Legislation
SECTION 1621-H
Moneys of the authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 7, TITLE 21
* § 1621-h. Moneys of the authority. All moneys of the authority shall
be paid to the city treasurer of the city 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 the city treasurer of the city on
requisition of the chairperson of the authority or of such other person
or persons as the authority may authorize to make such requisitions
after audit by the city treasurer of the city. All deposits of such
moneys shall 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 treasurer of the city and his or
her 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, sinking funds,
investments and any other records and papers 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 or
notes 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 notes or in any way to secure bonds or notes,
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. The accounts of the
authority shall be subject to the supervision of the state comptroller.
The authority shall render a complete account of its proceedings to the
common council at its first meeting of each year and at such other times
as may reasonably be requested by the common council.
* NB Repealed per § 1621-r (see chapter 597 of 2023 § 2 for specifics)
be paid to the city treasurer of the city 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 the city treasurer of the city on
requisition of the chairperson of the authority or of such other person
or persons as the authority may authorize to make such requisitions
after audit by the city treasurer of the city. All deposits of such
moneys shall 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 treasurer of the city and his or
her 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, sinking funds,
investments and any other records and papers 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 or
notes 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 notes or in any way to secure bonds or notes,
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. The accounts of the
authority shall be subject to the supervision of the state comptroller.
The authority shall render a complete account of its proceedings to the
common council at its first meeting of each year and at such other times
as may reasonably be requested by the common council.
* NB Repealed per § 1621-r (see chapter 597 of 2023 § 2 for specifics)