§ 377 — Resources of fund

New York § 377

• Jurisdiction: New York
• Law EDN: Education
• Title 1: General Provisions Article 1 Short Title and Definitions (§§
• Art. 8-A: State University Construction Fund

Text

§ 377. Resources of fund. 1. The fund may receive, accept, invest,\nadminister, expend and disburse for its corporate purposes appropriation\nfrom the capital construction fund and the state purposes fund of the\nstate, and other revenues and moneys made available or to be made\navailable to it from any or all sources for the construction,\nacquisition, reconstruction, rehabilitation and improvement of academic\nbuildings, dormitories and other facilities, including gifts, grants and\nloans from the federal government, any state agency, any county, city,\ntown or village, any private foundation, organization or individual, or\nany other source.\n 2. All moneys of the fund, other than appropriations and except as\notherwise authorized or provided in this article, shall be paid to the\ncommissioner of taxation and finance as agent of the fund, who shall not\ncommingle such moneys with any other moneys. Such moneys shall be\ndeposited in two or more separate bank accounts, and one of such\naccounts, to which shall be credited all income from investments or\nother accounts and all other moneys received or to be received annually\nby the fund on a recurring basis, shall be denominated the "state\nuniversity construction fund income account". The moneys in such\naccounts shall be paid out on checks signed by the commissioner of\ntaxation and finance on requisition of the chairman of the fund or of\nsuch other officer or employee or officers or employees as the fund\nshall authorize to make such requisition. All deposits of such moneys\nshall, if required by the commissioner of taxation and finance or the\nagency, be secured by obligations of the United States or of the state\nof a market value equal at all times to the amount of the deposit and\nall banks and trust companies are authorized to give such security for\nsuch deposits.\n 3. Any such moneys of the fund not required for immediate use may, at\nthe discretion of the fund, be invested by the commissioner of taxation\nand finance in obligations of the United States or the state or\nobligations the principal and interest of which are guaranteed by the\nUnited States or the state, or in accordance with the provisions of\nsection ninety-eight-a of the state finance law.\n 4. Monies received by the fund, in connection with approved\nuniversity-related economic development facilities, other than state\nappropriations to the fund, may be deposited in a general account and\nother such accounts as the fund may deem necessary, for the transaction\nof its business or in relation to construction or property management\nactivities undertaken in connection with such projects and shall be paid\nout on checks signed by the chairman of the fund or such other person or\npersons as the trustees of the fund may authorize.\n 5. The comptroller, or his legally authorized representative, is\nhereby authorized and empowered from time to time to examine the books\nand accounts of the fund including its receipts, disbursements,\ncontracts, reserve funds, investments, and any other matters relating to\nits financial standing. Such an examination shall be conducted by the\ncomptroller at least once in every five years; the comptroller is\nauthorized, however, to accept from the fund, in lieu of such an\nexamination, an external examination of its books and accounts made at\nthe request of the fund.\n