Section 1387. Special port development and improvement powers

1. The
  authority shall have power to make rules and regulations:  (a)  for  the
  development, improvement, promotion, preservation and utilization of the
  port  district  and projects, including the Ogdensburg municipal airport
  and the industrial park development on lands wholly or in part  acquired
  pursuant  to  the  provisions  of  subdivision  one  of section thirteen
  hundred eighty-three of this  chapter;  and  (b)  for  the  payment  and
  collection  of  fees,  charges,  rentals  and  other  receipts  from its
  properties and  facilities  within  the  port  district,  including  the
  Ogdensburg  municipal airport and the industrial park development, which
  fees, charges, rentals and other receipts are 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.  Until  such  time as the state of New York is fully reimbursed for
  the total amount of money advanced by the state  to  the  authority  all
  port  revenue  received  by  the  authority  shall  be paid to the state
  comptroller as agent of the authority and deposited in a  separate  bank
  account  or  accounts  to  be  known  as the "Ogdensburg port 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, operation and
  improvement  of  the  industrial park development, port and airport. The
  moneys of the Ogdensburg port 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 Ogdensburg port fund in excess of the sum of two
  hundred thousand dollars shall on the first day of each month be paid by
  the authority to the state comptroller provided, however, that effective
  June thirty, 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  Ogdensburg  port
  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.  The  state
  comptroller is hereby authorized and empowered to examine  the  accounts
  and  books  of  the  authority  at  such  periods  of  time  he may deem
  necessary, including its receipts, disbursements, contracts, leases  and
  any other matters relating to its financial standing and fiscal affairs.
    4.  The  provisions  of  this  section  and  section  thirteen hundred
  eighty-three shall not apply to the Waddington port district  nor  shall
  it   apply  to  the  acquisition,  operation,  utilization,  management,
  promotion  and  improvement  at  Ogdensburg  of  the   Rutland   Railway
  Corporation  dock  terminal,  facilities,  appurtenances and the Rutland
  Railway Corporation right-of-way, facilities  and  appurtenances  within
  the  port district, in the event the authority obtains a federal loan or

  grant  or  a  combination  of  both  to  finance  the  acquisition   and
  development of such Rutland Railway Corporation property within the port
  district,  provided,  however,  that  the  state  of  New  York be fully
  reimbursed  for any advances made for these specific purposes as defined
  in this subdivision, except that such right of  reimbursement  shall  be
  subordinate  to  the  rights of holders of any obligations issued by the
  authority pursuant to the terms and conditions applicable  to  any  such
  federal loan or grant or combination of both.
    5.  Nothing  in this section shall prevent the authority and the state
  from entering into an agreement for the  establishment  of  a  revolving
  fund  to  be  used  to  pay  part of or all of the authority's operating
  expenses. This revolving fund shall  be  initially  funded  with  moneys
  advanced  from  the  Ogdensburg  port fund and shall be replenished from
  time to time  from  such  funds  upon  the  audit  and  warrant  of  the
  comptroller.