Section 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.