New York § 66-K - 66-KCertificates of participation; reallocation requirements

§ 66-K. 66-KCertificates 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.