§ 1570-G — Moneys of the authority

§ 1570-g. Moneys of the authority. All moneys of the authority from\nwhatever source derived shall be paid to the treasurer of the village,\nas agent 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 such\ntreasurer on requisition of the chairperson of the authority or of such\nperson or persons as the authority may authorize to make such\nrequisitions after audit by and upon the warrant of the treasurer of the\nvillage. All deposits of such moneys shall, if required by such\ntreasurer or the authority, be secured by obligations of the United\nStates or the state of New York or of any municipality of a market value\nequal at all times to the amount of the deposit, and all banks and trust\ncompanies are authorized to give such security for such deposits. To the\nextent practicable, consistent with the cash requirements of the\nauthority, all such monies shall be deposited in interest bearing\naccounts. The treasurer of the village and his or her legally authorized\nrepresentatives are authorized and empowered from time to time to\nexamine the 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. The\nauthority shall have power, notwithstanding the provisions of this\nsection, to contract with the holders of any of its bonds as to the\ncustody, collection, securing, 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\nprevious provisions of this section. Moneys held in trust or otherwise\nfor the payment of bonds or in any way to secure bonds and deposits of\nsuch moneys may be acquired in the same manner as moneys of the\nauthority, and all banks and trust companies are authorized to give such\nsecurity for such deposits. Any monies of the authority not required for\nimmediate use or disbursement may, at the discretion of the authority,\nbe invested pursuant to section ninety-eight-a of the state finance law\nin accordance with guidelines established by the board and amended from\ntime to time. Subject to the provisions of any contract with bondholders\nand with the approval of the state comptroller, the authority shall\nprescribe a system of accounts.\n