2023 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.