2016 New York Laws
STF - State Finance
Article 6 - (State Finance) FUNDS OF THE STATE
97-F - Mental health services fund.

 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".
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  patient income account 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. 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.  Prior to making any such payment, the
  comptroller shall make and deliver to the director of the budget and the
  chairmen of the facilities development  corporation  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 section
  forty-seven-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. In addition to the amounts required to be maintained on deposit  in
  the  mental  health  services  fund pursuant to subdivision five of this
  section, the fund shall maintain on deposit an amount equal to the  debt
  service and other cash requirements on mental health services facilities
  bonds  issued  by  authorized issuers pursuant to sections sixty-eight-b
  and sixty-nine-n of this chapter. 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 mental health services  facilities  bonds
  issued  by  an authorized issuer multiplied by the number of months from
  the date of the last such payment with respect to payments  required  to
  be  made  semi-annually,  plus  (ii)  those  amounts  specified  in  any
  financing agreement between the issuer and the state, acting through the
  director of the budget, 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.  Prior  to  making any such payment, the comptroller
  shall make and deliver to the director of the budget and the chairmen of
  the facilities development corporation 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.
No later than five days prior to the payment to be made by  the  state
  comptroller  on such mental health services facilities bonds pursuant to
  sections ninety-two-z and ninety-two-h of this article,  the  amount  of
  such  payment  shall  be  transferred  by the state comptroller from the
  mental health services fund to the revenue bond tax fund established  by
  section  ninety-two-z  of  this  article.  The  accumulation  of  moneys
  pursuant to this subdivision and subsequent transfer to the revenue bond
  tax fund 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.