NY Educ L § 6278 (2021)
2021 New York Laws EDN - Education Title 7 - State and City Colleges and Institutions-Cornell University Article 125-B - City University Construction Fund 6278 - Resources of Fund.

§ 6278. Resources  of  fund.  (a)  Subject  to  the provisions of this article, the  trustees  of  the  fund  shall  receive,  accept,  invest, administer,  expend  and  disburse for its corporate purposes all monies for the city university construction fund from whatever sources  derived including  (1)  payments  by  the  state  pursuant  to the provisions of subdivision one  of  section  sixty-two  hundred  seventy-nine  of  this article;  (2)  payments  by  the  city  of  New  York  or  by  the state comptroller pursuant to the provisions of  subdivision  two  of  section sixty-two  hundred  seventy-nine  of this article; (3) all instructional and non-instructional fees received by the fund under section  sixty-two hundred  fifteen  of this chapter; (4) payments by the state pursuant to the  provisions  of  subdivision  four  of  section  sixty-two   hundred seventy-nine  of  this article; (5) payments by the city pursuant to the provisions of subdivision five of section sixty-two hundred seventy-nine of this article; and (6) any other payments, gifts, or appropriations to the  fund  from  any  other  source  exclusive  of  any   other   monies appropriated by the state for the benefit of the city university.  (b)  The  monies  of  the fund shall be paid to the comptroller of the city of New York as agent of the fund,  who  shall  not  commingle  such monies  with  any  other  monies.  All city university instructional and noninstructional fees received by the fund which,  together  with  other moneys  of  the fund available for payment of rentals and other payments due to the dormitory authority from the  fund  pursuant  to  any  lease, sublease,   or  other  agreement  entered  into  between  the  dormitory authority and the fund, exceed the amount required by the terms  of  any lease,  sub-lease  or other agreement with the dormitory authority to be retained for the payment of such rentals and such other payments and the costs of administration of such fund shall be transferred  to  the  city university   for   the   support,  maintenance  and  operation  of  such university.  (c) The monies in any of the fund's accounts  shall  be  paid  out  on checks signed by the comptroller of the city of New York on requisitions of  the chairman of the trustees of the fund or of such other officer or employee as the trustees shall authorize to make such requisition.  (d) Subject  to  the  terms  of  any  lease,  sublease,  or  agreement undertaken  by  the  fund,  any such monies of the fund not required for immediate use may, at  the  discretion  of  the  fund,  be  invested  in obligations  of  the  United  States, of an agency, corporation or other instrumentality thereof, of the state or of the city; in obligations the principal and interest of which are guaranteed by the United States,  by an agency, corporation or other instrumentality thereof or by the state; or  in  interest-bearing  certificates  of  deposit  of  a bank or trust company located in and authorized to do business in  the  state  of  New York, each such certificate to be secured in amounts equal to the amount of each such certificate by pledges of obligations of the United States, of  an  agency,  corporation  or  other  instrumentality thereof, of the state, of the city or of obligations the principal and interest of which are guaranteed by the United States, by an agency, corporation or  other instrumentality  thereof or by the state. The comptroller of the city of New York, as agent of the fund,  shall  make  the  investments  when  so requested by the fund.  (e)  The comptroller of the city of New York or his legally authorized representative from time to time may 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 of the city of New York at least once every five years; in lieu of such an examination, the  comptroller  of  the  city  of New York may accept from the fund an  external examination of the  fund's  books  and  accounts  made  at  the request of the trustees of the fund.  (f)  In addition to the provisions of subdivision (e) of this section, the comptroller of the state of  New  York  or  his  legally  authorized representative may also from time to time examine the books and accounts of the fund, including its receipts, disbursements, contracts, reserves, investments, and any other matters relating to its financial standing.  (g)  To  the extent practicable, the trustees of the fund shall ensure that all monies received during a fiscal year are expended prior to  the end of such fiscal year.  (h)  On  or  before  the  first of February each year, the comptroller shall certify to the governor, the temporary president  of  the  senate, the  speaker  of the assembly, the chair of the senate finance committee and the chair of the assembly ways and means committee,  the  amount  of money  deposited  in  the fund during the preceding calendar year as the result of revenue derived pursuant to section six  hundred  thirty-f  of the tax law.  (i)  On or before the first of February each year, the trustees of the fund shall provide a written report to the temporary  president  of  the senate,  the  speaker  of  the assembly, the chair of the senate finance committee, the chair of the assembly ways and means committee, the chair of the senate committee on higher education, the chair of  the  assembly committee on higher education, and the public. Such report shall include how  the  monies of the fund were utilized during the preceding calendar year and shall include:  (1) the amount of money dispersed from the fund;  (2) recipients of awards from the fund;  (3) the amount awarded to each recipient;  (4) the purposes for which such awards were granted; and  (5) a summary financial plan  for  such  monies  which  shall  include estimates  of  all  receipts  and  all disbursements for the current and succeeding fiscal years, along with the actual results  from  the  prior fiscal year.