§ 2663 — Monies of the authority

New York § 2663

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 28-B: Schenectady Metroplex Development Authority
• Art. 8: Miscellaneous Authorities

Text

§ 2663. Monies of the authority. 1. All monies of the authority from\nwhatever source derived shall be paid to the treasurer of the authority\nand shall be deposited forthwith in a bank or banks designated by the\nauthority. The monies in such accounts shall be paid out or withdrawn on\nthe order of such person or persons as the authority may authorize to\nmake such requisitions. All deposits of such monies shall be secured by\nobligations of the United States or of the state or of any municipality\nof a market value equal at all times to the amount on deposit and all\nbanks and trust companies are authorized to give such security for such\ndeposits. To the extent practicable, consistent with the cash\nrequirements of the authority, all such monies shall be deposited in\ninterest bearing accounts. The authority shall have power,\nnotwithstanding the provisions of this section, to contract with the\nholders of any bonds as to the custody, collection, security, investment\nand payment of any monies of the authority or any monies held in trust\nor otherwise for the payment of bonds or any way to secure bonds, and\ncarry out any such contract notwithstanding that such contract may be\ninconsistent with the provisions of this section. Monies held in trust\nor otherwise for the payment of bonds or in any way to secure bonds and\ndeposits of such monies may be secured in the same manner as monies of\nthe authority and all banks and trust companies are authorized to give\nsuch security for such deposits. Any monies of the authority not\nrequired for immediate use or disbursement may, at the discretion of the\nauthority, be invested pursuant to section ninety-eight-a of the state\nfinance law in accordance with guidelines established by the authority's\nboard and amended from time to time. Subject to the provisions of any\ncontract with bondholders and with the approval of the state\ncomptroller, the authority shall prescribe a system of accounts.\n 2. Tax revenues received by the authority pursuant to section twelve\nhundred ten-C of the tax law, shall be applied in the following order of\npriority: first pursuant to the authority's contracts with bondholders,\nthen to pay the authority's operating expense not otherwise provided\nfor, and then the balance of such taxes not required to meet contractual\nor other obligations of the authority shall be deposited in the general\nfund of the authority.\n