§ 2675-I — Monies of the authority

New York § 2675-I

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 28-BB: Albany Convention Center Authority
• Art. 8: Miscellaneous Authorities

Text

§ 2675-i. Monies of the authority. 1. All monies of the authority from\nwhatever source derived, except as otherwise authorized or provided in\nthis title, shall be paid to the authority and shall be deposited\nforthwith in a bank or banks in the state designated by the authority.\nThe monies in such accounts shall be withdrawn on the order of such\nperson or persons as the authority may authorize. All deposits of such\nmonies shall, if required by the authority, be secured in such manner as\nthe authority 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 authority, including its receipts,\ndisbursements, contracts, leases, sinking funds, investments and any\nother records and papers relating to its financial standing. Such\nexamination shall be conducted by the comptroller at least once in every\nfive years; the comptroller is authorized, however, to accept from the\nauthority, in lieu of such an examination, an external examination of\nits books and accounts made at the request of the authority. The results\nof any such examinations shall be reported to the governor, the\nchairperson of the senate finance committee, the chairperson of the\nassembly ways and means committee, the mayor and the county executive.\n 2. Notwithstanding any other provisions of this title related to the\ninvestments of monies of the authority, the authority shall have power\nto contract with holders of any of its bonds, as to the custody,\ncollection, securing, investment, and payment of monies of the\nauthority, of any monies held in trust or otherwise for the payment of\nbonds, and to carry out such contract. Monies held in trust or otherwise\nfor the payment of bonds or in any way to secure bonds and deposits of\nsuch monies may be secured in such manner as shall be set forth in such\ncontract or agreement, and all banks and trust companies are authorized\nto give such security for such deposits. The authority shall establish\nand may amend from time to time, guidelines for the investment of its\nmonies, including those held in trust for the benefit of the holders of\nbonds, and shall file such guidelines in the authority's public records\nwithin sixty days after the adoption of such guidelines or amendments\nthereto.\n 3. The authority shall submit to the comptroller, within thirty days\nof the receipt thereof by the authority, a copy of the report of every\nexternal examination of the books and accounts of the authority.\n