§ 97-gg. Division for youth facilities improvement fund. 1. There is hereby established in the joint custody of the state comptroller and the commissioner of taxation and finance a fund to be known as the "division for youth facilities improvement fund". Such fund shall consist of the proceeds from the issuance of bonds and notes by the urban development corporation authorized pursuant to the chapter of the laws of nineteen hundred ninety which enacted this section and all other moneys appropriated, credited or transferred thereto from any other fund or source pursuant to law. Moneys within the division for youth facilities improvement fund shall be held solely for the benefit of the division for youth.

2. All moneys in the division for youth facilities improvement fund shall be made available to the division for youth pursuant to an annual appropriation or appropriations.