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 "Historic Hudson-Hoosic Rivers fund".

2. Moneys in the fund shall consist of all moneys appropriated for the purpose of such fund, donations to the partnership and all moneys transferred to such fund pursuant to law. Any interest received by the comptroller on money on deposit in the fund shall be retained in and become part of the fund.

3. Moneys in the fund may be used, pursuant to appropriation, by the partnership for its purposes under this article.