New York § 1599-G*3 Moneys of the authority

New York Statutes

§ 1599-G*3 — Moneys of the authority

New York·Law PBA Public Authorities·Title 14** City of Niagara Falls Parking Authority·Art. 7 Parking Authorities

  * § 1599-g. 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 of a market value equal at\nall times to the amount of the deposit, and all banks and trust\ncompanies are author

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* § 1599-g. 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 of 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\ncomptroller 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.\nThe authority shall render a complete annual account of its proceedings\nto the common council at its first regular meeting in January of each\nand every year.\n * NB Authority ceased to exist 07/01/1974\n * NB There are 4 § 1599-g's\n

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