§ 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.