N.Y. Education Law § 483: Resources of the fund

§ 483. Resources of the fund. 1. The fund may receive, accept,

invest, administer, expend and disburse for its corporate purposes

appropriations or advances from the city of Yonkers, and other revenues

and moneys made available or to be made available to the fund from any

or all sources, including gifts, grants, loans and payments from the

federal government, any state agency, any private foundation,

organization or individual, or any other source, for the construction,

acquisition, reconstruction, rehabilitation and improvement of combined

occupancy structures, for the maintenance and repair of such structures,

or for the costs of personal service and maintenance and operation of

the fund.

2. All moneys of the fund, except as otherwise authorized or provided

in this article, shall be paid to the comptroller of the city of Yonkers

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. The moneys in any account shall be paid out of checks signed

by the commissioner of 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

money shall, if required by the comptroller or the trustees of the fund,

be secured by obligations of the United States or of the city or 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. Subject to the terms of any lease, sublease or other agreement

undertaken by the fund, any such moneys of the fund not required for

immediate use may, at the discretion of the fund, be invested by the

commissioner of finance in obligations of the United States, the state

or the city or in obligations the principal and interest of which are

guaranteed by the United States, the state or the city.

4. The chairman of the fund shall annually, on or before January

first, prepare and submit to the mayor of the city of Yonkers, on behalf

of the trustees of the fund, an itemized budget for the administration

of the fund during the city's next succeeding fiscal year and

information as to the payment or provision for payment of obligations of

the fund expected to be required during such year.

5. The commissioner of finance, 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, reserves, investments, and any other matters

relating to its financial standing. Such an examination shall be

conducted by the commissioner of finance at least once in every five

years; the commissioner of finance 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 trustees of the

fund.