New York Laws
Article 10-B - City of Yonkers Educational Construction Fund
483 - Resources of the Fund.

§ 483. 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 Yonkers, 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 Yonkers
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 commissioner of 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
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
commissioner of finance 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 of the city of Yonkers, 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 commissioner of finance, 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 commissioner of finance at least once in every five
years; the commissioner of finance 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.