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Notwithstanding any other general or special law, there is

hereby established in the joint custody of the commissioner of taxation and finance and the comptroller, an account within the state special revenue fund to be

known as the "transportation surplus property account". Notwithstanding any other provision of law, fifty percent

of the funds derived from the sale of property acquired
pursuant to the provisions of section thirty of the
highway law, the provisions of the eminent domain proce-
dure law, the provisions of article ten of the transpor-
tation law, after any amount required to be reimbursed
to the federal government under federal statute has been
repaid, shall be deposited in this account. Moneys in
the account shall be allocated upon a certificate of ap-
proval issued by the director of the budget solely for
the
purposes

of the department of transportation as
outlined in the appropriation herein.
Any moneys in such account, at the discretion of the state

comptroller, may be invested in securities and obligations defined by sections ninety-eight and ninetyeight-a of the state finance law.

as

STATE OPERATIONS

DEPARTMENT OF TRANSPORTATION--Cont.

Special Revenue Fund-Other
Miscellaneous Special Revenue Fund 339
Transportation Surplus Property Account

Notwithstanding the provisions of any

law the amounts herein specified may be transferred to any

program within the department of transportation.

This money shall be available subject to a certificate of approval issued by the director of the budget specifying the specific program and specific use of the funding.

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For corporate services and expenses, including the costs

of operating certain corporation projects, travel outside of the state, employee pension and health and other

benefits, in accordance with the following provisions. Notwithstanding any law to the contrary, an advisory group shall be established to assess appropriate uses

of all funds within the treasury of such corporation. Such as

STATE OPERATIONS

URBAN DEVELOPMENT CORPORATION--Cont.

sessment shall include, a review of all possible uses, any specific limitations and the reasons therefor on the use of such funds for any corporate purpose. Such advisory group shall be established no later than May thirtyfirst, nineteen hundred eighty-five and shall provide its findings to the chairman of the corporation, the director of the division of the budget, the chairman of the senate finance committee, and the chairman of the assembly ways and means committee no later than November fifteenth, nineteen hundred eighty-five. Such advisory group shall consist of representatives appointed by the chairman of such corporation, the director of the division of the budget and the chairmen of senate finance

committee and the assembly ways and means committee. Notwithstanding any provision of law to the contrary, the

urban development corporation shall establish accounts and subaccounts within the treasury of such corporation which shall reflect and consist of all funds made available to such corporation, at any time, from any sources for its corporate purposes. Such

accounts and subaccounts shall consist of all funds including appropriations made available to the corporation herein, all other appropriations made available to the corporation and its subsidiaries, and all other funds made available to the corporation and its subsidiaries from any sources. Such accounts shall consist of, but not be lim

ited to the following: (i) general and administrative accounts, which shall con

sist of all funds made available for the operational ex

penses of such corporation; (ii) general and administrative accounts of certain subsidiary corporations, which shall consist of all

all funds made available for the operational expenses of the mortgage loan enforcement and administration corporation, the western New York economic development corporation and the Times Square redevelopment corporation, provided, however, that such subsidiary shall be esta

blished as a separate account; (iii) debt service account, which shall consist of all funds made available for debt service payments

the outstanding general obligations of the corporation where the original issue of such bonds or notes was prior to April first, nineteen hundred seventy-six, and including any refinancing or renewal of such bonds and notes, provided such account shall not, in any manner, reduce any debt service reserve fund below a level agreed to pursuant to statute, covenant other contract between the corporation and such bondholders or notehol

ders; (iv) buildout account, which shall consist of all funds

made available for the payment of expenses associated with final settlements on remaining issues of construc

on

a

or

STATE OPERATIONS

URBAN DEVELOPMENT CORPORATION--Cont.

non

or

are

cor

tion costs and mortgage amounts on residential and

residential projects financed by the corporation; (v) project repair account, which shall consist of all

funds made available for the maintenance, servicing repairing of real property in the residential, indus

trial and commercial portfolios of such corporations; (vi) economic development income account, which shall con

sist of all payments, including payments to compensate for any funds, time or other costs provided by the corporation in relation to a nonresidential project and all other reimbursable corporate service income from economic development projects and payments which provided to such corporation for purposes of repayment of funds in respect to any contract or other agreements entered into by the corporation which are attributable to any economic development project of the corporation, provided, however, that such account shall not include funds representing repayments which are to be returned to the development of such project pursuant to any contract or other agreement entered into by the corpora

tion; (vii) economic development accounts, which shall consist

of all funds made available for the purpose of each specific project or group of projects excluding any project authorized by a resolution or other action of the poration prior to April first, nineteen hundred seventysix and excluding any residential project, provided, however, that each specified project shall be established as a separate account unless otherwise authorized

pursuant to an appropriation; (viii) economic development recycling industrial building

project account, which shall consist of all funds made

available for the recycling industrial building program; (ix) economic development targeted job development project

account, which shall consist of all funds made available

for the high risk targeted investment program; (x) economic development South Bronx revitalization ac

count, which shall consist of all funds made available for the South Bronx revitalization program for use and expenditure by the South Bronx Development Organization, Inc.

pursuant to a contract to be entered into between the respective corporations; (xi) new communities and community support account, which

shall consist of all funds made available for, and all income received from the Audubon and Radisson communi

ties; (xii) Roosevelt Island operating corporation account,

which shall consist of all funds made available for, and

all income received from the Roosevelt Island community; (xiii) interest income account, which shall consist of all

monies earned by the corporation from investment of any

STATE OPERATIONS

URBAN DEVELOPMENT CORPORATION--Cont.

funds available in the accounts and subaccounts within

the treasury of the corporation. The amounts deposited in any such account may be inter

changed with any other account and for purposes of investment may be co-mingled, provided, however, that such interchange may not increase or decrease

any account, other than the debt service account, and the interest income account, by more than five percent in the aggregate in the entire period of any fiscal year of the corporation. Provided further, that in addition to any other specific exception provided for herein, the following exemptions to the above interchange provision shall apply for purposes of the debt service account, the interest income account, the project repair account, the general and administrative account of the corporation and the general and administrative account of the mortgage loan enforcement and administration

corporation: (i) Interchange between the debt service account shall be

unlimited, but all such transfers from the debt service account shall be repaid to such account at the close of the corporation's fiscal year; except for three million eighty-six thousand four hundred fifty-five dollars ($3,086,455) which shall be transferred to the general and administrative account from the debt service account during the state fiscal year commencing April first, nineteen hundred eighty-five, and such amount of three million eighty-six thousand four hundred fifty-five dollars ( $3,086,455) shall not be repaid to the debt

service account. (ii) Interchange from the interest income account, other

than the general and administrative account of the poration and the general and administrative account of the mortgage loan enforcement and administration

poration, may be unlimited. (iii) Interchange to the project repair account from any

account may be unlimited, and the corporation shall transfer up to four million dollars ( $4,000,000) to such account from any account during the fiscal year commencing April first, nineteen hundred eighty-five, and such amount of up to four million dollars ($4,000,000) shall

not be repaid. (iv) Interchange to the general and administrative account

may not exceed four hundred eighty-one thousand three

hundred forty-five dollars ($481,345). (v) Interchange between the general and administrative ac

count of the mortgage loan enforcement and administration corporation and any other account shall comply with the provisions specified herein, except that up to five million six hundred thousand dollars ($5,600,000) shall be transferred to such subsidiary corporation during the

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