Section 1362. Special port development and improvement powers

1. The port
  of Oswego authority shall have power to make rules and  regulations  for
  the development, improvement, promotion, preservation and utilization of
  the  port  improvement  district  and  project  and  for the payment and
  collection of fees, charges, rentals and other receipts  from  the  port
  improvement  project  hereinafter  referred  to as "port revenue." Until
  such time as the state of New York is fully reimbursed by the  authority
  for  the total amount of money advanced by the state to the authority no
  rule, regulation, schedule or rate in  relation  to  or  governing  port
  revenue  shall  become  effective  or controlling unless approved by the
  director of the budget of the state of New York.
    2. All port revenue received by the authority shall  be  paid  to  the
  state  comptroller as agent of the authority and deposited in a separate
  account or accounts to be known as the  "port  of  Oswego  fund.  "  The
  moneys  in  such  fund shall be available subject to the approval of the
  director of the budget of the state of New York for the payment  of  any
  and  all  costs and expenditures incurred in relation to the acquisition
  of property, construction, equipment, maintenance, repair and  operation
  of  the  port improvement project. The moneys of the port of Oswego fund
  when made available shall be paid  from  such  fund  on  the  audit  and
  warrant  of  the  state  comptroller  on vouchers approved solely by the
  chairman of the authority or his duly designated officer.
    3. All moneys in the port of Oswego fund in excess of the sum of three
  hundred fifty thousand dollars shall on the first day of each  month  be
  paid  by  the authority to the state comptroller provided, however, that
  effective March thirty-one, nineteen hundred seventy-eight, the director
  of the budget and the authority shall establish within the provisions of
  a written agreement between the authority and the director providing for
  the repayment to the state  by  the  authority  of  state  advances  the
  maximum  amount  of moneys which the authority may retain in the port of
  Oswego fund. The comptroller is hereby authorized to  receive  from  the
  authority  such  amounts as shall be paid to the comptroller pursuant to
  the provisions of this section and to credit all  such  amounts  to  the
  capital  construction  fund. Upon certification by the state comptroller
  that all moneys due the state have been  paid  in  full,  the  remaining
  balance  of  such  fund  shall be available to such authority and may be
  used by such authority for any corporate purpose.  The accounts  of  the
  authority shall be subject to examination by the state comptroller.
    4.   The   comptroller   of  the  state  and  his  legally  authorized
  representatives are hereby authorized and empowered from time to time to
  examine the accounts and books of the authority, including its receipts,
  disbursements, contracts, leases, sinking  funds,  investments  and  any
  other matter relating to its financial standing and fiscal affairs.