§ 10 — Monies of the corporation relating to health facilities improvement program

New York § 10

• Jurisdiction: New York
• Law FDC: Facilities Development Corporation Act 359/68

Text

§ 10. Monies of the corporation relating to health facilities\nimprovement program. Subject to the terms of any agreement between the\ncorporation and the state housing finance agency or the state medical\ncare facilities finance agency, as the case may be, and except as\notherwise authorized or provided by section nine of this act, all monies\nreceived by the corporation shall be paid to the commissioner of\ntaxation and finance as agent of the corporation who shall not commingle\nsuch monies with any other monies. Such monies shall be deposited in a\nseparate bank account or accounts. The monies in such account shall be\npaid out on checks signed by the commissioner of taxation and finance on\nrequisition of the chairman of the corporation or such other officer or\nemployee or officers or employees as the corporation shall authorize to\nmake such requisitions. All deposits of such monies shall, if required\nby the commissioner of taxation and finance, the state housing finance\nagency or the state medical care facilities finance agency, be secured\nby obligations of the United States or of the state of a market value\nequal at all times to the amount of the deposit and all banks and trust\ncompanies are authorized to give such security for such deposits.\nSubject to the terms of any agreement between the corporation and the\nstate housing finance agency or the state medical care facilities\nfinance agency, as the case may be, the corporation shall have power to\ninvest any such monies not required for immediate use or disbursement in\nobligations of the state or the United States government or obligations,\nthe principal and interest of which are guaranteed by the state or the\nUnited States government, or invested in accordance with the provisions\nof section 98-a of the state finance law.\n