N.Y. State Finance Law 40-A – Repayment of advances
§ 40-a. Repayment of advances. 1. Notwithstanding any inconsistent provision of this chapter or of any other general, special or local law, every appropriation of state funds hereafter made as an advance to or on behalf of any agency, authority, fund or corporation continued or created by the public authorities law or by any other act or law shall be identified as an advance, and shall provide that in any event, and notwithstanding a repayment schedule, the unpaid balance of any moneys appropriated as an advance shall be repaid to the state out of the proceeds of the first bonds issued by such agency, authority, fund or corporation subsequent to the effective date of such appropriation.
Terms Used In N.Y. State Finance Law 40-A
- 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.
2. No part of any appropriation made as an advance pursuant to this section shall be available for expenditure until a written repayment agreement is entered into by the agency, authority, fund or corporation to which the appropriation is made and the director of the budget. Each and every such repayment agreement shall include a repayment schedule which states the date or dates on which the amount of each part or all of the appropriation made as an advance shall be repaid to the state and meets such other terms and conditions as determined by the director of the budget. A copy of each such executed repayment agreement shall be filed with the chairman of the senate finance committee, the chairman of the assembly ways and means committee, and the comptroller.
3. The state comptroller shall at the commencement of each month certify to the director of the budget, the chairman of the senate finance committee and the chairman of the assembly ways and means committee, and the chief executive officer of the agency, authority, fund or corporation to which the appropriation is made the amounts expended from such appropriation for the month preceding such certification.
4. Repayment of amounts expended from appropriations as advances by the state shall be received by the state comptroller and deposited in the treasury. Such repayment shall, in total, be sufficient to fully reimburse the state for the advances.