§ 2490-H — Moneys of the authority

§ 2490-h. Moneys of the authority. 1. All moneys of the authority\nshall be paid to the commissioner of finance of the city of Saratoga\nSprings as agent for the authority, who shall designate depositories and\nwho shall not commingle such moneys with any other moneys. The moneys in\nsuch accounts shall be paid out on checks of the commissioner of finance\non requisition of the chairman of the authority or of such other person\nor persons as the authority may authorize upon proper audit of the city.\n 2. At the end of every fiscal year, the authority shall pay all excess\nfunds to the city for its use. The term excess funds shall mean\nauthority moneys not required for the authority's budget in the next\nfiscal year. In addition, the authority, with the consent of the city\ncouncil, can retain funds in a special capital account as a reserve fund\nfor possible future capital projects such as major repairs,\nreconstruction or renovation of the civic center, additional equipment\nor replacement of existing fixtures and equipment. The size of the\ncapital account shall be mutually agreed to by the authority and the\ncity, and no funds shall be expended from the said capital account\nwithout the consent of the city council.\n 3. All deposits of such moneys shall, if required by the commissioner\nof finance, 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 the deposits.\n 4. The city of Saratoga Springs commissioner of finance and his\nlegally authorized representative are authorized and empowered from time\nto time to examine the accounts and books of the authority, including\nall receipts, disbursements, contracts, leases, sinking funds,\ninvestments and any other records and papers relating to its financial\nstanding.\n 5. The authority shall have power, notwithstanding the provisions of\nthis section, to contract with the holders of any of its bonds as to the\ncustody, collection, securing, investment and payment of any moneys of\nthe authority or any moneys held in trust or otherwise for the payment\nof bonds or in any way to secure bonds, and to carry out any such\ncontract notwithstanding that such contract may be inconsistent with the\nprevious provisions of this section. Moneys held in trust or otherwise\nfor the payment of bonds and the deposits of such moneys may be secured\nin the same manner as moneys of the authority, and all banks and trust\ncompanies are authorized to give such security for such deposits.\n