N.Y. Public Authorities Law Section 660
Moneys of the authority


All moneys of the authority shall be paid to the treasurer of the county as agent of the authority, 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 accounts shall be paid out by said treasurer on requisition of the chairman of the authority or of such other person or persons as the authority may authorize to make such requisitions. All deposits of such moneys shall, if required by the treasurer or the authority, be secured by obligations of the United States or of the state 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 of the county is hereby authorized to audit the accounts of the authority. The authority shall have power, notwithstanding the provisions of this section, to contract with the holders of any of its notes and 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 notes and bonds or in any way to secure notes and 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 notes and bonds or in any way to secure notes and 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. The accounts of the authority shall be subject to the supervision of the state comptroller.

Source: Section 660 — Moneys of the authority, https://www.­nysenate.­gov/legislation/laws/PBA/660 (updated Sep. 22, 2014; accessed Jun. 8, 2024).

Accessed:
Jun. 8, 2024

Last modified:
Sep. 22, 2014

§ 660’s source at nysenate​.gov

Link Style