New York Laws
Article 8-A - State University Construction Fund
377 - Resources of Fund.

§ 377. Resources of fund. 1. The fund may receive, accept, invest,
administer, expend and disburse for its corporate purposes appropriation
from the capital construction fund and the state purposes fund of the
state, 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 academic
buildings, dormitories and other 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 fund, other than appropriations and except as
otherwise authorized or provided in this article, shall be paid to the
commissioner of taxation and finance as agent of the fund, 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 fund on a recurring basis, shall be denominated the "state
university construction fund income account". The moneys in such
accounts shall be paid out on checks signed by the commissioner of
taxation and finance on requisition of the chairman of the fund or of
such other officer or employee or officers or employees as the fund
shall authorize to make such requisition. All deposits of such moneys
shall, if required by the commissioner of taxation and finance or the
agency, 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 fund not required for immediate use may, at
the discretion of the fund, 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, or in accordance with the provisions of
section ninety-eight-a of the state finance law.

4. Monies received by the fund, in connection with approved
university-related economic development facilities, other than state
appropriations to the fund, may be deposited in a general account and
other such accounts as the fund may deem necessary, for the transaction
of its business or in relation to construction or property management
activities undertaken in connection with such projects and shall be paid
out on checks signed by the chairman of the fund or such other person or
persons as the trustees of the fund may authorize.

5. The comptroller, or his legally authorized representative, is
hereby authorized and empowered from time to time to examine the books
and accounts of the fund 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 fund, in lieu of such an
examination, an external examination of its books and accounts made at
the request of the fund.