Legislation
SECTION 1010-A
Deposit and investment of moneys of the authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 5, TITLE 1
§ 1010-a. Deposit and investment of moneys of the authority. All
moneys of the authority from whatever source derived shall be paid to
the comptroller 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 on check of the comptroller on requisition of the chairman of
the authority or of such other person as the authority may authorize to
make such requisition. All deposits of such moneys shall, if required by
the comptroller 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 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.
Notwithstanding the provisions of this section, the authority shall
have power, subject to the approval of the comptroller, to contract with
the holders of any of its notes or 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 or bonds or
in any way to secure notes or bonds, and to carry out any such contract.
Moneys held in trust or otherwise for the payment of notes or bonds or
in any way to secure notes or 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.
Moneys of the authority not required for immediate use may, in the
discretion of the authority, be invested by the comptroller in
obligations of the United States government or of the state of New York.
Subject to agreements with noteholders and bondholders and the
approval of the comptroller, the authority shall prescribe a system of
accounts.
moneys of the authority from whatever source derived shall be paid to
the comptroller 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 on check of the comptroller on requisition of the chairman of
the authority or of such other person as the authority may authorize to
make such requisition. All deposits of such moneys shall, if required by
the comptroller 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 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.
Notwithstanding the provisions of this section, the authority shall
have power, subject to the approval of the comptroller, to contract with
the holders of any of its notes or 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 or bonds or
in any way to secure notes or bonds, and to carry out any such contract.
Moneys held in trust or otherwise for the payment of notes or bonds or
in any way to secure notes or 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.
Moneys of the authority not required for immediate use may, in the
discretion of the authority, be invested by the comptroller in
obligations of the United States government or of the state of New York.
Subject to agreements with noteholders and bondholders and the
approval of the comptroller, the authority shall prescribe a system of
accounts.