N.Y. Public Authorities Law § 705: Moneys of the authority

§ 705. Moneys of the authority. 1. All moneys received by the

authority from the bridge and all other moneys received from any other

source whatsoever pertaining to the operations of 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

bridge 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

payment of any and all costs and expenditures as may be necessary for

the corporate purposes of the authority. The moneys of the Ogdensburg

bridge fund when made available shall be paid from such fund on the

audit and warrant of the comptroller on vouchers approved solely by the

chairman of the authority or his properly designated officer.

2. All moneys in such fund in excess of the sum of two hundred and

fifty 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 bridge

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 as he may deem

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

any other matters relating to its financial standing.

3. 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 bridge fund and shall be replenished from

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

comptroller.