2470 - Resources of authority.

*  §  2470.  Resources  of  authority.  1.  The authority may receive,  accept, invest,  administer,  expend  and  disburse  for  its  corporate  purposes appropriations from the capital construction fund and the state  purposes  fund  of  the  state,  payments  made  to  it by participating  municipalities, and other revenues and moneys made available  or  to  be  made  available  to  it  from  any  or all sources for the construction,  acquisition, reconstruction, rehabilitation and  improvement  of  sports  facilities,   including   gifts,  grants  and  loans  from  the  federal  government, any state agency, any county, city,  town  or  village,  any  private foundation, organization or individual, or any other source.    2.  All  moneys of the authority, other than appropriations and except  as otherwise authorized  or  provided  herein,  shall  be  paid  to  the  commissioner  of  taxation  and  finance  as agent of the authority, who  shall not commingle such moneys with any other moneys. Such moneys shall  be deposited in two or more separate bank  accounts,  and  one  of  such  accounts,  to  which  shall  be  credited all income from investments or  other accounts and all other moneys received or to be received  annually  by  the authority on a recurring basis, shall be denominated the "sports  facilities income fund account". The moneys in such fund  account  shall  be paid out on checks signed by the commissioner of taxation and finance  on requisition of the chairman of the authority or such other officer or  employee  or  officers  or employees as the authority shall authorize to  make such requisition. All deposits of such moneys shall, if required by  the commissioner of taxation and finance or the authority, be secured by  obligations of the United States or of 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.  Any  such  moneys  of the authority not required for immediate use  may, at the discretion of the authority, be invested by the commissioner  of taxation and finance in obligations of the United States or the state  or obligations the principal and interest of which are guaranteed by the  United States or the state.    4. The comptroller, or his legally authorized representative is hereby  authorized and empowered from time to time  to  examine  the  books  and  accounts   of  the  authority  including  its  receipts,  disbursements,  contracts, reserve funds, 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 authority, in lieu  of  such  an  examination,  an  external examination of its books and accounts made at  the request of the authority.    * NB (Disbanded March, 1980)