N.Y. Public Authorities Law Section 560
Moneys of the authority


All moneys of the authority from whatever source derived shall be deposited as soon as practicable in banks or trust companies to be designated by the authority. All deposits of such moneys shall, if required by the authority, be secured by obligations of the United States or of the state of New York or of the city 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. The comptroller 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, leases, sinking funds, investments and any other matters 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.

Source: Section 560 — Moneys of the authority, https://www.­nysenate.­gov/legislation/laws/PBA/560 (updated Sep. 22, 2014; accessed Nov. 25, 2023).

550
Short title
551
Definitions
552
Triborough bridge and tunnel authority
552–A
Consolidation
553
Powers of the authority
553–A
Additional powers in relation to Brooklyn Richmond project
553–B
Additional powers and provisions in relation to convention center
553–C
Additional powers and provisions in relation to railroad and rapid transit projects
553–D
Special Triborough bridge and tunnel authority special obligation bonds and notes
553–E
Laws applicable to certain activities
553–F
Tokens
553–G
Fire training
553–H
Tokens
553–I
Marine Parkway Bridge
553–J
Additional powers and provisions in relation to central business district tolling program
553–K
Traffic mobility review board
554
Transfer of officers and employees
555
Selection of site
556
Acquisition of lands by the city for the project
557
Grant of land by the city to the authority
557–A
Lands, easements and rights in land
558
Consent of state
559
Construction contracts
560
Moneys of the authority
561
Bonds of the authority
562
Redemption of bonds
563
Agreement of the state
564
State and city not liable on bonds
565
Bonds legal investments for fiduciaries
566
Exemptions from taxation
566–A
Tax contract by the state
567
Remedies of bondholders
568
Continuity of jurisdiction
569
Protection of prior bondholders
569–A
Actions against the authority
569–B
Restrictions on signs and billboards
569–C
Transfer and receipt of surplus funds
569–D
Protection of bondholders
570
Title not affected if in part unconstitutional or ineffective
571
Inconsistent provisions in other acts superseded

Accessed:
Nov. 25, 2023

Last modified:
Sep. 22, 2014

§ 560’s source at nysenate​.gov

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