§ 3239 — Resources of the corporation

New York § 3239

• Jurisdiction: New York
• Law PBA: Public Authorities
• Title 4: New York Local Government Assistance Corporation
• Art. 10-B: Title

Text

§ 3239. Resources of the corporation. 1. Subject to the provisions of\nthis title, the directors of the corporation shall receive, accept,\ninvest, administer, expend and disburse for its corporate purposes all\nmonies for the corporation from whatever sources derived including:\n (a) payments by the state pursuant to the provisions of section three\nthousand two hundred forty of this title; and\n (b) any other payments, gifts, or appropriations to the corporation\nfrom any other source.\n 2. The monies of the corporation shall be held by the corporation and\nmay be invested as provided in subdivision ten of section thirty-two\nhundred thirty-five of this title. Subject to provisions of any contract\nwith bondholders or noteholders, all monies received by the corporation\nother than as proceeds of its bonds or notes which, together with other\nmonies of the corporation available for the operating expenses of the\ncorporation, the payment of debt service and the other purposes listed\nin section thirty-two hundred forty of this title, exceed the amount\nrequired for such purposes shall be applied by the corporation to the\nacceleration of the payment of principal on the bonds or notes of the\ncorporation or to the redemption thereof.\n 3. The comptroller or legally authorized representative, from time to\ntime may examine the books and accounts of the corporation, including\nits receipts, disbursements, contracts, reserves, investments, and any\nother matters relating to its financial standing. Such an examination\nshould be conducted by the comptroller or such legally authorized\nrepresentative at least once every five years; in lieu of such an\nexamination, the comptroller may accept from the corporation an external\nexamination of the books and accounts made at the request of the\ndirectors of the corporation.\n