithstanding the provisions of paragraph (b) of this subdivision, the comptroller shall credit or charge interest to fund/accounts which are authorized to receive temporary loans if so requested by the state department or division responsible for such fund/account within thirty days of the beginning of each fiscal year or thirty days following the final approval of any bill containing language authorizing such temporary loans, whichever is later, and interest must be credited or charged from the first day of such fiscal year. Within ten days of the beginning of each month, the comptroller shall credit or charge interest to such funds/accounts based upon the average daily balance of the preceding month of such funds/accounts and shall provide notification to the director of the budget and the chairs of the senate finance and assembly ways and means committees of such funds/accounts to be credited or charged interest. Provided, however, that income received from the investment of moneys of the local assistance account, the state purposes account and the capital projects fund may be credited in whole or in part to one or more of such funds to the extent necessary to reimburse first instance appropriations for interest on temporary obligations issued on behalf of the fund or funds to be credited. Notwithstanding any other provision of this section or of any other general or special law, all moneys available and retained on deposit for the payment of lottery prizes may be invested in obligations by the comptroller as herein provided, except that such obligations need not mature or be redeemable at the option of the holder within seven years of the date of such investment. Income received from such investments may be used for the payment of prizes awarded and made payable in more than one payment, including prizes awarded and made payable throughout the lifetime of the lottery prize winner. 2. Notwithstanding any provision of law to the contrary, investment of bond proceeds and other funds not immediately required may be invested by the comptroller in linked deposits pursuant to article fifteen of this chapter. If any moneys are invested by the comptroller in linked deposits pursuant to article fifteen of this chapter, the comptroller shall compute the monthly earnings for all funds, other than the general fund, as if no such moneys had been invested in such linked deposits.