N.Y. Public Authorities Law Section 580
Moneys of the authority

Subject to the provisions of any agreement with the holders of any bonds or notes of the authority which may provide otherwise, and except as otherwise provided or authorized herein, all moneys of the authority from whatever source derived shall be paid to the treasurer and shall be deposited forthwith in a bank or banks designated by the authority. The moneys in such accounts shall be withdrawn on the order of such person or persons as the authority may authorize. All deposits of such money shall, if required by the authority, be secured in such manner as the authority may determine. The treasurer of the county and his 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, reserves, sinking funds, investments and any other records and papers relating to its financial standing, or to accept from the authority, in lieu of such an examination, an external examination of its books and accounts made at the request of the authority. Notwithstanding the foregoing provisions of this section or any other provision of this title to the contrary, the authority shall have the power to contract with the holders of any of its bonds or notes as to the custody, collection, securing, investment, and payment of any moneys of the authority, whether held in trust or otherwise, and to carry out such contract, and the provisions of such contract shall supersede any provisions of this chapter which are contrary thereto or inconsistent therewith.

Source: Section 580 — Moneys of the authority, https://www.­nysenate.­gov/legislation/laws/PBA/580 (updated Sep. 22, 2014; accessed Nov. 25, 2023).

Nov. 25, 2023

Last modified:
Sep. 22, 2014

§ 580’s source at nysenate​.gov

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