N.Y. Public Authorities Law Section 2569
Moneys of the corporation

All moneys of the corporation, from whatever source derived, shall be paid to the commissioner of taxation and finance as agent of the corporation, who shall not commingle such moneys with any other moneys. Such moneys shall be deposited in a separate bank account to be known as the “convention center operating corporation fund”. The moneys in such fund shall be expended for payment of any and all costs and expenditures as required for the corporate purposes of the corporation and authorized by appropriation or required pursuant to repayment agreements required by § 2566 (Appropriations)section twenty-five hundred sixty-six of this title, provided that all expenditures from such fund shall be subject to the prior approval of the director of the budget. The moneys in such fund when made available shall be paid out on check of the commissioner of taxation and finance on requisition of the chairman of the corporation or of such other person or persons as the corporation may authorize to make such requisition. All deposits of such moneys shall, if required by the commissioner of taxation and finance or the corporation, be secured by obligations of the United States or of the state 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. Any moneys of the corporation not required for immediate use or disbursement may, at the discretion of the corporation, be invested by the commissioner of taxation and finance in accordance with the provisions of 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. The state comptroller and his legally authorized representatives are authorized and empowered from time to time to examine the accounts and books of the corporation, including its receipts, disbursements, contracts, leases, investments and any other records and papers relating to its financial standing.

Source: Section 2569 — Moneys of the corporation, https://www.­nysenate.­gov/legislation/laws/PBA/2569 (updated Sep. 22, 2014; accessed Oct. 26, 2024).

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Accessed:
Oct. 26, 2024

Last modified:
Sep. 22, 2014

§ 2569’s source at nysenate​.gov

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