N.Y. Private Housing Finance Law Section 666
Moneys of the corporation


1.

All moneys of the corporation, except as otherwise authorized or provided in this article, shall be deposited as soon as practicable in a separate account or accounts in banks or trust companies organized under the laws of the state or national banking association doing business in the city. The moneys in such accounts shall be paid out on checks signed by such officer or employee of the corporation as the corporation shall authorize. All deposits of such moneys shall, if required by the corporation, be secured by obligations of the United States or of the state or of the city 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. Notwithstanding the provisions of this section, the corporation shall have power to contract with the holders of any of its notes or bonds as to the custody, collection, securing, investment and payment of any moneys of the corporation and of any moneys held in trust or otherwise for the payment of notes or bonds, and to carry out such contract. Moneys held in trust or otherwise for the payment of notes or bonds or in any way to secure notes or bonds and deposits of such moneys may be secured in the same manner as moneys of the corporation, and all banks and trust companies are authorized to give such security for such deposits.

2.

Subject to the provisions of any contract with noteholders and bondholders and the approval of the comptroller, the corporation shall prescribe a system of accounts.

3.

The comptroller, or his legally authorized representative, is hereby authorized and empowered from time to time to examine the books and accounts of the corporation including its receipts, disbursements, contracts, reserve funds, sinking funds, investments, and any other matters relating to its financial standing. Such an examination shall be conducted by the comptroller at least once in every five years; the comptroller is authorized, however, to accept from the corporation, in lieu of such an examination, an external examination of its books and accounts made at the request of the corporation.

4.

The corporation shall submit to the mayor and the comptroller within thirty days of the receipt thereof by the corporation a copy of the report of every external examination of the books and accounts of the corporation other than copies of the reports of such examinations made by the comptroller.

Source: Section 666 — Moneys of the corporation, https://www.­nysenate.­gov/legislation/laws/PVH/666 (updated Sep. 22, 2014; accessed Jun. 22, 2024).

Accessed:
Jun. 22, 2024

Last modified:
Sep. 22, 2014

§ 666’s source at nysenate​.gov

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