N.Y. Public Authorities Law Section 1681
Moneys of the authority

1.

The moneys of the authority shall, except as otherwise provided in this section, be deposited in a general account and such other accounts as the authority may deem necessary for the transaction of its business and shall be paid out on checks signed by the chairman of the authority or by such other person or persons as the authority may authorize.

2.

All moneys of the authority derived from state appropriations or the sale of bonds and all moneys constituting reserve funds shall be paid to the comptroller of the state as agent of the authority, who shall not commingle such moneys with other moneys. Such moneys shall be deposited in a separate bank account or accounts. The moneys in such accounts shall be paid out on check of the comptroller on requisition of the chairman of the authority or of such other person or persons as the authority may authorize to make such requisitions. All deposits of such moneys shall, if required by the comptroller or the authority, be secured by obligations of the United States of America 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.

3.

The authority shall have power notwithstanding the provisions of this title, to contract with or for the benefit of 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 other provisions of this title. In any contract with or for the benefit of the holders of any of its bonds, the authority may pledge or assign any moneys payable or to become payable to the authority and, upon notification by the authority to any public officer directed or authorized by law to pay to the authority any moneys so pledged or assigned of the existence and the terms and conditions of such pledge or assignment, such public officer shall thereafter pay any such moneys otherwise payable directly to the authority in accordance with the terms of such pledge and assignment. 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.

4.

Notwithstanding any other provision of law to the contrary, the authority shall have the power, for more efficient and economic management of its affairs, to establish one or more accounts from which to pay moneys and into which it may temporarily transfer moneys of the authority held in various accounts or funds for the providing of dormitories or other facilities and, subject to such use, maintained for the benefit of various bond and noteholders; provided that (a) any such account or accounts shall be under the exclusive management and control of the authority and shall be kept separate and apart from any other moneys or assets of the authority;

(b)

the authority shall keep a separate accounting and accurate records of the various moneys to be transferred into such account or accounts and that any moneys to be paid from any such account to meet such liabilities of the authority shall be derived from the appropriate account or fund held to meet such liability; and

(c)

any pledge or security interest created for the benefit of others in the moneys to be transferred into any such account shall continue to exist while such moneys are in such account until such moneys are paid by the authority for the appropriate contractual liability and, prior to such payment by the authority, such moneys so transferred shall not be subject to the claims of others who were not previously the beneficiary of any such pledge or security interest.

5.

The comptroller of the state and 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 matters relating to its financial standing.

Source: Section 1681 — Moneys of the authority, https://www.­nysenate.­gov/legislation/laws/PBA/1681 (updated Sep. 22, 2014; accessed May 4, 2024).

1675
Short title 1676
Definitions 1676‑A
Payment on authority public work projects 1677
Dormitory Authority 1678
Powers of the authority 1678‑A
New York state design and construction corporation act 1679
Supplemental higher education loan financing program 1679‑A
Health education assistance loan financing program 1679‑B
Equipment loans 1679‑C
The New York higher education loan program 1680
Dormitories at certain educational institutions other than state operated institutions and statutory or contract colleges under the juris... 1680‑A
Judicial facilities in certain counties 1680‑B
Court facilities and combined occupancy structures 1680‑C
Creation of the court facilities capital review board 1680‑D
Sale of bonds by the authority 1680‑E
State university athletic facilities 1680‑F
Roswell Park Cancer Institute development account 1680‑G
Child care facilities development program 1680‑H
Sale of bonds by the authority 1680‑I
Judiciary 1680‑J
New York state higher education capital matching grant board 1680‑J*2
Authorization for the issuance of bonds for the health care efficiency and affordability law for New Yorkers (HEAL NY) capital grant program 1680‑K
Financing of department of agriculture and markets facilities 1680‑L
The special disability fund financing 1680‑M
Cultural education facilities 1680‑N
Acquisition of state buildings and other facilities 1680‑O
Courthouse improvements and training facilities 1680‑P
Longitudinal data system 1680‑Q
State university of New York dormitory facilities 1680‑Q*2
Self-insured bond financing 1680‑R
Authorization for the issuance of bonds for the capital restructuring financing program, the health care facility transformation programs... 1681
Moneys of the authority 1681‑A
Distribution of board materials 1682
Bonds of the authority 1682‑A
Financial monitoring 1683
State not liable on bonds 1684
Bonds legal investments for fiduciaries 1685
Exemptions from taxation 1686
Remedies of bondholders 1686‑A
Security by authority 1687
Members and employees not to profit 1688
Visitation by regents 1689
Board of cooperative educational services school facilities 1689‑A
Public school districts 1689‑B
Sale of bonds by the authority 1689‑C
Capital facility program, authority financing of eligible projects 1689‑D
Bidding requirements 1689‑E
Biomedical facilities program, authority financing of eligible projects 1689‑F
Public school districts 1689‑G
Local government infrastructure 1689‑H
Expedited deployment funding 1689‑I
Library construction 1689‑I*2
Public school districts 1690
Contract of the state 1691
Actions against authority 1693
Title not affected if in part unconstitutional or ineffective 1694
Termination of authority
Green check means up to date. Up to date

Accessed:
May 4, 2024

Last modified:
Sep. 22, 2014

§ 1681’s source at nysenate​.gov

Link Style