N.Y. Public Authorities Law § 1387: Special port development and improvement powers

§ 1387. Special port development and improvement powers. 1. The

authority shall have power to make rules and regulations: (a) for the

development, improvement, promotion, preservation and utilization of the

port district and projects, including the Ogdensburg municipal airport

and the industrial park development on lands wholly or in part acquired

pursuant to the provisions of subdivision one of section thirteen

hundred eighty-three of this chapter; and (b) for the payment and

collection of fees, charges, rentals and other receipts from its

properties and facilities within the port district, including the

Ogdensburg municipal airport and the industrial park development, which

fees, charges, rentals and other receipts are 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. Until such time as the state of New York is fully reimbursed for

the total amount of money advanced by the state to the authority all

port revenue received by the authority shall be paid to the state

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

account or accounts to be known as the "Ogdensburg port 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, operation and

improvement of the industrial park development, port and airport. The

moneys of the Ogdensburg port 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 Ogdensburg port fund in excess of the sum of two

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

the authority to the state comptroller provided, however, that effective

June thirty, 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 Ogdensburg port

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. The state

comptroller is hereby authorized and empowered to examine the accounts

and books of the authority at such periods of time he may deem

necessary, including its receipts, disbursements, contracts, leases and

any other matters relating to its financial standing and fiscal affairs.

4. The provisions of this section and section thirteen hundred

eighty-three shall not apply to the Waddington port district nor shall

it apply to the acquisition, operation, utilization, management,

promotion and improvement at Ogdensburg of the Rutland Railway

Corporation dock terminal, facilities, appurtenances and the Rutland

Railway Corporation right-of-way, facilities and appurtenances within

the port district, in the event the authority obtains a federal loan or

grant or a combination of both to finance the acquisition and

development of such Rutland Railway Corporation property within the port

district, provided, however, that the state of New York be fully

reimbursed for any advances made for these specific purposes as defined

in this subdivision, except that such right of reimbursement shall be

subordinate to the rights of holders of any obligations issued by the

authority pursuant to the terms and conditions applicable to any such

federal loan or grant or combination of both.

5. Nothing in this section shall prevent the authority and the state

from entering into an agreement for the establishment of a revolving

fund to be used to pay part of or all of the authority's operating

expenses. This revolving fund shall be initially funded with moneys

advanced from the Ogdensburg port fund and shall be replenished from

time to time from such funds upon the audit and warrant of the

comptroller.