(b) The monies of the fund shall be paid to the comptroller of the
city of New York as agent of the fund, who shall not commingle such
monies with any other monies. All city university instructional and
noninstructional fees received by the fund which, together with other
moneys of the fund available for payment of rentals and other payments
due to the dormitory authority from the fund pursuant to any lease,
sublease, or other agreement entered into between the dormitory
authority and the fund, exceed the amount required by the terms of any
lease, sub-lease or other agreement with the dormitory authority to be
retained for the payment of such rentals and such other payments and the
costs of administration of such fund shall be transferred to the city
university for the support, maintenance and operation of such
university.
(c) The monies in any of the fund's accounts shall be paid out on
checks signed by the comptroller of the city of New York on requisitions
of the chairman of the trustees of the fund or of such other officer or
employee as the trustees shall authorize to make such requisition.
(d) Subject to the terms of any lease, sublease, or agreement
undertaken by the fund, any such monies of the fund not required for
immediate use may, at the discretion of the fund, be invested in
obligations of the United States, of an agency, corporation or other
instrumentality thereof, of the state or of the city; in obligations the
principal and interest of which are guaranteed by the United States, by
an agency, corporation or other instrumentality thereof or by the state;
or in interest-bearing certificates of deposit of a bank or trust
company located in and authorized to do business in the state of New
York, each such certificate to be secured in amounts equal to the amount
of each such certificate by pledges of obligations of the United States,
of an agency, corporation or other instrumentality thereof, of the
state, of the city or of obligations the principal and interest of which
are guaranteed by the United States, by an agency, corporation or other
instrumentality thereof or by the state. The comptroller of the city of
New York, as agent of the fund, shall make the investments when so
requested by the fund.
(e) The comptroller of the city of New York or his legally authorized
representative from time to time may 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 of the city of
New York at least once every five years; in lieu of such an examination,
the comptroller of the city of New York may accept from the fund an
external examination of the fund's books and accounts made at the
request of the trustees of the fund.
(f) In addition to the provisions of subdivision (e) of this section,
the comptroller of the state of New York or his legally authorized
representative may also from time to time examine the books and accounts
of the fund, including its receipts, disbursements, contracts, reserves,
investments, and any other matters relating to its financial standing.
(g) To the extent practicable, the trustees of the fund shall ensure
that all monies received during a fiscal year are expended prior to the
end of such fiscal year.
(h) On or before the first of February each year, the comptroller
shall certify to the governor, the temporary president of the senate,
the speaker of the assembly, the chair of the senate finance committee
and the chair of the assembly ways and means committee, the amount of
money deposited in the fund during the preceding calendar year as the
result of revenue derived pursuant to section six hundred thirty-f of
the tax law.
(i) On or before the first of February each year, the trustees of the
fund shall provide a written report to the temporary president of the
senate, the speaker of the assembly, the chair of the senate finance
committee, the chair of the assembly ways and means committee, the chair
of the senate committee on higher education, the chair of the assembly
committee on higher education, and the public. Such report shall include
how the monies of the fund were utilized during the preceding calendar
year and shall include:
(1) the amount of money dispersed from the fund;
(2) recipients of awards from the fund;
(3) the amount awarded to each recipient;
(4) the purposes for which such awards were granted; and
(5) 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.
Structure New York Laws