N.Y. Public Authorities Law Section 1208
Revenue and accounts

1.

The authority shall establish and maintain a system of accounts to show at all times the cost of the several classes of property used in operation and the sources of funds used in the acquisition of such property; the several classes of operating revenue and other income; maintenance expenses, interest, and all other charges. To the extent consistent with this title, such accounts shall be kept in accordance with the appropriate uniform system of accounts prescribed by the public service commission and shall be published monthly in the city record.

2.

The moneys of the authority shall be deposited daily in banks to be designated by the authority. Deposits may be secured by obligations of or guaranteed by the United States, the state, or any municipal corporation of the state or in such other manner as the authority may provide, and all banks and trust companies are authorized to give such security for such deposits. The comptroller shall have the power from time to time, to examine the accounts, books and any other records or papers relating to the financial condition of the authority, which examination shall not preclude examination of such matters by any other authorized officer or body.

3.

Payments or withdrawals of moneys of the authority shall be made by checks drawn and signed by a member or an officer of the authority, duly authorized by resolution of the board.

Source: Section 1208 — Revenue and accounts, https://www.­nysenate.­gov/legislation/laws/PBA/1208 (updated Sep. 22, 2014; accessed Apr. 27, 2024).

1200
Definitions 1201
New York city transit authority 1202
Purposes of the authority 1203
Transfer of transit facilities by the city to the authority 1203‑A
Subsidiary corporation 1203‑B
Transfer of funds 1204
General powers of the authority 1204‑A
Rapid transit noise code 1204‑C
Receipt of line of duty pay 1204‑D
Special powers of the authority 1204‑E
New York city transit authority advisory council 1204‑F
Subway track safety 1205
Rates of fare and levels of service 1205‑A
Surrender of power plants 1206
Omnibus operations 1206‑A
Transit construction fund 1207
Notes and equipment trusts 1207‑A
Purchase of cars by the authority and disposition thereof 1207‑B
Issuance of bonds and notes by the authority 1207‑C
Required redemption of bonds 1207‑D
Agreement of the state 1207‑E
State and city not liable on bonds or notes 1207‑F
Bonds and notes legal investments for fiduciaries 1207‑G
Exemptions from taxation 1207‑H
Remedies of bondholders and noteholders 1207‑I
Rates of fare while bonds, notes and other obligations are outstanding 1207‑J
Limitation on the exercise of powers by authority and lease renewal 1207‑K
Purchase, financing and lease of cars and rolling stock by city 1207‑L
Inconsistent provisions of other acts superseded 1207‑M
Transit projects 1208
Revenue and accounts 1209
Contracts 1209‑A
Transit adjudication bureau 1210
Employees 1210‑A
Flexible benefits program 1211
Members and employees not to be interested in contracts 1212
Actions against the authority 1212‑A
Security by authority 1213
Report 1214
Rapid transit law 1215
Construction of terms 1216
Exemption from taxation and fees 1217
Records 1218
Pending actions and proceedings 1219
Continuity of jurisdiction 1219‑A
Transfer and receipt of surplus funds 1220
Separability 1221
Inconsistent provisions in other acts superseded
Green check means up to date. Up to date

Accessed:
Apr. 27, 2024

Last modified:
Sep. 22, 2014

§ 1208’s source at nysenate​.gov

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