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This entry was published on 2014-09-22
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Moneys of the authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 25
* § 2506. Moneys of the authority. 1. Subject to the provisions of
this title, the members of the authority shall receive, accept, invest,
administer, expend and disburse for its corporate purposes all monies
for the authority from whatever sources derived.

2. The monies of the authority shall be paid to the comptroller as the
agent of the authority, who shall designate depositories and 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
account or accounts shall be paid out on checks by the comptroller on
requisitions of the chairman of the board of directors of the authority
or of such other person or persons as the authority may authorize to
make such requisitions after audit by the comptroller in the manner
provided by the New York city charter. 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 or of the city of a
market value equal at all times to the amount of the deposit, and all
bank and trust companies are authorized to give such security for such
deposits. The comptroller and his legally authorized representative are
authorized and empowered from time to time to examine the accounts and
books of the authority, including its receipts, disbursements,
contracts, leases, investments and any other records and papers relating
to its financial standing.

* NB (Discontinued-Board of Directors never appointed)