New York Laws
Article 10 - New York City Educational Construction Fund
459 - Resources of the Fund.

§ 459. Resources of the fund. 1. The fund may receive, accept,
invest, administer, expend and disburse for its corporate purposes
appropriations or advances from the city of New York, and other revenues
and moneys made available or to be made available to the fund from any
or all sources, including gifts, grants, loans and payments from the
federal government, any state agency, any private foundation,
organization or individual, or any other source, for the construction,
acquisition, reconstruction, rehabilitation and improvement of combined
occupancy structures, for the maintenance and repair of such structures,
or for the costs of personal service and maintenance and operation of
the fund.

2. All moneys of the fund, except as otherwise authorized or provided
in this article, shall be paid to the comptroller of the city of New
York 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. The moneys in any account shall be paid out of checks
signed by the comptroller 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 money
shall, if required by the comptroller or the trustees of the fund, be
secured by obligations of the United States or of the city or 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. Subject to the terms of any lease, sublease or other agreement
undertaken by the fund, any such moneys of the fund not required for
immediate use may, at the discretion of the fund, be invested by the
comptroller in obligations of the United States, the state or the city
or in obligations the principal and interest of which are guaranteed by
the United States, the state or the city.

4. The chairman of the fund shall annually, on or before January
first, prepare and submit to the mayor and the director of the budget of
the city of New York, on behalf of the trustees of the fund, an itemized
budget for the administration of the fund during the city's next
succeeding fiscal year and information as to the payment or provision
for payment of obligations of the fund expected to be required during
such year.

5. The city 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, reserves, 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 trustees of the fund.