N.Y. Public Authorities Law § 1362: Special port development and improvement powers

§ 1362. Special port development and improvement powers. 1. The port

of Oswego authority shall have power to make rules and regulations for

the development, improvement, promotion, preservation and utilization of

the port improvement district and project and for the payment and

collection of fees, charges, rentals and other receipts from the port

improvement project hereinafter referred to as "port revenue." Until

such time as the state of New York is fully reimbursed by the authority

for the total amount of money advanced by the state to the authority no

rule, regulation, schedule or rate in relation to or governing port

revenue shall become effective or controlling unless approved by the

director of the budget of the state of New York.

2. All port revenue received by the authority shall be paid to the

state comptroller as agent of the authority and deposited in a separate

account or accounts to be known as the "port of Oswego fund. " The

moneys in such fund shall be available subject to the approval of the

director of the budget of the state of New York for the payment of any

and all costs and expenditures incurred in relation to the acquisition

of property, construction, equipment, maintenance, repair and operation

of the port improvement project. The moneys of the port of Oswego fund

when made available shall be paid from such fund on the audit and

warrant of the state comptroller on vouchers approved solely by the

chairman of the authority or his duly designated officer.

3. All moneys in the port of Oswego fund in excess of the sum of three

hundred fifty thousand dollars shall on the first day of each month be

paid by the authority to the state comptroller provided, however, that

effective March thirty-one, nineteen hundred seventy-eight, the director

of the budget and the authority shall establish within the provisions of

a written agreement between the authority and the director providing for

the repayment to the state by the authority of state advances the

maximum amount of moneys which the authority may retain in the port of

Oswego fund. The comptroller is hereby authorized to receive from the

authority such amounts as shall be paid to the comptroller pursuant to

the provisions of this section and to credit all such amounts to the

capital construction fund. Upon certification by the state comptroller

that all moneys due the state have been paid in full, the remaining

balance of such fund shall be available to such authority and may be

used by such authority for any corporate purpose. The accounts of the

authority shall be subject to examination by the state comptroller.

4. The comptroller of the state and his legally authorized

representatives are hereby authorized and empowered from time to time to

examine the accounts and books of the authority, including its receipts,

disbursements, contracts, leases, sinking funds, investments and any

other matter relating to its financial standing and fiscal affairs.