Legislation
SECTION 1470-G
Moneys of the authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 7, TITLE 3-A
* § 1470-g. Moneys of the authority. All moneys of the authority shall
be paid to the treasurer of the city as agent of the authority, who
shall not commingle such moneys with any other moneys. Such moneys shall
be deposited in a separate bank account or accounts. The moneys in such
accounts shall be paid out by the treasurer of the city on requisition
of the chairman of the authority or of such other person or persons as
the authority may authorize to make such requisitions after audit by the
authority. All deposits of such moneys shall, if required by the city of
Rome or the authority, be secured by obligations of the United States or
of the state of New York of a market value equal at all times to the
amount of the deposit, and all banks and trust companies are authorized
to give such security for such deposits. The treasurer of the city and
his legally authorized representatives are authorized and empowered from
time to time to examine the accounts and books of the authority,
including its receipts, disbursements, contracts, leases, sinking funds,
investments and any other records and papers relating to its financial
standing. The authority shall have power, notwithstanding the provisions
of this section, to contract with the holders of any of its bonds as to
the custody, collection, securing, investment and payment of any moneys
of the authority or any moneys held in trust or otherwise for the
payment of bonds or in any way to secure bonds, and to carry out any
such contract notwithstanding that such contract may be inconsistent
with the previous provisions of this section. Moneys held in trust or
otherwise for the payment of bonds or in any way to secure bonds and
deposits of such moneys may be acquired in the same manner as moneys of
the authority, and all banks and trust companies are authorized to give
such security for such deposits. The accounts of the authority shall be
subject to the supervision of the state comptroller. The authority shall
render a complete account of its proceedings to the city at such time or
times as requested to do so by said city.
* NB City of Rome Parking Authority ceased to exist 12/31/2000 per §
1470-b, and thereafter until all liabilities have been met/discharged,
and all bonds paid/discharged
be paid to the treasurer of the city as agent of the authority, who
shall not commingle such moneys with any other moneys. Such moneys shall
be deposited in a separate bank account or accounts. The moneys in such
accounts shall be paid out by the treasurer of the city on requisition
of the chairman of the authority or of such other person or persons as
the authority may authorize to make such requisitions after audit by the
authority. All deposits of such moneys shall, if required by the city of
Rome or the authority, be secured by obligations of the United States or
of the state of New York of a market value equal at all times to the
amount of the deposit, and all banks and trust companies are authorized
to give such security for such deposits. The treasurer of the city and
his legally authorized representatives are authorized and empowered from
time to time to examine the accounts and books of the authority,
including its receipts, disbursements, contracts, leases, sinking funds,
investments and any other records and papers relating to its financial
standing. The authority shall have power, notwithstanding the provisions
of this section, to contract with the holders of any of its bonds as to
the custody, collection, securing, investment and payment of any moneys
of the authority or any moneys held in trust or otherwise for the
payment of bonds or in any way to secure bonds, and to carry out any
such contract notwithstanding that such contract may be inconsistent
with the previous provisions of this section. Moneys held in trust or
otherwise for the payment of bonds or in any way to secure bonds and
deposits of such moneys may be acquired in the same manner as moneys of
the authority, and all banks and trust companies are authorized to give
such security for such deposits. The accounts of the authority shall be
subject to the supervision of the state comptroller. The authority shall
render a complete account of its proceedings to the city at such time or
times as requested to do so by said city.
* NB City of Rome Parking Authority ceased to exist 12/31/2000 per §
1470-b, and thereafter until all liabilities have been met/discharged,
and all bonds paid/discharged