New York Consolidated Laws, State Finance Law - STF § 99-d. City university stabilization account

1. There is hereby established in the joint custody of the state comptroller and the commissioner of taxation and finance an account to be known as the city university stabilization account.

2. Such account shall consist of any and all unexpended and unencumbered moneys in the fiduciary fund appropriated for the city university of New York senior colleges, net of reductions for deficiencies in tuition and fee collections as determined by the director of the budget, available as of the last day of the city university fiscal year as reduced pursuant to section six thousand two hundred twenty-one of the education law to reflect any aggregate amount established by the director of the budget less than the amount appropriated. Such moneys shall be transferred by the state comptroller into the stabilization account on or before the next fifteenth day of September succeeding the last day of the city university fiscal year.

3. Moneys of the account shall only be available to the city university of New York and following appropriation by the legislature, shall be credited to the senior colleges and/or central administration stabilization subaccounts from which the savings were achieved. Notwithstanding section forty of this chapter, section six thousand two hundred twenty-one of the education law or any other law to the contrary, all appropriations made from this account to the city university of New York shall remain in full force and effect for two years from the effective date of the chapter in which the appropriations were made. Moneys shall be paid out of the account on the audit and warrant of the state comptroller on vouchers certified or approved by the chancellor of the city university of New York or his or her designee.