§ 2470 — Resources of authority

* § 2470. Resources of authority. 1. The authority may receive,\naccept, invest, administer, expend and disburse for its corporate\npurposes appropriations from the capital construction fund and the state\npurposes fund of the state, payments made to it by participating\nmunicipalities, and other revenues and moneys made available or to be\nmade available to it from any or all sources for the construction,\nacquisition, reconstruction, rehabilitation and improvement of sports\nfacilities, including gifts, grants and loans from the federal\ngovernment, any state agency, any county, city, town or village, any\nprivate foundation, organization or individual, or any other source.\n 2. All moneys of the authority, other than appropriations and except\nas otherwise authorized or provided herein, shall be paid to the\ncommissioner of taxation and finance as agent of the authority, who\nshall not commingle such moneys with any other moneys. Such moneys shall\nbe deposited 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 authority on a recurring basis, shall be denominated the "sports\nfacilities income fund account". The moneys in such fund account shall\nbe paid out on checks signed by the commissioner of taxation and finance\non requisition of the chairman of the authority or such other officer or\nemployee or officers or employees as the authority shall authorize to\nmake such requisition. All deposits of such moneys shall, if required by\nthe commissioner of taxation and finance or the authority, be secured by\nobligations of the United States or of the state of a market value equal\nat all times to the amount of the deposit and all banks and trust\ncompanies are authorized to give such security for such deposits.\n 3. Any such moneys of the authority not required for immediate use\nmay, at the discretion of the authority, be invested by the commissioner\nof taxation and finance in obligations of the United States or the state\nor obligations the principal and interest of which are guaranteed by the\nUnited States or the state.\n 4. The comptroller, or his legally authorized representative is hereby\nauthorized and empowered from time to time to examine the books and\naccounts of the authority 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 authority, in lieu of such an\nexamination, an external examination of its books and accounts made at\nthe request of the authority.\n * NB (Disbanded March, 1980)\n