2023 New York Laws › EDN - Education › Title 1 - General Provisions › Article 10-B - City of Yonkers Educational Construction Fund › 483 - Resources of the Fund.

§ 483. 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 Yonkers, 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 Yonkers
  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  commissioner  of  finance 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
  commissioner of finance 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 of the city of Yonkers, 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   commissioner   of   finance,   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 commissioner of finance at least  once  in  every  five
  years;  the  commissioner  of  finance 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.