N.Y. Education Law § 6278: Resources of fund

§ 6278. Resources of fund. (a) Subject to the provisions of this

article, the trustees of the fund shall receive, accept, invest,

administer, expend and disburse for its corporate purposes all monies

for the city university construction fund from whatever sources derived

including (1) payments by the state pursuant to the provisions of

subdivision one of section sixty-two hundred seventy-nine of this

article; (2) payments by the city of New York or by the state

comptroller pursuant to the provisions of subdivision two of section

sixty-two hundred seventy-nine of this article; (3) all instructional

and non-instructional fees received by the fund under section sixty-two

hundred fifteen of this chapter; (4) payments by the state pursuant to

the provisions of subdivision four of section sixty-two hundred

seventy-nine of this article; (5) payments by the city pursuant to the

provisions of subdivision five of section sixty-two hundred seventy-nine

of this article; and (6) any other payments, gifts, or appropriations to

the fund from any other source exclusive of any other monies

appropriated by the state for the benefit of the city university.

(b) The monies of the fund shall be paid to the comptroller of the

city of New York as agent of the fund, who shall not commingle such

monies with any other monies. All city university instructional and

noninstructional fees received by the fund which, together with other

moneys of the fund available for payment of rentals and other payments

due to the dormitory authority from the fund pursuant to any lease,

sublease, or other agreement entered into between the dormitory

authority and the fund, exceed the amount required by the terms of any

lease, sub-lease or other agreement with the dormitory authority to be

retained for the payment of such rentals and such other payments and the

costs of administration of such fund shall be transferred to the city

university for the support, maintenance and operation of such

university.

(c) The monies in any of the fund's accounts shall be paid out on

checks signed by the comptroller of the city of New York on requisitions

of the chairman of the trustees of the fund or of such other officer or

employee as the trustees shall authorize to make such requisition.

(d) Subject to the terms of any lease, sublease, or agreement

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

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

obligations of the United States, of an agency, corporation or other

instrumentality thereof, of the state or of the city; in obligations the

principal and interest of which are guaranteed by the United States, by

an agency, corporation or other instrumentality thereof or by the state;

or in interest-bearing certificates of deposit of a bank or trust

company located in and authorized to do business in the state of New

York, each such certificate to be secured in amounts equal to the amount

of each such certificate by pledges of obligations of the United States,

of an agency, corporation or other instrumentality thereof, of the

state, of the city or of obligations the principal and interest of which

are guaranteed by the United States, by an agency, corporation or other

instrumentality thereof or by the state. The comptroller of the city of

New York, as agent of the fund, shall make the investments when so

requested by the fund.

(e) The comptroller of the city of New York or his legally authorized

representative from time to time may 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 comptroller of the city of

New York at least once every five years; in lieu of such an examination,

the comptroller of the city of New York may accept from the fund an

external examination of the fund's books and accounts made at the

request of the trustees of the fund.

(f) In addition to the provisions of subdivision (e) of this section,

the comptroller of the state of New York or his legally authorized

representative may also from time to time examine the books and accounts

of the fund, including its receipts, disbursements, contracts, reserves,

investments, and any other matters relating to its financial standing.

(g) To the extent practicable, the trustees of the fund shall ensure

that all monies received during a fiscal year are expended prior to the

end of such fiscal year.

(h) On or before the first of February each year, the comptroller

shall certify to the governor, the temporary president of the senate,

the speaker of the assembly, the chair of the senate finance committee

and the chair of the assembly ways and means committee, the amount of

money deposited in the fund during the preceding calendar year as the

result of revenue derived pursuant to section six hundred thirty-f of

the tax law.

(i) On or before the first of February each year, the trustees of the

fund shall provide a written report to the temporary president of the

senate, the speaker of the assembly, the chair of the senate finance

committee, the chair of the assembly ways and means committee, the chair

of the senate committee on higher education, the chair of the assembly

committee on higher education, and the public. Such report shall include

how the monies of the fund were utilized during the preceding calendar

year and shall include:

(1) the amount of money dispersed from the fund;

(2) recipients of awards from the fund;

(3) the amount awarded to each recipient;

(4) the purposes for which such awards were granted; and

(5) a summary financial plan for such monies which shall include

estimates of all receipts and all disbursements for the current and

succeeding fiscal years, along with the actual results from the prior

fiscal year.