§ 1493-H — Moneys of the authority

New York § 1493-H

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 4-A: City of Albany Parking Authority
• Art. 7: Parking Authorities

Text

§ 1493-h. Moneys of the authority. All moneys of the authority shall\nbe paid to the treasurer of the city as agent of the authority, who\nshall not commingle such moneys with any other moneys. Such moneys shall\nbe deposited in a separate bank account or accounts. The money in such\naccounts shall be paid out by the treasurer on requisition of the\nchairman of the authority or of such person or persons as the authority\nmay authorize to make such requisitions after audit by and upon the\nwarrant of the city comptroller. All deposits of such moneys shall, if\nrequired by the treasurer or the authority, be secured by obligations of\nthe United States or the state of New York at a market value equal at\nall times to the amount of the deposit, and all banks and trust\ncompanies are authorized to give such security for such deposits. The\ntreasurer and his legally authorized representative 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. The account of the\nauthority shall be subject to the supervision of the state comptroller\nand he or his legally authorized representatives are hereby authorized\nand empowered from time to time to examine the accounts and books of the\nauthority, including its receipts, disbursements, contracts, sinking\nfunds, investments and any other matter relating to its financial\nstanding and fiscal affairs. The authority shall render a complete\nannual account of its proceedings to the common council at its first\nmeeting in January of each and every year.\n