Section 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)