N.Y.
State Finance Law Section 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 Tax Law § 626 (The United States Olympic Committee/Lake Placid Olympic Training Center Fund)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. 2-a. On or before the first day of February each year, the chairperson of the New York state Olympic regional development authority shall provide a written report to the temporary president of the senate, speaker of the assembly, chair of the senate finance committee, chair of the assembly ways and means committee, chair of the senate committee on cultural affairs, tourism, parks and recreation, chair of the assembly tourism, parks, arts and sports development committee, the state comptroller and the public. Such report shall include how the monies of the fund were utilized during the preceding calendar year, and shall include:(i)
the amount of money dispersed from the fund and the award process used for such disbursements;(ii)
recipients of awards from the fund;(iii)
the amount awarded to each;(iv)
the purposes for which such awards were granted; and(v)
a summary financial plan for such monies which shall include estimates of all receipts and all disbursements for the current and succeeding fiscal years, along with the actual results from the prior fiscal year.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.
Source:
Section 84 — The United States Olympic Committee/Lake Placid Olympic Training Center Fund, https://www.nysenate.gov/legislation/laws/STF/84 (updated Apr. 8, 2016; accessed Oct. 26, 2024).
