N.Y. Education Law § 377: Resources of fund

§ 377. Resources of fund. 1. The fund may receive, accept, invest,

administer, expend and disburse for its corporate purposes appropriation

from the capital construction fund and the state purposes fund of the

state, and other revenues and moneys made available or to be made

available to it from any or all sources for the construction,

acquisition, reconstruction, rehabilitation and improvement of academic

buildings, dormitories and other facilities, including gifts, grants and

loans from the federal government, any state agency, any county, city,

town or village, any private foundation, organization or individual, or

any other source.

2. All moneys of the fund, other than appropriations and except as

otherwise authorized or provided in this article, shall be paid to the

commissioner of taxation and finance as agent of the fund, who shall not

commingle such moneys with any other moneys. Such moneys shall be

deposited in two or more separate bank accounts, and one of such

accounts, to which shall be credited all income from investments or

other accounts and all other moneys received or to be received annually

by the fund on a recurring basis, shall be denominated the "state

university construction fund income account". The moneys in such

accounts shall be paid out on checks signed by the commissioner of

taxation and finance on requisition of the chairman of the fund or of

such other officer or employee or officers or employees as the fund

shall authorize to make such requisition. All deposits of such moneys

shall, if required by the commissioner of taxation and finance or the

agency, be secured by obligations of the United States or of the state

of a market value equal at all times to the amount of the deposit and

all banks and trust companies are authorized to give such security for

such deposits.

3. Any such moneys of the fund not required for immediate use may, at

the discretion of the fund, be invested by the commissioner of taxation

and finance in obligations of the United States or the state or

obligations the principal and interest of which are guaranteed by the

United States or the state, or in accordance with the provisions of

section ninety-eight-a of the state finance law.

4. Monies received by the fund, in connection with approved

university-related economic development facilities, other than state

appropriations to the fund, may be deposited in a general account and

other such accounts as the fund may deem necessary, for the transaction

of its business or in relation to construction or property management

activities undertaken in connection with such projects and shall be paid

out on checks signed by the chairman of the fund or such other person or

persons as the trustees of the fund may authorize.

5. The comptroller, or his legally authorized representative, is

hereby authorized and empowered from time to time to examine the books

and accounts of the fund including its receipts, disbursements,

contracts, reserve funds, investments, and any other matters relating to

its financial standing. Such an examination shall be conducted by the

comptroller at least once in every five years; the comptroller is

authorized, however, to accept from the fund, in lieu of such an

examination, an external examination of its books and accounts made at

the request of the fund.