N.Y.
Public Authorities Law Section 2506
Moneys of the authority
1.
Subject to the provisions of this title, the members of the authority shall receive, accept, invest, administer, expend and disburse for its corporate purposes all monies for the authority from whatever sources derived.2.
The monies of the authority shall be paid to the comptroller as the agent of the authority, who shall designate depositories and 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 account or accounts shall be paid out on checks by the comptroller on requisitions of the chairman of the board of directors of the authority or of such other person or persons as the authority may authorize to make such requisitions after audit by the comptroller in the manner provided by the New York city charter. All deposits of such moneys shall, if required by the comptroller or the authority, be secured by obligations of the United States or of the state or of the city of a market value equal at all times to the amount of the deposit, and all bank and trust companies are authorized to give such security for such deposits. The comptroller 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, investments and any other records and papers relating to its financial standing. * NB (Discontinued-Board of Directors never appointed)
Source:
Section 2506 — Moneys of the authority, https://www.nysenate.gov/legislation/laws/PBA/2506 (updated Sep. 22, 2014; accessed Oct. 26, 2024).
