2023 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.