New York Laws
Title 19 - New York State Sports Authority
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)