§ 2415 — Moneys of the agency

New York § 2415

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 17: State of New York Mortgage Agency Act
• Part 1: No title
• Art. 8: Miscellaneous Authorities

Text

§ 2415. Moneys of the agency. (1) All moneys of the agency from\nwhatever source derived, except as otherwise authorized or provided in\nthis title, shall be paid to the treasurer of the agency and shall be\ndeposited forthwith in a bank or banks in the state designated by the\nagency. The moneys in such accounts shall be withdrawn on the order of\nsuch person or persons as the agency may authorize. All deposits of such\nmoneys shall, if required by the agency, be secured in such manner as\nthe agency may determine. The comptroller and his legally authorized\nrepresentatives are authorized and empowered from time to time to\nexamine the accounts and books of the agency, including its receipts,\ndisbursements, contracts, leases, sinking funds, investments and any\nother records and papers relating to its financial standing. Such an\nexamination shall be conducted by the comptroller at least once in every\nfive years; the comptroller is authorized, however, to accept from the\nagency, in lieu of such an examination, an external examination of its\nbooks and accounts made at the request of the agency, within thirty days\nafter receipt by the agency, the agency shall submit a copy of the\nreport of every external examination of the books and accounts of the\nagency with respect to insurance contracts, other than copies of the\nreports of such examinations made by the comptroller.\n (2) The agency shall have power to contract with holders of any of its\nbonds or notes, as to the custody, collection, securing, investment, and\npayment of any moneys of the agency, of any moneys held in trust or\notherwise for the payment of bonds or notes, and to carry out such\ncontract. Moneys held in trust or otherwise for the payment of bonds or\nnotes or in any way to secure bonds or notes and deposits of such moneys\nmay be secured in the same manner as moneys of the agency, and all banks\nand trust companies are authorized to give such security for such\ndeposits.\n (3) Subject to the provisions of any contract with bondholders or\nnoteholders and to the approval of the comptroller, the agency shall\nprescribe a system of accounts.\n (4) The agency shall submit to the governor, chairman of the senate\nfinance committee, chairman of the assembly ways and means committee and\nthe comptroller, within thirty days of the receipt thereof by the\nagency, a copy of the report of every external examination of the books\nand accounts of the agency other than copies of the reports of such\nexaminations made by the comptroller.\n