§ 495-A — Winter sports education trust fund; appointment of board of trustees to administer fund

New York § 495-A

• Jurisdiction: New York
• Law EDN: Education
• Title 1: General Provisions Article 1 Short Title and Definitions (§§
• Art. 10-C: Winter Sports Education Trust Fund

Text

§ 495-a. Winter sports education trust fund; appointment of board of\ntrustees to administer fund. 1. There is hereby created in the custody\nof the comptroller the winter sports education trust fund.\n 2. Such fund shall consist of the state lottery revenues paid into the\nsame by the division of the lottery pursuant to the provisions of\nsubdivision five of section ninety-two-c of the state finance law and\nall increments to principal derived from investment gain, interest\naccumulation, and other sources of income.\n 3. The comptroller shall invest and keep invested all moneys belonging\nto the fund in the manner authorized by section ninety-eight of the\nstate finance law.\n 4. a. Commencing on or before August fifteenth, nineteen hundred\neighty-one and on or before the fifteenth day of August of each\nsucceeding year, the comptroller shall issue a certificate of earnings\nand accumulated income upon the principal of such trust fund as of the\nend of the preceding state fiscal year. Such certificate shall also\ninclude a statement of accumulated income for the prior fiscal years\nremaining unexpended at the close of such year.\n b. The principal and the amount of earnings and accumulated income\nupon the principal of the trust fund for the prior fiscal year, as\nreported by the comptroller on August fifteenth annually, shall be\navailable for appropriation to the New York state olympic regional\ndevelopment authority. Any funds so appropriated shall be used for the\npurpose of supporting athletic and recreational education within the\nolympic region as defined in subdivision three of section two thousand\nsix hundred seven of the public authorities law and for retiring\noutstanding loan obligations of the olympic regional development\nauthority in the state fiscal year nineteen hundred\nninety-six--ninety-seven. All expenditures from the fund for the\nhereinabove purposes shall be made on the audit and warrant of the\ncomptroller upon vouchers approved by the chairman of the fund.\n