§ 2619. Capital repair and improvement account. At the end of any\nauthority fiscal year the members of the authority shall deposit not\nless than twenty-five percent of the profits, if any, of the preceding\nyear's operations into a sinking fund for capital improvements. At the\ndiscretion of the members, the authority may undertake capital\nimprovements and major repairs to the participating olympic facilities,\nto the Belleayre Mountain ski center, and to the Gore Mountain ski\ncenter; provided, however, that no such repairs may be undertaken\nwithout specific written approval by the entity which contracted with\nthe authority for the operation of said facility. Any such repairs or\nimprovements to real property shall upon completion become the property\nof and be vested in the owners of said real property. In the event of\ntermination of the authority, the state and the park district each shall\nreceive fifty percent of all moneys in the sinking fund. If an agreement\nbetween the authority and the park district or the state shall be\nterminated, the park district or the state, as the case may be, shall\nreceive that portion of the moneys in the sinking fund it would have\nreceived if the authority were terminated as of the date of the\ntermination of the agreement.\n
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.