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This entry was published on 2014-09-22
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SECTION 531
Moneys of the authority
Public Authorities (PBA) CHAPTER 43-A, ARTICLE 3, TITLE 2
§ 531. Moneys of the authority. 1. 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.

2. 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 notes or in any
way to secure bonds or notes 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.

3. After reserving sufficient moneys to provide for payment of the
cost of improvement and repair of the existing bridges, the authority
shall apply the remainder of its funds not otherwise obligated in
reduction or extinguishment of any bonds of the authority outstanding at
the time this act takes effect.

4. Except as otherwise provided by this act, any moneys of the
authority which are not immediately required may be invested in
obligations of the categories specified in subdivisions one to five,
both inclusive, of section ninety-eight of the state finance law
maturing or redeemable at the option of the holder within two years of
the date of such investments or in a certificate of deposit of a bank or
trust company in this state.