§ 2799-HH — Resources of the authority

New York § 2799-HH

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 33: New York City Transitional Finance Authority
• Art. 8: Miscellaneous Authorities

Text

§ 2799-hh. Resources of the authority. 1. Subject to the provisions of\nthis title, the directors of the authority shall receive, accept,\ninvest, administer, expend and disburse for its corporate purposes all\nmoney of the authority from whatever sources derived including (a)\npayments by the state comptroller pursuant to this title; (b) the\nproceeds of bonds; and (c) any other payments, gifts, or appropriations\nto the authority from any other source.\n 2. Subject to the provisions of any contract with bondholders, (a) the\nmoney of the authority shall be paid to the authority and shall not be\ncommingled with any other money, and (b) all money received by the\nauthority which, together with other money of the authority available\nfor the operating expenses of the authority, the payment of debt service\nand payments to reserve funds, exceeds the amount required for such\npurposes shall be transferred to the city on or before the last day of\neach month.\n 3. The money in any of the authority's accounts shall be paid out on\nchecks signed by the treasurer, or by other lawful and appropriate means\nsuch as wire or electronic transfer, on requisitions of the chairperson\nof the authority or of such other officer as the directors shall\nauthorize to make such requisition, or pursuant to a bond resolution or\ntrust indenture.\n 4. All deposits of authority money shall be secured by obligations of\nthe United States or of the state or of the city at a market value equal\nat all times to the amount of the deposit, and all banks and trust\ncompanies are authorized to give such security for such deposits. The\ncomptroller and his or her legally authorized representative are\nauthorized and empowered from time to time to examine the accounts and\nbooks of the authority, including its receipts, disbursements,\ncontracts, leases, sinking funds, investments and any other records and\npapers relating to its financial standing. The authority shall have the\npower, notwithstanding the provisions of this section, to contract with\nthe holders of any of its bonds as to the custody, collection, securing,\ninvestment and payment of any money of the authority or any money held\nin trust or otherwise for the payment of bonds or in any way to secure\nbonds, and to carry out any such contract notwithstanding that such\ncontract may be inconsistent with the other provisions of this title.\nMoney held in trust or otherwise for the payment of bonds or in any way\nto secure bonds and deposits of such money may be secured in the same\nmanner as money of the authority, and all banks and trust companies are\nauthorized to give such security for such deposits.\n 5. Tax revenues received by the authority pursuant to subsection (d)\nof section eight hundred seventy-three, or section thirteen hundred\nthirteen, of the tax law, together with any alternative revenues\nreceived by the authority, 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 expenses not otherwise provided\nfor, and then pursuant to the authority's agreements with the city,\nwhich agreements shall require the authority to transfer the balance of\nsuch taxes not required to meet contractual or other obligations of the\nauthority to the city as frequently as practicable.\n