§ 2714 — Moneys of the authority

New York § 2714

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 29: Development Authority of the North Country Act
• Art. 8: Miscellaneous Authorities

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§ 2714. Moneys of the authority. 1. All moneys 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deposited\nforthwith in a bank or banks in the state designated by the authority.\nThe moneys in such accounts shall be withdrawn on the order of such\nperson or persons as the authority may authorize. All deposits of such\nmoneys shall, if required by the authority, be secured in such manner as\nthe authority may determine. The state comptroller and his legally\nauthorized representatives are authorized and empowered from time to\ntime to examine the accounts and books of the authority, including its\nreceipts, disbursements, contracts, leases, sinking funds, investments\nand any other records and papers relating to its financial standing.\nSuch an examination shall be conducted by the comptroller at least once\nin every five years; the comptroller is authorized, however, to accept\nfrom the authority, in lieu of such an examination, an external\nexamination of its books and accounts made at the request of the\nauthority.\n 2. Notwithstanding any other provisions of this title related to the\ninvestment of moneys of the authority, the authority shall have power to\ncontract with holders of any of its bonds, as to the custody,\ncollection, securing, investment, and payment of any moneys of the\nauthority, of any moneys held in trust or otherwise for the payment of\nbonds, and to carry out such contract. Moneys held in trust or otherwise\nfor the payment of bonds or in any way to secure bonds and deposits of\nsuch moneys may be invested, secured in such manner as shall be set\nforth in such contract or agreement, and all banks and trust companies\nare authorized to give such security for such deposits. The authority\nshall establish and may amend from time to time, guidelines for the\ninvestment of its moneys, including those held in trust for the benefit\nof the holders of bonds, and shall file such guidelines in the\nauthority's public records within sixty days after the adoption of such\nguidelines or amendments thereto.\n 3. Subject to the provisions of any agreement with the holders of\nbonds and to the approval of the comptroller, the authority shall\nprescribe a system of accounts.\n 4. 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