NY Educ L § 459 (2021)
2021 New York Laws EDN - Education Title 1 - General Provisions Article 10 - New York City Educational Construction Fund 459 - Resources of the Fund.

§ 459. Resources  of  the  fund.    1.  The  fund may receive, accept,   invest, administer, expend  and  disburse  for  its  corporate  purposes   appropriations or advances from the city of New York, and other revenues   and  moneys  made available or to be made available to the fund from any   or all sources, including gifts, grants, loans  and  payments  from  the   federal   government,   any   state   agency,  any  private  foundation,   organization or individual, or any other source, for  the  construction,   acquisition,  reconstruction, rehabilitation and improvement of combined   occupancy structures, for the maintenance and repair of such structures,   or for the costs of personal service and maintenance  and  operation  of   the fund.2.  All moneys of the fund, except as otherwise authorized or provided   in this article, shall be paid to the comptroller of  the  city  of  New   York  as agent of the fund, who shall not commingle such moneys with any   other moneys. Such moneys shall be deposited in  two  or  more  separate   bank  accounts.  The  moneys  in any account shall be paid out of checks   signed by the comptroller on requisition of the chairman of the fund  or   of  such  other officer or employee or officers or employees as the fund   shall authorize to make such requisition. All  deposits  of  such  money   shall,  if  required  by the comptroller or the trustees of the fund, be   secured by obligations of the United States or of the city or the  state   of  a  market  value equal at all times to the amount of the deposit and   all banks and trust companies are authorized to give such  security  for   such deposits.3.  Subject  to  the  terms  of any lease, sublease or other agreement   undertaken by the fund, any such moneys of the  fund  not  required  for   immediate  use  may,  at  the discretion of the fund, be invested by the   comptroller in obligations of the United States, the state or  the  city   or  in obligations the principal and interest of which are guaranteed by   the United States, the state or the city.4. The chairman of the fund  shall  annually,  on  or  before  January   first, prepare and submit to the mayor and the director of the budget of   the city of New York, on behalf of the trustees of the fund, an itemized   budget  for  the  administration  of  the  fund  during  the city's next   succeeding fiscal year and information as to the  payment  or  provision   for  payment  of  obligations of the fund expected to be required during   such year.5. The city comptroller, or his legally authorized representative,  is   hereby  authorized  and empowered from time to time to 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  at  least  once  in  every  five  years; the comptroller is   authorized, however, to accept  from  the  fund,  in  lieu  of  such  an   examination,  an  external examination of its books and accounts made at   the request of the trustees of the fund.