§ 1475-H — Moneys of the authority

New York § 1475-H

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 4: Syracuse Parking Authority
• Art. 7: Parking Authorities

Text

§ 1475-h. Moneys of the authority. All moneys of the authority from\nwhatever source derived shall be paid to the commissioner of finance of\nthe city as agent of the authority, who shall not commingle such moneys\nwith any other moneys. Such moneys shall be deposited in a separate bank\naccount or accounts. The moneys in such accounts shall be paid out by\nthe commissioner of finance on requisition of the chair of the authority\nor of such other person or persons as the authority may authorize to\nmake such requisitions after audit by and upon the warrant of the\ncommissioner of finance of the city. All deposits of such moneys shall,\nif required by the commissioner of finance or the authority, be secured\nby obligations of the United States or of the state of New York or of\nany municipality of a market value equal at all times to the amount of\nthe deposit, and all banks and trust companies are authorized to give\nsuch security for such deposits. To the extent practicable, consistent\nwith the cash requirements of the authority, all such moneys shall be\ndeposited in interest bearing accounts. The city commissioner of finance\nand his or her legally authorized representatives are authorized and\nempowered from time to time to examine the accounts and books of the\nauthority, including its receipts, disbursements, contracts, leases,\nsinking funds, investments and any other records and papers relating to\nits financial standing. The authority shall have power, notwithstanding\nthe provisions of this section, to contract with the holders of any of\nits bonds as to the custody, collection, securing, investment and\npayment of any moneys of the authority or any moneys held in trust or\notherwise for the payment of bonds or in any way to secure bonds, and to\ncarry out any such contract notwithstanding that such contract may be\ninconsistent with the previous provisions of this section. Moneys held\nin trust or otherwise for the payment of bonds or in any way to secure\nbonds and deposits of such moneys may be acquired in the same manner as\nmoneys of the authority, and all banks and trust companies are\nauthorized to give such security for such deposits. Any monies of the\nauthority not required for immediate use or disbursement may, at the\ndiscretion of the authority, be invested pursuant to section\nninety-eight-a of the state finance law in accordance with guidelines\nestablished by the authority's board and amended from time to time.\nSubject to the provisions of any contract with bondholders and with the\napproval of the state comptroller, the authority shall prescribe a\nsystem of accounts.\n