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This entry was published on 2014-09-22
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Resources of the corporation
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 8, TITLE 26
§ 2539. Resources of the corporation. (a) Subject to the provisions of
this title, the directors of the corporation shall receive, accept,
invest, administer, expend and disburse for its corporate purposes all
monies for the corporation from whatever sources derived including (1)
payments by the city or by the state comptroller pursuant to the
provisions of sections twenty-five hundred thirty-seven and twenty-five
hundred forty of this title; and (2) any other payments, gifts, or
appropriations to the fund from any other source.

(b) The monies of the corporation shall be paid to the comptroller as
agent of the corporation who shall not commingle such monies with any
other monies. Subject to the provisions of any contract with noteholders
or bondholders, all corporation monies received by the corporation
which, together with other monies of the corporation available for the
operating expenses of the corporation including the payment of debt
service and payments to the capital reserve fund, exceed the amount
required for such purposes shall be transferred to the city on the
fifteenth day of February.

(c) The monies in any of the corporation's accounts shall be paid out
on checks signed by the comptroller on requisitions of the chairman of
the directors of the corporation or of such other officer or employee as
the directors shall authorize to make such requisition.

(d) The comptroller or his legally authorized representative, from
time to time may examine the books and accounts of the corporation,
including its receipts, disbursements, contracts, reserves, investments,
and any other matters relating to its financial standing. Such an
examination shall be conducted by the comptroller at least once every
five years; in lieu of such an examination, the comptroller may accept
from the corporation an external examination of the books and accounts
made at the request of the directors of the corporation.