§ 1957 — Moneys of the authority

New York § 1957

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 11: Troy Industrial Development Authority
• Art. 8: Miscellaneous Authorities

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§ 1957. Moneys of the authority. All moneys of the authority, from\nwhatever source derived, shall be paid to the authority's appointed\nchief financial officer of the city as agent of the authority, who shall\nnot commingle such moneys with any other moneys. Such moneys shall be\ndeposited in a separate bank account or accounts. The moneys in such\naccounts shall be paid out by the authority's appointed chief financial\nofficer on requisition of the chair of the authority or of such person\nas the authority may authorize to make such requisitions. All deposits\nof such moneys shall, if required by the authority, be secured by\nobligations of a market value equal at all times to the amount of the\ndeposit, and all banks and trust companies are authorized to give such\nsecurity for such deposits. The comptroller of the city and his or her\nlegally 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 as to\nthe custody, collection, securing, investment and payment of any moneys\nof the authority or any moneys held in trust or otherwise for the\npayment of bonds or in any way to secure bonds, and to carry out any\nsuch contract notwithstanding that such contract may be inconsistent\nwith the previous provisions of this section. Moneys held in trust or\notherwise for the payment of bonds or in any way to secure bonds and\ndeposits of such moneys may be secured in the same manner as moneys of\nthe authority, and all banks and trust companies are authorized to give\nsuch security for such deposits. The accounts of the authority shall be\nsubject to the supervision of the state comptroller and he or she or his\nor her legally authorized representatives are hereby authorized and\nempowered from time to time to examine the accounts and books of the\nauthority, including its receipts, disbursements, contracts, sinking\nfunds, investments and any other matter relating to its financial\nstanding and fiscal affairs. The authority shall render a complete\nannual account of its proceedings to the city council at its first\nmeeting in April of each and every year.\n