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This entry was published on 2014-09-22
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SECTION 51
Monies of the agency
Private Housing Finance (PVH) CHAPTER 44-B, ARTICLE 3
§ 51. Monies of the agency. 1. All monies of the agency, except as
otherwise authorized or provided in this article, shall be paid to the
commissioner of taxation and finance as agent of the agency, who shall
not commingle such monies with any other monies. Such monies shall be
deposited in a separate bank account or accounts. The monies in such
accounts shall be paid out on checks signed by the commissioner of
taxation and finance on requisition of the chairman of the agency or of
such other officer or employee or officers or employees as the agency
shall authorize to make such requisition. All deposits of such monies
shall, if required by the commissioner of taxation and finance or the
agency, be secured by obligations of the United States or of the state
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.

Notwithstanding the provisions of this section, the agency shall have
power, subject to the approval of the commissioner of taxation and
finance, to contract with the holders of any of its notes or bonds, as
to the custody, collection, securing, investment, and payment of any
monies of the agency, of any monies held in trust or otherwise for the
payment of notes or bonds, and to carry out such contract. Monies 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 monies may be secured in the
same manner as monies of the agency, and all banks and trust companies
are authorized to give such security for such deposits.

2. Subject to agreements with noteholders and bondholders and the
approval of the comptroller, the agency shall prescribe a system of
accounts.

3. The comptroller, or his legally authorized representative, is
hereby authorized and empowered from time to time to examine the books
and accounts of the agency including its receipts, disbursements,
contracts, reserve funds, sinking funds, investments, and any other
matters relating to its financial standing. Such an examination shall be
conducted by the comptroller at least once in every five years; the
comptroller is authorized, however, to accept from the agency, in lieu
of such an examination, an external examination of its books and
accounts made at the request of the agency.

4. The agency shall submit to the governor, chairman of the senate
finance committee, chairman of the assembly ways and means committee and
the comptroller, within thirty days of the receipt thereof by the
agency, a copy of the report of every external examination of the books
and accounts of the agency other than copies of the reports of such
examinations made by the comptroller.