There is a newer version of the New York Laws
2022
2021
2020
2019 (you are here)
2018
Other previous versions
View our newest version here

2019 New York Laws
EDN - Education
Title 1 - General Provisions
Article 10-C - Winter Sports Education Trust Fund
495-A - Winter Sports Education Trust Fund; Appointment of Board of Trustees to Administer Fund.

Universal Citation: NY Educ L § 495-A (2019)
§ 495-a. Winter  sports  education trust fund; appointment of board of
  trustees to administer fund.  1. There is hereby created in the  custody
  of the comptroller the winter sports education trust fund.

2. Such fund shall consist of the state lottery revenues paid into the
  same  by  the  division  of  the  lottery  pursuant to the provisions of
  subdivision five of section ninety-two-c of the state  finance  law  and
  all  increments  to  principal  derived  from  investment gain, interest
  accumulation, and other sources of income.

3. The comptroller shall invest and keep invested all moneys belonging
  to the fund in the manner authorized  by  section  ninety-eight  of  the
  state finance law.

4.  a.  Commencing  on  or  before  August fifteenth, nineteen hundred
  eighty-one and on  or  before  the  fifteenth  day  of  August  of  each
  succeeding  year,  the comptroller shall issue a certificate of earnings
  and accumulated income upon the principal of such trust fund as  of  the
  end  of  the  preceding  state  fiscal year. Such certificate shall also
  include a statement of accumulated income for  the  prior  fiscal  years
  remaining unexpended at the close of such year.

b.  The  principal  and  the amount of earnings and accumulated income
  upon the principal of the trust fund  for  the  prior  fiscal  year,  as
  reported  by  the  comptroller  on  August  fifteenth annually, shall be
  available for appropriation to  the  New  York  state  olympic  regional
  development  authority.  Any funds so appropriated shall be used for the
  purpose of supporting athletic and  recreational  education  within  the
  olympic  region  as defined in subdivision three of section two thousand
  six hundred seven  of  the  public  authorities  law  and  for  retiring
  outstanding   loan  obligations  of  the  olympic  regional  development
  authority    in    the    state    fiscal    year    nineteen    hundred
  ninety-six--ninety-seven.    All  expenditures  from  the  fund  for the
  hereinabove purposes shall be made on  the  audit  and  warrant  of  the
  comptroller upon vouchers approved by the chairman of the fund.

Disclaimer: These codes may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.