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This entry was published on 2014-09-22
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Capital repair and improvement account
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 28
§ 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,
to the Belleayre Mountain ski center, 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.