§ 77. Accelerated capacity and transportation improvements fund. 1. There is hereby established in the joint custody of the state comptroller and the commissioner of taxation and finance a special fund to be known as the "accelerated capacity and transportation improvements fund".

2. All moneys received by the state from the sale of bonds or notes for the purposes enumerated in subdivision three of section fifty of the chapter of the laws of nineteen hundred eighty-eight adding this section shall be deposited by the comptroller in the accelerated capacity and transportation improvements fund established pursuant to this section.

3. Moneys of the fund, following appropriation by the legislature and allocation by the director of the budget, shall be available only for reimbursement of expenditures made from appropriations from the capital projects fund for the purposes of such fund, as set forth in the Accelerated Capacity and Transportation Improvements of the Nineties Bond Act.

4. No moneys received by the state from the sale of bonds and/or notes sold pursuant to the Accelerated Capacity and Transportation Improvements of the Nineties Bond Act shall be expended for any improvements until funds therefor have been allocated pursuant to the provisions of this chapter and copies of the appropriate certificates of approval filed with the chairman of the senate finance committee, the chairman of the assembly ways and means committee and the state comptroller.