§ 1387. Special port development and improvement powers. 1. The
authority shall have power to make rules and regulations: (a) for the
development, improvement, promotion, preservation and utilization of the
port district and projects, including the Ogdensburg municipal airport
and the industrial park development on lands wholly or in part acquired
pursuant to the provisions of subdivision one of section thirteen
hundred eighty-three of this chapter; and (b) for the payment and
collection of fees, charges, rentals and other receipts from its
properties and facilities within the port district, including the
Ogdensburg municipal airport and the industrial park development, which
fees, charges, rentals and other receipts are hereinafter referred to as
"port revenue." Until such time as the state of New York is fully
reimbursed by the authority for the total amount of money advanced by
the state to the authority no rule, regulation, schedule or rate in
relation to or governing port revenue shall become effective or
controlling unless approved by the director of the budget of the state
of New York.

2. Until such time as the state of New York is fully reimbursed for
the total amount of money advanced by the state to the authority all
port revenue received by the authority shall be paid to the state
comptroller as agent of the authority and deposited in a separate bank
account or accounts to be known as the "Ogdensburg port fund." The
moneys in such fund shall be available subject to the approval of the
director of the budget of the state of New York for the payment of any
and all costs and expenditures incurred in relation to the acquisition
of property, construction, equipment, maintenance, repair, operation and
improvement of the industrial park development, port and airport. The
moneys of the Ogdensburg port fund when made available shall be paid
from such fund on the audit and warrant of the state comptroller on
vouchers approved solely by the chairman of the authority or his duly
designated officer.

3. All moneys in the Ogdensburg port fund in excess of the sum of two
hundred thousand dollars shall on the first day of each month be paid by
the authority to the state comptroller provided, however, that effective
June thirty, nineteen hundred seventy-eight, the director of the budget
and the authority shall establish within the provisions of a written
agreement between the authority and the director providing for the
repayment to the state by the authority of state advances, the maximum
amount of moneys which the authority may retain in the Ogdensburg port
fund. The comptroller is hereby authorized to receive from the authority
such amounts as shall be paid to the comptroller pursuant to the
provisions of this section and to credit all such amounts to the capital
construction fund. Upon certification by the state comptroller that all
moneys due the state have been paid in full, the remaining balance of
such fund shall be available to such authority and may be used by such
authority for any corporate purpose. The accounts of the authority shall
be subject to examination by the state comptroller. The state
comptroller is hereby authorized and empowered to examine the accounts
and books of the authority at such periods of time he may deem
necessary, including its receipts, disbursements, contracts, leases and
any other matters relating to its financial standing and fiscal affairs.

4. The provisions of this section and section thirteen hundred
eighty-three shall not apply to the Waddington port district nor shall
it apply to the acquisition, operation, utilization, management,
promotion and improvement at Ogdensburg of the Rutland Railway
Corporation dock terminal, facilities, appurtenances and the Rutland
Railway Corporation right-of-way, facilities and appurtenances within
the port district, in the event the authority obtains a federal loan or
grant or a combination of both to finance the acquisition and
development of such Rutland Railway Corporation property within the port
district, provided, however, that the state of New York be fully
reimbursed for any advances made for these specific purposes as defined
in this subdivision, except that such right of reimbursement shall be
subordinate to the rights of holders of any obligations issued by the
authority pursuant to the terms and conditions applicable to any such
federal loan or grant or combination of both.

5. Nothing in this section shall prevent the authority and the state
from entering into an agreement for the establishment of a revolving
fund to be used to pay part of or all of the authority's operating
expenses. This revolving fund shall be initially funded with moneys
advanced from the Ogdensburg port fund and shall be replenished from
time to time from such funds upon the audit and warrant of the
comptroller.