N.Y. Public Authorities Law Section 1957
Moneys of the authority

All moneys of the authority, from whatever source derived, shall be paid to the authority’s appointed chief financial officer 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 authority’s appointed chief financial officer on requisition of the chair of the authority or of such person as the authority may authorize to make such requisitions. All deposits of such moneys shall, if required by the authority, be secured by obligations 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. The comptroller of the city 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 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. The accounts of the authority shall be subject to the supervision of the state comptroller and he or she or his or her 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 city council at its first meeting in April of each and every year.

Source: Section 1957 — Moneys of the authority, https://www.nysenate.gov/legislation/laws/PBA/1957 (updated Nov. 12, 2021; accessed Jan. 24, 2026).

1950
Short title 1951
Definitions 1952
Troy industrial development authority 1952–A
Video recordings of open meetings and public hearings 1953
Purpose and powers of the authority 1953–A
Additional prerequisites to the provision of financial assistance 1954
Civil service status of officers and employees 1954–A
Conflicts of interest 1955
Conveyance of property by the city to the authority and conveyance and leasing of said property by the authority 1955–A
Compensation procurement and investment 1956
Construction and purchase contracts 1957
Moneys of the authority 1958
Bonds of the authority 1959
Notes of the authority 1960
Agreements of the city and state 1961
State and city not liable on bonds 1962
Bonds legal investments for public officers 1963
Tax exemptions 1963–A
Uniform tax exemption policy 1963–B
Special provisions applicable to state sales and compensating use taxes and certain types of facilities 1964
Tax contract by the state 1964–A
Financial records 1965
Remedies of bondholders 1966
Actions against the authority 1967
Termination of the authority 1967–A
Equal opportunity 1968
Title not affected if in part unconstitutional or ineffective 1969
Inconsistent provisions in other acts superseded

California:	Codes
Colorado:	C.R.S.
Florida:	Statutes
Nevada:	NRS
New York:	Laws
Oregon:	OAR, ORS
Texas:	Statutes
World:	Rome Statute, International Dictionary

N.Y. Public Authorities Law Section 1957 Moneys of the authority

N.Y. Public Authorities Law Section 1957
Moneys of the authority