N.Y. State Finance Law § 84: The United States Olympic Committee/Lake Placid Olympic Training Center Fund

§ 84. The United States Olympic Committee/Lake Placid Olympic Training

Center Fund. 1. There is hereby established in the joint custody of the

state comptroller and commissioner of taxation and finance a special

fund to be known as the United States Olympic Committee/Lake Placid

Olympic Training Center fund.

2. Such fund shall consist of all revenues received from the

implementation of section six hundred twenty-six of the tax law,

accounted for separately and from all of the moneys credited or

transferred thereto from any other fund or source pursuant to law.

Moneys deposited in the fund shall be held in interest bearing accounts

in public depositories as prescribed by state statutes, and may be

invested or reinvested in such securities as are approved by the state

treasurer. Interest or other income earned on moneys deposited into the

fund, and any moneys which moneys deposited into the fund and any moneys

which may be appropriated or otherwise become available for the purposes

of the fund, shall be credited to and deposited in the fund for use as

set forth in this section.

2-a. On or before the first day of February each year, the chairperson

of the New York state Olympic regional development authority shall

provide a written report to the temporary president of the senate,

speaker of the assembly, chair of the senate finance committee, chair of

the assembly ways and means committee, chair of the senate committee on

cultural affairs, tourism, parks and recreation, chair of the assembly

tourism, parks, arts and sports development committee, the state

comptroller and the public. Such report shall include how the monies of

the fund were utilized during the preceding calendar year, and shall

include:

(i) the amount of money dispersed from the fund and the award process

used for such disbursements;

(ii) recipients of awards from the fund;

(iii) the amount awarded to each;

(iv) the purposes for which such awards were granted; and

(v) a summary financial plan for such monies which shall include

estimates of all receipts and all disbursements for the current and

succeeding fiscal years, along with the actual results from the prior

fiscal year.

3. Money of the fund less any administrative expenses paid, following

appropriation by the legislation, shall be expended by the United States

olympic committee, solely and exclusively for the maintenance and

operation of the Lake Placid olympic training center. Money shall be

paid out of the fund, monthly on the audit and warrant of the state

comptroller.