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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 procedure law, the provisions of article ten of the transportation 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 approval 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 as defined by sections ninety-eight and ninetyeight-a of the state finance law.

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STATE OPERATIONS

Special Revenue Fund-Other

339

Miscellaneous Special Revenue Fund
Transportation Surplus Property Account

DEPARTMENT OF TRANSPORTATION--Cont.

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.

Temporary service

Amount available for personal service

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PERSONAL SERVICE

General Fund

Equipment

Fringe benefits

Amount available for nonpersonal service

NONPERSONAL SERVICE

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all funds

82,000

82,000

1,388,000
30,000

1,418,000

1,000,000

1,000,000

2,500,000

URBAN DEVELOPMENT CORPORATION

State Purposes Account

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 funds within the treasury of such corporation. Such as

all

456,530,000

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 and shall provide its findings to 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 limited to the following:

(i) general and administrative accounts, which shall consist of all funds made available for the operational expenses of such corporation;

(ii) general and administrative accounts of certain subsidiary corporations, which shall consist of 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 established as a separate account;

(iii) debt service account, which shall consist of all funds made available for debt service payments on 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 a statute, covenant or other contract between the corporation and such bondholders or noteholders;

(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

STATE OPERATIONS

URBAN DEVELOPMENT CORPORATION--Cont.

or

tion costs and mortgage amounts on residential and nonresidential 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, industrial and commercial portfolios of such corporations; (vi) economic development income account, which shall consist 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 are 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 corporation;

(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 corporation 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 account, 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 communities;

(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

(i)

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 interchanged 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 administration corporation:

and

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 ($3,086,455) shall not be repaid to the debt

eighty-six

dollars

service account. (ii) Interchange from the interest income account, other than the general and administrative account of the

cor

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

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 account 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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