2020 New York Laws
STF - State Finance
Article 5-A - Certificates of Participation
66-K - Certificates of Participation; Reallocation Requirements.

§  66-k.  Certificates of participation; reallocation requirements. 1.
This section shall not apply to appropriations  made  to  units  of  the
state university or the city university of New York.
  2.  In  those  cases  where  funds  have  been appropriated to a state
department or agency for the outright purchase of  equipment,  and  when
with  the  approval  of  the  director  of  the  budget  and  the  state
comptroller, a contract is  entered  into  for  the  lease  purchase  or
installment  purchase of equipment and the lease purchase or installment
purchase agreement is financed or will be financed by  the  issuance  of
certificates  of participation pursuant to this article, the director of
the budget shall notify the chairs of the senate finance  committee  and
the  assembly  ways  and means committee of the director of the budget's
and the state comptroller's approval of such contract.
  3. If the outright purchase cost  of  the  equipment  is  two  million
dollars  or  more,  the  balance  of  the appropriation for the outright
equipment purchase not necessary to pay lease  purchase  or  installment
purchase  payments  in  the  then  current fiscal year for the equipment
shall  be  unallocated  by  the  director  of  the  budget  and  may  be
reallocated  by  the  director of the budget only in accordance with the
following procedures,  and  subject  to  the  following  conditions  and
limitations:
  (a)  The  chief executive officer of the department or agency to which
the appropriation is provided, shall request allocation of  the  balance
or  portion  of  the balance by providing a statement to the director of
the budget and the chairs  of  the  senate  finance  committee  and  the
assembly  ways  and  means committee certifying to the following (i) the
amount of the requested allocation, (ii) the purpose of the  allocation,
and (iii) the necessary nature of the expenditures.
  (b)  The director of the budget may allocate the monies requested only
after receiving notification of approval for  the  allocation  from  the
chairs  of  the senate finance committee and the assembly ways and means
committee.
  4. If the outright purchase cost of the equipment  is  less  than  two
million  dollars,  the  balance  of  the  appropriation for the outright
equipment purchase not necessary to pay lease  purchase  or  installment
purchase  payments in the then current fiscal year for the equipment may
be reallocated by the director of the budget with notification  as  soon
as  practicable  after  such  reallocation  to  the chairs of the senate
finance committee and the assembly  ways  and  means  committee  of  the
purpose of the expenditures for which the allocation is made.