§ 1186 — Moneys of the authority

New York § 1186

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 8: Buffalo Sewer Authority
• Art. 5: Public Utility Authorities

Text

§ 1186. Moneys of the authority. All moneys of the authority, from\nwhatever source derived, shall be paid to the treasurer as agent of the\nauthority, who shall not commingle such moneys with any other moneys.\nSuch moneys shall be deposited by the treasurer in one or more banks or\ntrust companies in a special account or accounts, and if the treasurer\nor the authority shall so require, each of such special accounts shall\nbe continuously secured by a pledge of direct obligations of the United\nStates of America or of the state of New York having an aggregate market\nvalue, exclusive of accrued interest, at all times at least equal to the\nbalance on deposit in such account. Such securities shall either be\ndeposited with the treasurer or be held by a trustee or agent\nsatisfactory to the authority. In lieu of any such pledge of such\nsecurities, such funds may be secured by a surety bond or bonds which\nshall be in form, sufficiency and substance satisfactory to the\nauthority. All banks and trust companies are authorized to give such\nsecurity for such deposits. The moneys in such accounts shall be paid\nout on the warrant or check of the comptroller as agent of the authority\non requisition of the chairman of the authority, or of such other person\nor persons as the authority may authorize to make such requisitions,\nafter audit by the comptroller. The comptroller and his legally\nauthorized representatives are hereby authorized and empowered from time\nto time to examine the accounts and books of the authority, including\nits receipts, disbursements, contracts, leases, sinking funds,\ninvestments and any other matters relating to its finances, operation\nand affairs.\n The authority shall have power, notwithstanding the provisions of this\nsection, to contract with the holders of any of its bonds as to the\ncustody, collection, security, investment and payment of any moneys of\nthe authority, or any moneys held in trust or otherwise for the payment\nof bonds or in any way to secure bonds, and to carry out any such\ncontract notwithstanding that such contract may be inconsistent with the\nprovisions of this section. Moneys held in trust or otherwise for the\npayment of bonds or in any way to secure bonds and deposits of such\nmoneys may be secured in the same manner as moneys of the authority, and\nall banks and trust companies are authorized to give such security for\nsuch deposits.\n