§261D-2 Disposition of the transportation use special fund.
234 words·~1 min read·
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§261D-2 Disposition of the transportation use special fund. [Effect and application. L 1989, c 309, §10.] For so long as airport revenue bonds issued before June 13, 1989, are outstanding, the director of transportation shall transfer to the airport revenue fund created by section 248-8 from moneys credited to the transportation use special fund, as permitted by and in accordance with section 37-53, an amount which, together with moneys on deposit in the airport revenue fund other than moneys on credit to the transportation use special fund therein, will cause the aggregate amount of moneys on deposit in the airport revenue fund other than moneys on credit to the transportation [use] special fund therein, to be at least one hundred fifty per cent of the requirements of such fund for the ensuing twelve months determined as prescribed by rules adopted pursuant to chapter 91.
At any time after complying with the provisions of the preceding sentence or after no airport revenue bonds issued before June 13, 1989, are outstanding, the director of transportation may transfer all or any portion of the balance of the moneys credited to the transportation use special fund to the general fund of the State or to any special fund under the control of the department of transportation as permitted by and in accordance with section 37-53. [L 1989, c 309, pt of §3; am L 1990, c 149, §4]