N.Y. Public Authorities Law § 2470: Resources of authority

* § 2470. Resources of authority. 1. The authority may receive,

accept, invest, administer, expend and disburse for its corporate

purposes appropriations from the capital construction fund and the state

purposes fund of the state, payments made to it by participating

municipalities, and other revenues and moneys made available or to be

made available to it from any or all sources for the construction,

acquisition, reconstruction, rehabilitation and improvement of sports

facilities, including gifts, grants and loans from the federal

government, any state agency, any county, city, town or village, any

private foundation, organization or individual, or any other source.

2. All moneys of the authority, other than appropriations and except

as otherwise authorized or provided herein, shall be paid to the

commissioner of taxation and finance as agent of the authority, who

shall not commingle such moneys with any other moneys. Such moneys shall

be deposited in two or more separate bank accounts, and one of such

accounts, to which shall be credited all income from investments or

other accounts and all other moneys received or to be received annually

by the authority on a recurring basis, shall be denominated the "sports

facilities income fund account". The moneys in such fund account shall

be paid out on checks signed by the commissioner of taxation and finance

on requisition of the chairman of the authority or such other officer or

employee or officers or employees as the authority shall authorize to

make such requisition. All deposits of such moneys shall, if required by

the commissioner of taxation and finance or the authority, be secured by

obligations of the United States or of 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. Any such moneys of the authority not required for immediate use

may, at the discretion of the authority, be invested by the commissioner

of taxation and finance in obligations of the United States or the state

or obligations the principal and interest of which are guaranteed by the

United States or the state.

4. The comptroller, or his legally authorized representative is hereby

authorized and empowered from time to time to examine the books and

accounts of the authority including its receipts, disbursements,

contracts, reserve funds, investments, and any other matters relating to

its financial standing. Such an examination shall be conducted by the

comptroller at least once in every five years; the comptroller is

authorized, however, to accept from the authority, in lieu of such an

examination, an external examination of its books and accounts made at

the request of the authority.

* NB (Disbanded March, 1980)