Section 97-Z. Arts capital revolving fund

1. A special fund to be known as
  the "arts capital revolving fund" is hereby established in  the  custody
  of the state comptroller and the commissioner of taxation and finance.
    2.  The fund shall consist of all monies appropriated for its purpose,
  all monies transferred to such fund pursuant to law, all monies required
  by this section or any other  provision  of  law  to  be  paid  into  or
  credited to the fund, including payments of principal of and interest on
  loans made from the fund and any interest earnings which may accrue from
  the  investment  of  monies  in the fund. Nothing contained herein shall
  prevent the New York state council on the arts  from  receiving  grants,
  gifts  or  bequests  for  the  purposes  of  the fund as defined in this
  section and depositing them into the fund according to law.
    3. Monies  of  the  fund,  when  allocated,  shall  be  available  for
  administrative  costs  of  the  council  and  to  make loans to eligible
  not-for-profit arts organizations as provided in  section  3.07  of  the
  arts  and  cultural affairs law and to pay the reasonable administrative
  costs of the dormitory authority incurred in monitoring construction  on
  eligible  projects  and  costs  associated  with  contracts with outside
  entities to disburse loans  and  receive  payments  on  such  loans,  as
  provided in such section.
    4.  Monies  shall be payable from the fund on the audit and warrant of
  the comptroller on vouchers approved and certified by  the  chairman  of
  the New York state council on the arts.