N.Y. State Fin. Law § 97-z

§ 97-z. Arts capital revolving fund. 1. A special fund to be known as\nthe "arts capital revolving fund" is hereby established in the custody\nof the state comptroller and the commissioner of taxation and finance.\n 2. The fund shall consist of all monies appropriated for its purpose,\nall monies transferred to such fund pursuant to law, all monies required\nby this section or any other provision of law to be paid into or\ncredited to the fund, including payments of principal of and interest on\nloans made from the fund and any interest earnings which may accrue from\nthe investment of monies in the fund. Nothing contained herein shall\nprevent the New York state council on the arts from receiving grants,\ngifts or bequests for the purposes of the fund as defined in this\nsection and depositing them into the fund according to law.\n 3. Monies of the fund, when allocated, shall be available for\nadministrative costs of the council and to make loans to eligible\nnot-for-profit arts organizations as provided in section 3.07 of the\narts and cultural affairs law and to pay the reasonable administrative\ncosts of the dormitory authority incurred in monitoring construction on\neligible projects and costs associated with contracts with outside\nentities to disburse loans and receive payments on such loans, as\nprovided in such section.\n 4. Monies shall be payable from the fund on the audit and warrant of\nthe comptroller on vouchers approved and certified by the chairman of\nthe New York state council on the arts.\n