NY A04929

Establishes the volunteer fire departments capital fund within the office of fire prevention and control to make grants to qualifying volunteer fire departments based on criteria set by the office.

Appropriates $100 million from the state general fund to the office of fire prevention and control to carry out the capital fund program.

Requires the office to maintain books and records, manage fund expenditures, and submit quarterly reports to the comptroller on fund transactions including receipts, disbursements, and account balances.

Mandates grants be made through written agreements between the office and participating grantees specifying grant terms, with authority to rescind grants if funds are not used in accordance with the law or agreement.

Requires fund monies to be invested according to comptroller investment guidelines, with all investment income credited back to the capital fund and spent only for program purposes.