§ 1741 — Deposit and investment of moneys of the authority

New York § 1741

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 6: The New York City School Construction Authority Act
• Art. 8: Miscellaneous Authorities

Text

§ 1741. Deposit and investment of moneys of the authority. 1. The\nauthority may establish and maintain funds for the purpose of receiving\nand expending moneys received by the authority.\n 2. All moneys of the authority from whatever source derived shall be\npaid to the authority and shall be deposited in accounts held in the\nauthority's name in the bank or banks in the state designated by the\nauthority. The moneys in such accounts shall be paid out on checks of\nthe authority upon requisition by the chairman or such other officer or\nofficers as the authority may authorize to make such requisitions.\n 3. Any moneys on deposit in the accounts of the authority not required\nfor immediate expenditure shall be invested in obligations in which a\nmunicipality may be authorized to invest in accordance with section\neleven of the general municipal law, provided, however, that such funds\nshall not be invested in instruments commonly known as repurchase\nagreements.\n 4. The authority shall provide the city with records and other\ninformation regarding (i) the nature of work performed by the\nauthority's employees so as to enable the city to determine the extent\nto which the cost of such services may be treated as capital costs of\nthe city and the educational facilities to which such costs pertain and\n(ii) the investment of funds received from the city so as to enable the\ncity to comply with the requirements of federal tax laws and preserve\nthe tax-exempt status of obligations issued by the city. The authority\nshall cooperate with the city in all respects to ensure that all\ninvestments are made in a manner that preserves the tax-exempt status of\nsuch obligations.\n