§ 6278 — Resources of fund

§ 6278. Resources of fund. (a) Subject to the provisions of this\narticle, the trustees of the fund shall receive, accept, invest,\nadminister, expend and disburse for its corporate purposes all monies\nfor the city university construction fund from whatever sources derived\nincluding (1) payments by the state pursuant to the provisions of\nsubdivision one of section sixty-two hundred seventy-nine of this\narticle; (2) payments by the city of New York or by the state\ncomptroller pursuant to the provisions of subdivision two of section\nsixty-two hundred seventy-nine of this article; (3) all instructional\nand non-instructional fees received by the fund under section sixty-two\nhundred fifteen of this chapter; (4) payments by the state pursuant to\nthe provisions of subdivision four of section sixty-two hundred\nseventy-nine of this article; (5) payments by the city pursuant to the\nprovisions of subdivision five of section sixty-two hundred seventy-nine\nof this article; and (6) any other payments, gifts, or appropriations to\nthe fund from any other source exclusive of any other monies\nappropriated by the state for the benefit of the city university.\n (b) The monies of the fund shall be paid to the comptroller of the\ncity of New York as agent of the fund, who shall not commingle such\nmonies with any other monies. All city university instructional and\nnoninstructional fees received by the fund which, together with other\nmoneys of the fund available for payment of rentals and other payments\ndue to the dormitory authority from the fund pursuant to any lease,\nsublease, or other agreement entered into between the dormitory\nauthority and the fund, exceed the amount required by the terms of any\nlease, sub-lease or other agreement with the dormitory authority to be\nretained for the payment of such rentals and such other payments and the\ncosts of administration of such fund shall be transferred to the city\nuniversity for the support, maintenance and operation of such\nuniversity.\n (c) The monies in any of the fund's accounts shall be paid out on\nchecks signed by the comptroller of the city of New York on requisitions\nof the chairman of the trustees of the fund or of such other officer or\nemployee as the trustees shall authorize to make such requisition.\n (d) Subject to the terms of any lease, sublease, or agreement\nundertaken by the fund, any such monies of the fund not required for\nimmediate use may, at the discretion of the fund, be invested in\nobligations of the United States, of an agency, corporation or other\ninstrumentality thereof, of the state or of the city; in obligations the\nprincipal and interest of which are guaranteed by the United States, by\nan agency, corporation or other instrumentality thereof or by the state;\nor in interest-bearing certificates of deposit of a bank or trust\ncompany located in and authorized to do business in the state of New\nYork, each such certificate to be secured in amounts equal to the amount\nof each such certificate by pledges of obligations of the United States,\nof an agency, corporation or other instrumentality thereof, of the\nstate, of the city or of obligations the principal and interest of which\nare guaranteed by the United States, by an agency, corporation or other\ninstrumentality thereof or by the state. The comptroller of the city of\nNew York, as agent of the fund, shall make the investments when so\nrequested by the fund.\n (e) The comptroller of the city of New York or his legally authorized\nrepresentative from time to time may examine the books and accounts of\nthe fund, including its receipts, disbursements, contracts, reserves,\ninvestments, and any other matters relating to its financial standing.\nSuch an examination shall be conducted by the comptroller of the city of\nNew York at least once every five years; in lieu of such an examination,\nthe comptroller of the city of New York may accept from the fund an\nexternal examination of the fund's books and accounts made at the\nrequest of the trustees of the fund.\n (f) In addition to the provisions of subdivision (e) of this section,\nthe comptroller of the state of New York or his legally authorized\nrepresentative may also from time to time examine the books and accounts\nof the fund, including its receipts, disbursements, contracts, reserves,\ninvestments, and any other matters relating to its financial standing.\n (g) To the extent practicable, the trustees of the fund shall ensure\nthat all monies received during a fiscal year are expended prior to the\nend of such fiscal year.\n (h) On or before the first of February each year, the comptroller\nshall certify to the governor, the temporary president of the senate,\nthe speaker of the assembly, the chair of the senate finance committee\nand the chair of the assembly ways and means committee, the amount of\nmoney deposited in the fund during the preceding calendar year as the\nresult of revenue derived pursuant to section six hundred thirty-f of\nthe tax law.\n (i) On or before the first of February each year, the trustees of the\nfund shall provide a written report to the temporary president of the\nsenate, the speaker of the assembly, the chair of the senate finance\ncommittee, the chair of the assembly ways and means committee, the chair\nof the senate committee on higher education, the chair of the assembly\ncommittee on higher education, and the public. Such report shall include\nhow the monies of the fund were utilized during the preceding calendar\nyear and shall include:\n (1) the amount of money dispersed from the fund;\n (2) recipients of awards from the fund;\n (3) the amount awarded to each recipient;\n (4) the purposes for which such awards were granted; and\n (5) a summary financial plan for such monies which shall include\nestimates of all receipts and all disbursements for the current and\nsucceeding fiscal years, along with the actual results from the prior\nfiscal year.\n