ing month and on the same day file a detailed verified statement of such receipts with the comptroller, who shall keep an account thereof in his office. This section shall not apply to the manufacturing fund of the state prisons, known as the capital fund; nor to the proceeds of sales of manufactures or other products of the state hospitals for the insane. (Added by chap. 580 of 1899, and amended by chap. 715 of 1899, and chap. 326 of 1900.)

838. Contracts in pursuance of appropriations. A contract or contracts made in pursuance of an appropriation by the state for a specific object shall be for the completion of the work contemplated by the appropriation, and in the aggregate shall not exceed the amount of such appropriation. A contract for a part of such work shall not be binding upon the state until contracts are also made covering the entire work contemplated by such appropriation, except where it is expressly provided by such appropriation that a part of the work may be done by day's labor. Every such contract shall be accompanied by a bond for the completion of the work specified in the contract, within the amount stipulated therein, which bond shall be filed in the office of the state comptroller. (Added by chap. 479 of 1899.)

SECTION 50. General fund.

ARTICLE II.

THE GENERAL FUND.

51. Payments out of the general fund.

§ 50. General fund. The stocks, debts and other prop-A'c2 c. 35. erty known as the general fund of this state, the income and revenues thereof, and the additions which may be made thereto, shall continue to be known as the general fund. All money paid into the treasury of the state, not belonging to any specific fund established by law, belongs to and is part of the general fund.

§ 51. Payments out of the general fund.--All moneys authorized by law to be paid out of the treasury of the state and not payable from any specific fund established by law shall be paid out of the general fund.

$$ 60-63

Article III.

ARTICLE III.

CANAL FUND AND CANAL DEBT SINKING FUND.

SECTION 60. Canal fund.

61. Commissioners of the canal fund.

62. Deposit of funds.

63. Charges on the canal fund.

64. Rules and regulations.

65. When money may be borrowed for the canal fund.

60. Canal fund. The canal fund shall continue to consist

of the following property:

1. Real property granted for the construction of the canals, by the state, by companies, or by individuals, and remaining unsold.

2. Debts due for portions of such real property heretofore sold.

3. All moneys received from the sale or use of the surplus waters of any canal.

4. All moneys recovered in suits for penalties or damages instituted under the canal law.

5. All moneys required by law to be paid into the canal fund. § 61. Commissioners of the canal fund. The canal fund and the canal debt sinking fund shall continue to be superintended and managed by the commissioners of the canal fund, a majority of whom, including the comptroller, shall be a quorum for the transaction of business. The care and disposition of all lands belonging to the canal fund shall be vested in the com missioners of the land office. Investments for the canal fund and the canal debt sinking fund shall be made by the comptroller, subject to the approval of the commissioners of the canal fund, in such securities as he is authorized by law to invest the other funds of the state.

§ 62. Deposit of funds.-The commissioners of the canal fund may deposit the moneys belonging to such fund, or the canal debt sinking fund, with any safe incorporated moneyed institution or banking association in this state, and may make such contracts therewith for the interest on and the duration of such deposits as will best promote the interest of the funds.

§ 63. Charges on the canal fund. -All moneys expended in the construction, repair or improvement of the canals now authorized by law, or allowed or expended by the commissioners

of the canal fund, or the superintendent of public works or other officer or assistant employed on such canals pursuant to law, with the compensation of such officers respectively, including the salary of the superintendent of public works, shall be charged to the canal fund unless otherwise expressly provided by law, and the comptroller shall also charge from time to time so much for the services of the clerks in his office, devoted to the accounts and revenues of the canals, as in his opinion is just.

§ 64. Rules and regulations. The commissioners of the canal fund from time to time, shall prescribe such rules and regulations relative to the transfer of all or any of the public stocks of this state, constituting the debt known as the canal debt, and the division and consolidation of the certificates thereof, as they think advisable. They may require such returns to be made to the comptroller by the officer or persons authorized by law to transfer such stocks, and pay the interest on any loan, as they deem reasonable.

§ 65. When money may be borrowed for the canal fund.— If the legislature, the canal board, the commissioners of the canal fund or the superintendent of public works, lawfully authorize or require the payment of any sum of money out of the canal fund, for any purpose connected with canal expenditures, and there is not money in such fund applicable to such purpose, the commissioners of the canal fund may borrow such sum of money, payable in such time not exceeding eighteen years, and bearing such rate of interest not exceeding five per centum, as they deem most beneficial to the interests of the state, and the comptroller may issue bonds therefor in the manner provided by law.

ARTICLE IV.

THE EDUCATION FUND.

SECTION 80. The education fund.

81. Investments.

82. The United States deposit fund.

83. Appointment and qualification of loan commissioners.

84. Discharge and cancellation of mortgages by commissioners.

85. Bonds of commissioners.

86. Powers of single commissioner; books and records.

87. Supervision of existing loan office mortgages.

SECTION 88. New accounts for parts of premises.

89. Power of commissioners to maintain actions.

90. Foreclosure and redemption of loan office mortgages.

90a. Disposition of surplus moneys.

91. Purchases for the state.

92. Report to comptroller.

93. Certified copy of original mortgage.

94. Fees of loan commissioners.

95. Powers and duties of boards of supervisors as to loan mortgages. 96. Payments to Cornell University on account of the college land scrip fund.

§ 80. The education fund.-The common school fund, the literature fund, and the United States deposit fund, shall continue to consist of all moneys, securities or other property in the treasury of the state, or under the control of any state officer, and of all debts due the state, or real property owned by it, belonging to such fund. The proceeds of all lands which belonged to the state on January first, eighteen hundred and twenty-three, except the parts thereof reserved or appropriated to public use, or ceded to the United states, shall belong to the common school fund.

Of the income of the United States deposit fund, twenty-five thousand dollars shall annually be added to the capital of the common school fund. The remainder of such income, together with the income of the common school fund, and of the literature fund, and also such amounts as may be raised or received by taxation or otherwise or by transfer from any other fund shall constitute the education fund, and appropriations therefrom may be made annually for the support of the educational system of the state, to be distributed by the superintendent of public instruction, and the university of the state of New York, in the manner provided by law. It shall be the duty of the comptroller to transfer from the general fund at the close of each fiscal year such an amount to the revenue of the common school fund, United States deposit fund and literature fund, as may be necessary to reimburse the revenue of said funds by reason of the excess of appropriations over the revenue derived from the investment of the capital thereof. The moneys so transferred shall become and be a part of the education fund and be included in the amount raised by taxation for the next fiscal year. The comptroller is hereby authorized and directed to certify to the superintendent of public instruction the amount appropriated by

the legislature for the support and maintenance of the common school system of the state, which amount so certified shall be payable from the treasury upon the warrant of the state superintendent of public instruction, countersigned by the comptroller, and nothing in this act shall be taken or construed as limiting or restricting the duties and powers now possessed by the superintendent of public instruction in the apportionment, distribution and payment of moneys appropriated by the legislature for the support and maintenance of the common school system of the state. On the first working day of each month the superintendent of public instruction shall make to the comptroller a written statement of the condition of the fund so certified showing the amount paid therefrom during the preceding month, and the balance remaining on hand.

§ 81. Investments.-The comptroller shall invest and keep invested all moneys belonging to the common school and literature funds in the stocks and bonds of the United States and of this state, or for the payment of which, the faith and credit of the United States or of this state are pledged, or in the stocks or bonds of any county, town, city, village or school district of the state authorized to be issued by law. The comptroller, whenever he deems it for the best interests of such funds, or either of them, may dispose of any of the securities therein or investments thereof, in making other investments authorized by law, and he may exchange any such securities for those held in any other of such funds, and the comptroller may draw his warrant upon the treasurer for the amount required for such investments and exchanges. The care and disposition of all lands belonging to the literature fund and the common school fund shall be vested in the commissioners of the land office. (As amended by chap. 360 of 1898, & 1.)

§ 82. The United States deposit fund. The part of the United States deposit fund received out of the surplus money of the treasury of the United States, under the thirteenth section of the act of congress, entitled "An act to regulate the deposits. of the public money," passed June twenty-third, eighteen hundred and thirty-six, is held by the state on the terms, conditions and provisions specified in such act of congress, and the faith of the state is inviolably pledged for the safe-keeping and repayment of all moneys thus received from time to time, whenever the same shall be required by the secretary of the treasury of the