§ 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.

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.