N.Y. State Finance Law 84 – The United States Olympic Committee/Lake Placid Olympic Training Center Fund
§ 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.
Terms Used In N.Y. State Finance Law 84
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
2. Such fund shall consist of all revenues received from the implementation of § 626 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.