N.Y. Public Authorities Law § 2619: Capital repair and improvement account

§ 2619. Capital repair and improvement account. At the end of any

authority fiscal year the members of the authority shall deposit not

less than twenty-five percent of the profits, if any, of the preceding

year's operations into a sinking fund for capital improvements. At the

discretion of the members, the authority may undertake capital

improvements and major repairs to the participating olympic facilities,

to the Belleayre Mountain ski center, and to the Gore Mountain ski

center; provided, however, that no such repairs may be undertaken

without specific written approval by the entity which contracted with

the authority for the operation of said facility. Any such repairs or

improvements to real property shall upon completion become the property

of and be vested in the owners of said real property. In the event of

termination of the authority, the state and the park district each shall

receive fifty percent of all moneys in the sinking fund. If an agreement

between the authority and the park district or the state shall be

terminated, the park district or the state, as the case may be, shall

receive that portion of the moneys in the sinking fund it would have

received if the authority were terminated as of the date of the

termination of the agreement.