New York § 1621-H Moneys of the authority

New York Statutes

§ 1621-H — Moneys of the authority

New York § 1621-H

Law PBAPublic Authorities

Title 21Middletown Parking Authority

Art. 7Parking Authorities

This text of New York § 1621-H (Moneys of the authority) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Public Authorities § 1621-H (2026).

Text

  * § 1621-h. Moneys of the authority. All moneys of the authority shall\nbe paid to the city 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 moneys in such\naccounts shall be paid out by the city treasurer of the city on\nrequisition of the chairperson of the authority or of such other person\nor persons as the authority may authorize to make such requisitions\nafter audit by the city treasurer of the city. All deposits of such\nmoneys shall be secured by obligations of the United States or of the\nstate of New York of a market value equal at all times to the amount of\nthe deposit, and all banks and trust companies are authorized to give\nsuch security 

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* § 1621-h. Moneys of the authority. All moneys of the authority shall\nbe paid to the city 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 moneys in such\naccounts shall be paid out by the city treasurer of the city on\nrequisition of the chairperson of the authority or of such other person\nor persons as the authority may authorize to make such requisitions\nafter audit by the city treasurer of the city. All deposits of such\nmoneys shall be secured by obligations of the United States or of the\nstate of New York of a market value equal at all times to the amount of\nthe deposit, and all banks and trust companies are authorized to give\nsuch security for such deposits. The treasurer of the city and his or\nher legally authorized representatives are authorized and empowered from\ntime to time to examine the accounts and books of the authority,\nincluding its receipts, disbursements, contracts, leases, sinking funds,\ninvestments and any other records and papers relating to its financial\nstanding. The authority shall have power, notwithstanding the provisions\nof this section, to contract with the holders of any of its bonds or\nnotes as to the custody, collection, securing, investment and payment of\nany moneys of the authority or any moneys held in trust or otherwise for\nthe payment of bonds or notes or in any way to secure bonds or notes,\nand to carry out any such contract notwithstanding that such contract\nmay be inconsistent with the previous provisions of this section. Moneys\nheld in trust or otherwise for the payment of bonds or in any way to\nsecure bonds and deposits of such moneys may be secured in the same\nmanner as moneys of the authority, and all banks and trust companies are\nauthorized to give such security for such deposits. The accounts of the\nauthority shall be subject to the supervision of the state comptroller.\nThe authority shall render a complete account of its proceedings to the\ncommon council at its first meeting of each year and at such other times\nas may reasonably be requested by the common council.\n * NB Repealed per § 1621-r (see chapter 597 of 2023 § 2 for specifics)\n