Legislation
SECTION 1596-H
Moneys of the authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 7, TITLE 11
§ 1596-h. Moneys of the authority. All moneys of the authority shall
be paid to the comptroller 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 comptroller 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
comptroller of the city. All deposits of such moneys shall, if required
by the comptroller of the city 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 comptroller 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 common council at such time or times as requested to
do so by said common council.
be paid to the comptroller 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 comptroller 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
comptroller of the city. All deposits of such moneys shall, if required
by the comptroller of the city 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 comptroller 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 common council at such time or times as requested to
do so by said common council.