§ 97-f. Mental health services fund. 1. There is hereby established in the joint custody of the comptroller and the commissioner of taxation and finance a debt service fund to be known as the "mental health services fund".

Terms Used In N.Y. State Finance Law 97-F

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.

2. The mental health services fund shall consist of all moneys received from the mental hygiene facilities improvement fund income account pursuant to paragraph f of subdivision three of section nine of the facilities development corporation act and any other moneys made available for purposes of the fund.

3. Moneys in the mental health services fund shall be kept separate and shall not be commingled with any other moneys in the custody of the comptroller. All deposits of such moneys shall 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. Subject to the terms of any agreement between the facilities development corporation and the New York state medical care facilities finance agency any moneys in the mental health services fund may be invested by the comptroller in obligations of the United States or the state or obligations the principal and interest of which are guaranteed by the United States or the state.

5. The comptroller shall from time to time, but in no event later than the fifteenth day of each month, pay over for deposit in the mental hygiene general fund state operations account, including moneys pursuant to subdivision eight of this section, all moneys in the mental health services fund in excess of the amount of money required to be maintained on deposit in the mental health services fund. Subject to subdivision nine of this section, the amount required to be maintained in such fund shall be (i) twenty percent of the amount of the next payment coming due relating to the mental health services facilities improvement program under any agreement between the facilities development corporation and the New York state medical care facilities finance agency multiplied by the number of months from the date of the last such payment with respect to payments under any such agreement required to be made semi-annually, plus (ii) those amounts specified in any such agreement with respect to payments required to be made other than semi-annually, including for variable rate bonds, interest rate exchange or similar agreements or other financing arrangements permitted by law. Concurrently with the making of any such payment, the facilities development corporation shall deliver to the comptroller, the director of the budget and the New York state medical care facilities finance agency a certificate stating the aggregate amount to be maintained on deposit in the mental health services fund to comply in full with the provisions of this subdivision.

6. To secure the payment, subject to legislative appropriation, of any money due or to become due relating to the mental health services facilities improvement program in any year under any lease, sublease, loan or other financing agreement between the facilities development corporation and the New York state medical care facilities finance agency, or, to pay to the New York state housing finance agency for the refunding of mental hygiene improvement bonds issued pursuant to § 47-b of the private housing finance law, as the case may be, the comptroller and the commissioner of taxation and finance may pledge or assign to the New York state medical care facilities finance agency, any or all moneys in the mental health services fund established pursuant to this section, and any and all moneys which may be received by the commissioner of taxation and finance and the comptroller and credited to such mental health services fund in the future, and any right, title and interest of the commissioner of taxation and finance and the comptroller in and to the money in or to be deposited in such mental health services fund.

7. The moneys in the mental health services fund shall be appropriated and paid out on audit and warrant of the comptroller on the certification of the chairman of the facilities development corporation or such other officer or employee or officers or employees as such comptroller and such chairman shall authorize to make such requisitions. Payments shall be made to the New York state medical care facilities finance agency at least five days prior to the date such agency is required to make any debt service, interest rate exchange or similar agreement, or any other financing arrangement payments with respect to mental health services facilities improvement bonds, notes or other obligations, or at such times as the comptroller and the agency shall determine.

8. The amount of payment on such mental health services facilities bonds pursuant to sections ninety-two-z and ninety-two-h of this article, shall be transferred by the state comptroller from the mental health services fund to the mental hygiene general fund state operation account. The accumulation of moneys pursuant to this subdivision and subsequent transfer to the mental hygiene general fund state operation account shall be subordinate in all respects to payments to be made to the New York state medical care facilities finance agency and to any pledge or assignment pursuant to subdivision six of this section.

9. In determining the amounts required to be maintained in the mental health services fund under subdivision five of this section in each month, the amount of receipts associated with loans, leases and other agreements with voluntary agencies accumulated and set aside in the mental hygiene facilities improvement fund income account under paragraph g of subdivision three of section nine of the facilities development corporation act shall be taken into account as a credit but only if such crediting does not result in the amounts required to be maintained in the mental health services fund exclusive of any credit to be less than the amount required under subdivision five of this section in each month.