Legislation
SECTION 1622-H
Moneys of the authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 7, TITLE 22
§ 1622-h. Moneys of the authority. All moneys of the authority shall
be paid to the village treasurer of the village 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 village treasurer
of the village 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 village treasurer of the village. All
deposits of such moneys shall, if required by the village treasurer of
the village 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
village 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 or notes 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 notes or in any way to secure
bonds or notes, 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 secured 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 village board of trustees at such time or times as
required to do so by said village board of trustees.
be paid to the village treasurer of the village 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 village treasurer
of the village 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 village treasurer of the village. All
deposits of such moneys shall, if required by the village treasurer of
the village 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
village 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 or notes 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 notes or in any way to secure
bonds or notes, 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 secured 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 village board of trustees at such time or times as
required to do so by said village board of trustees.