N.Y. Education Law § 495-a: Winter sports education trust fund; appointment of board of trustees to administer fund

§ 495-a. Winter sports education trust fund; appointment of board of

trustees to administer fund. 1. There is hereby created in the custody

of the comptroller the winter sports education trust fund.

2. Such fund shall consist of the state lottery revenues paid into the

same by the division of the lottery pursuant to the provisions of

subdivision five of section ninety-two-c of the state finance law and

all increments to principal derived from investment gain, interest

accumulation, and other sources of income.

3. The comptroller shall invest and keep invested all moneys belonging

to the fund in the manner authorized by section ninety-eight of the

state finance law.

4. a. Commencing on or before August fifteenth, nineteen hundred

eighty-one and on or before the fifteenth day of August of each

succeeding year, the comptroller shall issue a certificate of earnings

and accumulated income upon the principal of such trust fund as of the

end of the preceding state fiscal year. Such certificate shall also

include a statement of accumulated income for the prior fiscal years

remaining unexpended at the close of such year.

b. The principal and the amount of earnings and accumulated income

upon the principal of the trust fund for the prior fiscal year, as

reported by the comptroller on August fifteenth annually, shall be

available for appropriation to the New York state olympic regional

development authority. Any funds so appropriated shall be used for the

purpose of supporting athletic and recreational education within the

olympic region as defined in subdivision three of section two thousand

six hundred seven of the public authorities law and for retiring

outstanding loan obligations of the olympic regional development

authority in the state fiscal year nineteen hundred

ninety-six--ninety-seven. All expenditures from the fund for the

hereinabove purposes shall be made on the audit and warrant of the

comptroller upon vouchers approved by the chairman of the fund.