N.Y. Public Authorities Law Section 1475-H
Moneys of the authority


All moneys of the authority from whatever source derived shall be paid to the commissioner of finance 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 commissioner of finance on requisition of the chair of the authority or of such other person or persons as the authority may authorize to make such requisitions after audit by and upon the warrant of the commissioner of finance of the city. All deposits of such moneys shall, if required by the commissioner of finance or the authority, be secured by obligations of the United States or of the state of New York or of any municipality 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. To the extent practicable, consistent with the cash requirements of the authority, all such moneys shall be deposited in interest bearing accounts. The city commissioner of finance and his or her 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. Any monies of the authority not required for immediate use or disbursement may, at the discretion of the authority, be invested pursuant to State Finance Law § 98-A (Investment of general funds, bond proceeds, and other funds not immediately required)section ninety-eight-a of the state finance law in accordance with guidelines established by the authority’s board and amended from time to time. Subject to the provisions of any contract with bondholders and with the approval of the state comptroller, the authority shall prescribe a system of accounts.

Source: Section 1475-H — Moneys of the authority, https://www.­nysenate.­gov/legislation/laws/PBA/1475-H (updated Sep. 22, 2014; accessed Jun. 15, 2024).

Accessed:
Jun. 15, 2024

Last modified:
Sep. 22, 2014

§ 1475-H’s source at nysenate​.gov

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