§ 1500-H — Moneys of the authority

New York § 1500-H

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 5: City of Buffalo Parking Authority
• Art. 7: Parking Authorities

Text

§ 1500-h. Moneys of the authority. All moneys of the authority from\nwhatever source derived shall be paid to the treasurer of the city as\nagent of the authority, who shall not commingle such moneys with any\nother moneys. Such moneys shall be deposited in a separate bank account\nor accounts. The money in such accounts shall be paid out by the\ntreasurer on requisition of the chair of the authority or of such person\nor persons as the authority may authorize to make such requisitions\nafter audit by and upon the warrant of the city comptroller. All\ndeposits of such moneys shall, if required by the treasurer or the\nauthority, be secured by obligations of the United States or the state\nof New York or of any municipality of a market value equal at all times\nto the amount of the deposit, and all banks and trust companies are\nauthorized to give such security for such deposits. To the extent\npracticable, consistent with the cash requirements of the authority, all\nsuch monies shall be deposited in interest bearing accounts. The\ntreasurer and a legally authorized representative of the treasurer 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 account of the authority\nshall be subject to the supervision of the New York state comptroller,\nand such comptroller or legally authorized representatives of the\ncomptroller are authorized and empowered from time to time to examine\nthe accounts and books of the authority, including its receipts,\ndisbursements, contracts, leases, sinking funds, investments and any\nother records and papers relating to its financial standing and fiscal\naffairs. The authority shall have power, notwithstanding the provisions\nof this section, to contract with the holders of any of its bonds as to\nthe custody, collection, securing, investment and payment of any moneys\nof the authority or any moneys held in trust or otherwise for the\npayment of bonds or in any way to secure bonds, and to carry out any\nsuch contract notwithstanding that such contract may be inconsistent\nwith the previous provisions of this section. Moneys held in trust or\notherwise for the payment of bonds or in any way to secure bonds and\ndeposits of such moneys may be acquired in the same manner as moneys of\nthe authority, and all banks and trust companies are authorized to give\nsuch security for such deposits. Any monies of the authority not\nrequired for immediate use or disbursement may, at the discretion of the\nauthority, be invested pursuant to section ninety-eight-a of the state\nfinance law in accordance with guidelines established by the board and\namended from time to time. Subject to the provisions of any contract\nwith bondholders and with the approval of the state comptroller, the\nauthority shall prescribe a system of accounts, provided however, the\nauthority shall render a complete annual account of its proceedings to\nthe common council at its first meeting in January of each and every\nyear. The authority shall enter into agreement with the city to pay and\ntransfer a certain portion of excess revenues of the authority to the\ncity each fiscal year. Within ninety days after the end of each fiscal\nyear, an annual financial and management audit of the authority's\nperformance and operations shall be prepared by an independent certified\npublic accountancy firm. Such firm shall be chosen from an approved list\nof auditors prescribed by the city comptroller, the expense of which\nshall be treated as an expense of the authority.\n