27-c. Appropriations to the aggregate trust fund. 1. Notwithstanding any other provision of law, the aggregate trust fund, hereinafter referred to as the fund, and all state officers with responsibility for the custody or investment of such fund or of its assets, shall annually, no later than November first in each year, submit to the director of the budget a request for an appropriation of one hundred sixty million dollars. The governor shall include such amount in a budget bill for the next state fiscal year. The state comptroller shall encumber the amount so appropriated before the end of the fiscal year for which any such appropriation is made. If for any fiscal year commencing on or after April first, nineteen hundred eighty-three, the governor fails to submit a budget bill containing an appropriation in the amount requested by the fund or the legislature fails to appropriate the amount in a budget bill submitted by the governor for such fiscal year, the amount appropriated for and encumbered during the preceding fiscal year shall be payable forthwith to the fund on the first day of July of such year in the manner prescribed by law, provided, however, that such amount shall not exceed the amount of moneys transferred to the general fund by the fund pursuant to the provisions of chapter fifty-five of the laws of nineteen hundred eighty-two and chapter seven of the laws of nineteen hundred eighty-nine.
2. Notwithstanding any other provision of law, the fund and all state officers with responsibility for the custody or investment of such fund or of its assets shall annually, no later than November first in each year, submit to the director of the budget the fund's additional request for an appropriation of sixty million dollars and the governor shall include such additional amount in a budget bill for the next state fiscal year. The state comptroller shall encumber the amount so appropriated before the end of the fiscal year for which any such appropriation is made. If for any fiscal year commencing on or after April first, nineteen hundred ninety the governor fails to submit a budget bill containing an appropriation in the amount requested by the fund or the legislature fails to appropriate the amount in a budget bill submitted by the governor for such fiscal year, the amount appropriated for and encumbered during the preceding fiscal year shall be payable forthwith to the fund on the first day of July of such year in the manner prescribed by law, provided, however, that such amount shall not exceed the amount of moneys transferred to the general fund by the fund pursuant to the provisions of a chapter of the laws of nineteen hundred eighty-nine.
3. It is hereby found and declared that any appropriation made as provided for in subdivision one or two of this section shall be deemed an admitted asset of the aggregate trust fund, and that any transfer of moneys by the fund to the general fund in accordance with the provisions of chapter fifty-five of the laws of nineteen hundred eighty-two, chapter seven of the laws of nineteen hundred eighty-nine or a chapter of the laws of nineteen hundred eighty-nine is deemed a proper and prudent legal undertaking for any state officer with the responsibility for the custody or the investment of the assets of the fund, notwithstanding any other provision of law to the contrary.
Last modified: February 3, 2019