§ 1599-H*4 — Moneys of the authority

New York § 1599-H*4

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 14***: City of Schenectady Parking Authority
• Art. 7: Parking Authorities

Text

* § 1599-h. Moneys of the authority. All moneys of the authority shall\nbe paid to the director of finance of the city as agent of the\nauthority, who shall not commingle such moneys with any other moneys.\nSuch moneys shall be deposited in a separate bank account or accounts.\nThe money in such accounts shall be paid out by the director of finance\non requisition of the chairman of the authority or of such person or\npersons as the authority may authorize to make such requisitions after\naudit by and upon the warrant of the director of finance. All deposits\nof such moneys shall, to the extent required by section two thousand\nnine hundred twenty-five of this chapter 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\ndirector of finance and his legally authorized representative 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 authority shall have\npower, notwithstanding the provisions of this section, to contract with\nthe holders of any of its bonds as to the custody, collection, securing,\ninvestment and payment of any moneys of the authority or any moneys held\nin trust or otherwise for the payment of bonds or in any way to secure\nbonds, and to carry out any such contract notwithstanding that such\ncontract may be inconsistent with the previous provisions of this\nsection. Moneys held in trust or otherwise for the payment of bonds or\nin any way to secure bonds and deposits of such moneys may be acquired\nin the same manner as moneys of the authority, and all banks and trust\ncompanies are authorized to give such security for such deposits. The\naccount of the authority shall be subject to the supervision of the\nstate comptroller and he or his legally authorized representatives are\nhereby authorized and empowered from time to time to examine the\naccounts and books of the authority, including its receipts,\ndisbursements, contracts, sinking funds, investments and any other\nmatter relating to its financial standing and fiscal affairs. The\nauthority shall render a complete annual account of its proceedings to\nthe Mayor and the city council at or prior to its first meeting of the\ncity council in March of each and every year and at such other times as\nmay reasonably be requested by the city council.\n * NB Authority ceased to exist 08/05/2002\n * NB There are 4 § 1599-h's\n