84 - The United States Olympic Committee/Lake Placid Olympic Training Center Fund. - New York Statutes

§ 84. The United States Olympic Committee/Lake Placid Olympic Training Center Fund. 1. There is hereby established in the joint custody of the state comptroller and commissioner of taxation and finance a special fund to be known as the United States Olympic Committee/Lake Placid Olympic Training Center fund. 2. Such fund shall consist of all revenues received from the implementation of section six hundred twenty-six of the tax law, accounted for separately and from all of the moneys credited or transferred thereto from any other fund or source pursuant to law. Moneys deposited in the fund shall be held in interest bearing accounts in public depositories as prescribed by state statutes, and may be invested or reinvested in such securities as are approved by the state treasurer. Interest or other income earned on moneys deposited into the fund, and any moneys which moneys deposited into the fund and any moneys which may be appropriated or otherwise become available for the purposes of the fund, shall be credited to and deposited in the fund for use as set forth in this section. 3. Money of the fund less any administrative expenses paid, following appropriation by the legislation, shall be expended by the United States olympic committee, solely and exclusively for the maintenance and operation of the Lake Placid olympic training center. Money shall be paid out of the fund, monthly on the audit and warrant of the state comptroller.