N.Y. Public Authorities Law Section 1599-H*4
Moneys of the authority

All moneys of the authority shall be paid to the director 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 money in such accounts shall be paid out by the director of finance 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 director of finance. All deposits of such moneys shall, to the extent required by § 2925 (Investments of funds by public authorities and public benefit corporations)section two thousand nine hundred twenty-five of this chapter be secured by obligations of the United States or the state of New York at 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 director of finance 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 and he or his legally authorized representatives are hereby authorized and empowered from time to time to examine the accounts and books of the authority, including its receipts, disbursements, contracts, sinking funds, investments and any other matter relating to its financial standing and fiscal affairs. The authority shall render a complete annual account of its proceedings to the Mayor and the city council at or prior to its first meeting of the city council in March of each and every year and at such other times as may reasonably be requested by the city council. * NB Authority ceased to exist 08/05/2002 * NB There are 4 § 1599-h’s

Source: Section 1599-H*4 — Moneys of the authority, https://www.­nysenate.­gov/legislation/laws/PBA/1599-H*4 (updated Sep. 22, 2014; accessed May 11, 2024).

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Accessed:
May 11, 2024

Last modified:
Sep. 22, 2014

§ 1599-H*4’s source at nysenate​.gov

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