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 Dec. 21, 2024).

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
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Accessed:
Dec. 21, 2024

Last modified:
Sep. 22, 2014

§ 560’s source at nysenate​.gov

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