§ 1020-N — Deposit and investment of moneys of the authority

New York § 1020-N

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 1-A: Long Island Power Authority
• Art. 5: Public Utility Authorities

Text

* § 1020-n. Deposit and investment of moneys of the authority. 1. All\nmoneys of the authority from whatever source derived, except as\notherwise authorized or provided in this title, shall be paid to the\ntreasurer of the authority and shall be deposited forthwith in a bank or\nbanks designated by the authority. The moneys in such accounts shall be\nwithdrawn on the order of such person or persons as the authority may\nauthorize. All deposits of such moneys shall be secured in accordance\nwith section two thousand nine hundred twenty-five of this chapter. The\nstate comptroller and his legally authorized representatives are\nauthorized and empowered from time to time to examine the accounts and\nbooks of the authority, including its receipts, disbursements,\ncontracts, leases, sinking funds, investments and any other records and\npapers relating to its financial standing; the authority shall not be\nrequired to pay a fee for any such examination.\n 2. The authority shall have power to contract with holders of any of\nits bonds or notes, or any trustee therefor, as to the custody,\ncollection, securing, investment and payment of any moneys of the\nauthority and of any moneys held in trust or otherwise for the payment\nof bonds or notes, and to carry out any such contract. Moneys held in\ntrust or otherwise for the payment of bonds or notes or in any way to\nsecure bonds or notes and deposits of such moneys shall be secured in\naccordance with section two thousand nine hundred twenty-five of this\nchapter, and all banks and trust companies in the state are authorized\nto give such security for such deposits.\n 3. Subject to agreements with noteholders and bondholders or any\ntrustee therefor, the authority shall prescribe a uniform system of\naccounts in accordance with generally accepted accounting principles.\n * NB There are 2 § 1020-n's\n