2619 - Capital repair and improvement account. - New York Statutes

§ 2619. Capital repair and improvement account. At the end of any authority fiscal year the members of the authority shall deposit not less than twenty-five percent of the profits, if any, of the preceding year's operations into a sinking fund for capital improvements. At the discretion of the members, the authority may undertake capital improvements and major repairs to the participating olympic facilities and to the Gore Mountain ski center; provided, however, that no such repairs may be undertaken without specific written approval by the entity which contracted with the authority for the operation of said facility. Any such repairs or improvements to real property shall upon completion become the property of and be vested in the owners of said real property. In the event of termination of the authority, the state and the park district each shall receive fifty percent of all moneys in the sinking fund. If an agreement between the authority and the park district or the state shall be terminated, the park district or the state, as the case may be, shall receive that portion of the moneys in the sinking fund it would have received if the authority were terminated as of the date of the termination of the agreement.