Legislation
SECTION 1599-G*3
Moneys of the authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 7, TITLE 14**
* § 1599-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 money in such
accounts shall be paid out by the treasurer on requisition of the
chairman of the authority or of such person or persons as the authority
may authorize to make such requisitions after audit by and upon the
warrant of the city comptroller. All deposits of such moneys shall, if
required by the treasurer or the authority, be secured by obligations of
the United States or 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 and his legally authorized representative 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 account of the
authority shall be subject to the supervision of the state comptroller.
The authority shall render a complete annual account of its proceedings
to the common council at its first regular meeting in January of each
and every year.
* NB Authority ceased to exist 07/01/1974
* NB There are 4 § 1599-g's
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 money in such
accounts shall be paid out by the treasurer on requisition of the
chairman of the authority or of such person or persons as the authority
may authorize to make such requisitions after audit by and upon the
warrant of the city comptroller. All deposits of such moneys shall, if
required by the treasurer or the authority, be secured by obligations of
the United States or 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 and his legally authorized representative 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 account of the
authority shall be subject to the supervision of the state comptroller.
The authority shall render a complete annual account of its proceedings
to the common council at its first regular meeting in January of each
and every year.
* NB Authority ceased to exist 07/01/1974
* NB There are 4 § 1599-g's