Section 377. Resources of fund

1.  The fund may receive, accept, invest,
  administer, expend and disburse for its corporate purposes appropriation
  from the capital construction fund and the state purposes  fund  of  the
  state,  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 academic
  buildings, dormitories and other 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 fund, other than  appropriations  and  except  as
  otherwise  authorized  or provided in this article, shall be paid to the
  commissioner of taxation and finance 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,  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 fund on a  recurring  basis,  shall  be  denominated  the  "state
  university  construction  fund  income  account".  The  moneys  in  such
  accounts shall be paid out on  checks  signed  by  the  commissioner  of
  taxation  and  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 moneys
  shall, if required by the commissioner of taxation and  finance  or  the
  agency,  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 fund not required for immediate use may,  at
  the  discretion of the fund, 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, or in  accordance  with  the  provisions  of
  section ninety-eight-a of the state finance law.
    4.   Monies   received  by  the  fund,  in  connection  with  approved
  university-related economic development  facilities,  other  than  state
  appropriations  to  the  fund, may be deposited in a general account and
  other such accounts as the fund may deem necessary, for the  transaction
  of  its  business  or in relation to construction or property management
  activities undertaken in connection with such projects and shall be paid
  out on checks signed by the chairman of the fund or such other person or
  persons as the trustees of the fund may authorize.
    5. The 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, 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  fund,  in  lieu of such an
  examination, an external examination of its books and accounts  made  at
  the request of the fund.